Agenda for a New Economy
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BusinessWeek, 39, 95, 116, 117
capitalism
buccaneers as, 80
democracy and, 184
end of, 60–61
governing system, 57
market alternative to, 43–44, 48–54
seven sins of, 119–122
See also markets; monopoly
Carson, Rachel, 255
Cavoukian, Raffi, 267–268
Center for Responsive Politics, 72
Chicago School, 237
children, 13, 14, 109, 126, 130, 131, 132, 134, 168, 202, 265, 277, 279, 282
child deaths, 23
Chomsky, Noam, 127
Citigroup (Citibank), 71–72, 117, 234
Citizens United v. Federal Election Committee, 241, 243
civil rights movement, 253–254. See also social movements
Cleveland, Bill, 268–269
climate change, 16–17, 122, 138–139, 160, 235, 276
Clinton administration, 70–71, 80
Clinton, Bill, 43, 71
Club of Rome, 151
Coffee Party, 241–242
colonialism. Seeempire
Columbus, Christopher, 82
Common Security Club, 271
Common Wealth: Economics for a Crowded Planet (Sachs), 56
communications, 110–111, 231–232, 251, 278
community
art and, 268–269
banks, 171–172, 197, 214–217, 239, 270, 280–281
culture and, 248
Earth Community, 132, 135–136, 263
education, 265
enterprises, 145, 156, 177, 212
growth and, 57
health and, 147
interest, 53, 127, 144, 156–158, 172, 246
instinct for, 130, 256
insurance, 198
life satisfaction and, 99
markets and, 47, 51
media, 264
protecting, 156–158
confidence games, 186–191. See also fraud; speculation
The Conscience of a Liberal (Krugman), 67
conservatives, 80
and liberals, 109, 241
Consumer Price Index, 94
consumption, 38–41, 57–59, 89, 141, 151–152
Coop America, 270
cooperation
democracy and, 155
environment and, 138–139, 147–150
human nature and, 129–132, 136–137
markets and, 51, 56, 152
New Economy and, 163
See also human nature
cooperatives, 44, 171–172, 177, 212, 214, 239, 281. See also enterprises
Cornered (Lynn), 2
corporations, 44–48, 51, 82, 91, 121, 135, 142, 157–159, 167, 178–781, 183–185, 234, 241, 246–247, 252, 264, 277
chartered, 84–86
charters, 45–46, 60–61, 181, 213–214
limited liability, 9, 86–87
publicly traded, 9, 203–204
Cortes, Hernan, 82
Costa Rica, 170
counterfeiting, 188
credit
consumer, 194–196, 205, 280, 281
predatory lending, 189, 194
system failure, 26–29, 64, 90–92
See also mortgages
culture, 245–254
cultural consciousness, 249–252
See also stories
de Soto, Hernando, 82
debt
consumer, 194–197
consumption and, 38–41
empire and, 106–107
money and, 215–216
owed by banks, 93
slavery, 36, 40–41, 191–194
See also investing; mortgages
Debt Spiral (Lowy), 2
Declaration of Colonial Rights, 105
Declaration of Independence, 84, 104–105, 218, 230–231
Deep Economy (McKibben), 11
deficit spending, 40, 172–173, 193
Deiner, Ed, 98
democracy
American, 104–108
capitalism and, 51, 78, 121, 183–184
economic, 108, 111–112, 155, 219–220.See also wealth
living, 155, 163, 167, 257
markets and real, 169, 178–181
social movements and, 62, 105, 225–232 passim
See also colonies; empire
Democratic Party, 72
dependence, 143–144, 154, 186, 249
derivatives
complexity of, 36, 189
credit default swaps and, 91
risk, 39, 95, 238
regulation of, 70, 191
value of, 91, 118
See also speculation
Diamond, Jared, 22
Dominican Republic, 82
Dow Jones Industrial Average, 114
Earth Charter, 132
Earth Community, 132, 135–136
Earth in the Balance (Gore), 235
Earth Summit, 131–132
ecology. See environment
economic growth, 9, 37, 42, 57, 59–62, 93, 96–97, 133–135, 206, 210, 238. See also gross domestic product
