Redesigning our Economy

This book, Agenda for a New Economy, reminds me of one of my favorite movies, Too big to fail. As an accounting major student who has a great interest in finance, I enjoy watching economics documentaries. Every time, after watching it, I couldn't help thinking of the necessity of changes in the structure. In that sense, I agree with the author's argument, which is re-designing our economic assumptions, values, and institutions.

Enlarging Pie

The author, David C. Korten, argues that the way the Wall Street people make money is not actually creating values and the wealth it creates is a phantom wealth. I couldn't agree more with it because what they do is not really enlarging the pie but just playing with the pie. Considering the exploding world population, we need to create the "real wealth" in order to survive.

Economic, as well as Social and Environmental Problem

A great part about this book is the author not only talks about the economic issues but the social and environmental problems, resulted from the current structure. Relating it to the social crisis, he claims "The enormous disparities undermine institutional legitimacy, human health, and the social fabric of families and communities and thereby feed violence."

Reasonably practicable? 

The author suggests that we have the means to create an economic system that fulfills 6 criteria of true economic health. Those 6 criteria is:

1. Provide every person with the opportunity for a healthy, dignified, and fulfilling life
2. Restore and maintain the vitality of Earth's natural systems
3. Nurture the relationships of strong, caring communities
4. Encourage economic cooperation in service to the public interest and democratically determined priorities
5. Allocate resources equitably to socially and environmentally beneficial uses
6. Root economic power in people -and place-based communities to support the democratic ideal of one-person, on-vote citizen sovereignty

I like his idea about equality and many others. However, there is a question mark over its feasibility. I have only read less than half of the book, so I look forward to seeing how he develops his arguments.



http://www.fastcoexist.com/1681411/we-need-to-redesign-our-economy-to-make-it-work-for-profits-people-and-the-planet