Agenda for a New Economy: From Phantom Wealth to Real Wealth, Why Wall Street Can't Be Fixed and How to Replace It
Today's economic crisis is the worst since the Great Depression. However, as David Korten shows, the steps being taken to address it do nothing to deal with the reality of a failed economic system. It's like treating cancer with a bandage. Korten identifi
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Today's economic crisis is the worst since the Great Depression. However, as David Korten shows, the steps being taken to address it do nothing to deal with the reality of a failed economic system. It's like treating cancer with a bandage. Korten identifies the deeper sources of the failure: Wall Street institutions that have perfected the art of creating "wealth" without producing anything of real value: phantom wealth. Our hope lies not with Wall Street, Korten argues, but with Main Street, which creates real wealth from real resources to meet real needs. He outlines an agenda to create a new economy— locally based, community oriented, and devoted to creating a better life for all, not simply increasing profits. It will require changes to how we measure economic success, organize our financial system, even the very way we create money, an agenda Korten summarizes in his version of the economic address to the nation he wishes Barack Obama were able to deliver.
Pt. I The Case for a New Economy 11 Looking Upstream 32 Modern Alchemists and the Sport of Moneymaking 123 A Real-Market Alternative 254 More Than Tinkering at the Margins 35Pt. II The Case for Eliminating Wall Street 455 What Wall Street Really Wants 476 Buccaneers and Privateers 577 The High Cost of Phantom Wealth 658 The End of Empire 77Pt. III Agenda for a Real-Wealth Economy 899 What People Really Want 9110 Essential Priorities 10211 Liberating Main Street 11712 Real-Wealth Financial Services 13713 Life in a Real-Wealth Economy 149Pt. IV Change the Story, Change the Future 15714 An Address I Hope President Obama Will One Day Deliver to the Nation 15915 When The People Lead, the Leaders Will Follow 170Notes 188
