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David C. Korten
Agenda for a New Economy
From Phantom Wealth to Real WealthWhy Wall Street Can’t Be Fixed and How to Replace It
•
By the author of the bestsellers
When Corporations Rule the World
and
The Great Turning
•
Offers bold economic reforms that attack the underlying cause of thecurrent economic collapse, not just its symptoms
•
A radical but achievable program that restores and builds on thefundamental strengths of the American economy
Today’s economic crisis is the worst since the Great Depression. However, as DavidKorten shows, the steps being taken to address it—including pouring trillions ofdollars into bailouts for the Wall Street institutions that created the mess—donothing to deal with the reality of a failed economic system. It’s like treating cancerwith Band-Aids. And the financial collapse now in the public spotlight is only thetip of the iceberg. The system’s social and environmental failures may ultimately beeven more destructive.Korten identifies the deeper sources of the failure: Wall Street institutions that haveperfected the art of creating “wealth” without producing anything of real value—phantom wealth. Its major players engage in speculative trading, buy into assetbubbles, create debt pyramids, and engage in predatory lending practices. Theirseeming success created an economic mirage that led us to believe the economywas expanding exponentially, even as our economic, social, and natural capitaleroded and most people struggled ever harder to make ends meet.Our hope lies not with Wall Street, Korten argues, but with Main Street, whichcreates real wealth from real resources to meet real needs. He outlines an agendato liberate the latent entrepreneurial energies of Main Street from Wall Street’sdeadly grip and bring into being a new economy—locally based, communityoriented, and devoted to creating a better life for all, not simply increasing profits.It will require courageous and imaginative changes to how we measure economicsuccess, organize our financial system, even the very way we create money. It is achallenging but practical agenda, summarized in Korten’s version of the economicaddress to the nation he wishes Barack Obama were able to deliver.“At last, a book by one of our most brilliant economic thinkers that outlines the realcauses of—and solutions to—the current economic crisis. David Korten inspires usto take actions to create a more just and sustainable world for ourselves and futuregenerations.”—John Perkins,
New York Times
bestselling author of
Confessions of an EconomicHit Man
David Korten
is president and founder of the People-Centered Development Forumand serves as a board member of the Business Alliance for Local Living Economies.He is an associate of the International Forum on Globalization and a member of theClub of Rome. He is the author of
The Great Turning, The Post-Corporate World,
and
When Corporations Rule the World.
Publication date: February 2009$14.95, paperback original, 216 pages5 1/2” x 8 1/2”ISBN 978-1-60509-289-8Current AffairsWorld rights available
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