economic stimulus package, 18, 122, 219, 233, 238–239. See also banks, bailouts
The Economics of the Coming Spaceship Earth (Boulding), 141
Edmunds fallacy, 29–32, 33, 188
Edmunds, John, 29, 30, 32
education, 264–266, 278. See also social learning
Eisler, Riane, 11, 101
election campaign contributions, 72, 87, 234, 242
Elgin, Duane, 255
empire
American colonies and, 81–82, 104–107, 219, 226–231
rise of, 101–106
human nature and, 127–129, 135
resistance to, 109–110, 129, 225–226, 251–252, 259
See also democracy
employee stock ownership plans, 180. See also enterprises
energy
climate and, 122
cost of, 16, 134, 143, 276
efficiency, 11, 161–162, 182, 211, 277
in nature, 148–149, 155–156
oil, 276
renewable, 11, 147, 211
resources and, 56–59
systemic, 149
taxing, 122
enterprises
debt and, 38, 39, 171, 203, 215
living, 169, 176–178, 181–183
local economy and, 143–150, 212
Main Street and, 44–45, 145, 214
ownership of, 180, 212
privateers, 83
speculation and, 26
Wall Street and, 54, 178, 204
worker owned, 180, 212, 213
See also banks, cooperative environment
agriculture and, 211
crisis, 17
Earth Charter, 132
ecological balance, 23, 154, 163, 257
ecological footprint, 170
free market and, 5, 46–47, 56–61
Gore, Al and, 235
institutions and, 9–10, 15–18, 42, 57, 79, 111–112
living buildings and, 162
microenvironment, 147–148, 156
movement, 109, 224–228, 253, 255
resource allocation and, 24, 40, 152, 160, 168
wealth and, 154, 174–175
See also biosphere; climate change; living system
Egypt, 103
equitable distribution, 111, 154–155. See also shared prosperity
executive compensation, 75–76, 204
Falcon, Ted, 267
Federal Reserve
Federalize the Fed, 173, 217, 239
M3 reporting, 94
money supply management 172–173, 217
mortgage bubble and, 33
phantom wealth and, 31
regulation of, 217–218, 239
role in bank bailout, 74–75, 92, 94, 116, 193
role in deregulation, 73, 117–118
speculation and, 74–75
The Feminine Mystique(Friedan), 254
financial bubble, 22, 29–39, 41, 153, 188
Financial Markets Center, 74
Fletcher, Andrew, 245
food. See agriculture
Forbes list of richest people, 26, 66, 78, 99
Ford Foundation, 9
Foreign Policy journal, 29, 30, 32
fractals, 146
Frank, Robert, 100
fraud
climate change and, 122
free market and, 47
insurance, 188
mortgage, 32
regulation of, 190, 193
securities, 188
speculation and, 173
Wall Street as, 54
See also credit; confidence games; speculation
free market. Seemarkets
free trade. Seetrade agreements
Friedan, Betty, 254
Friedman, Milton, 237
Gaia hypothesis, 139
Galbraith, John Kenneth, vii
Geithner, Timothy, 235
General Motors, 142
Glass–Steagall Act, 71
Global Peace index, 134
global rules, 78, 167, 183–184, 211, 246
Goldman Sachs, 70–72, 116, 188–189, 234
Gore, Al, 235
Gramm, Phil, 70
The Great Turning: From Empire to Earth Community(Korten), 10, 136
The Green Collar Economy(Jones), 11
Greenspan, Alan, 70
gross domestic product (GDP)
bank bailouts and, 115
debt and, 74
environment and, 60–61, 146, 151
as financial indicator, 57, 62, 133–135, 210, 238, 261
maximizing, 141
as measure of cost, 135, 170, 210
well-being and, 57, 133–135, 146, 162, 170, 209–210
Haiti, 82
Hamilton, Alexander, 111–112
Hancock, John, 84
Happy Planet Index, 169–170
Hawaii, 135–136
Hayes, Shannon, 196
health
of children, 109
cooperation and, 129–132, 152
costs of, 40, 73, 89, 114, 160, 199–200, 216
economic, 23–24, 109, 152–156, 165, 174–179, 204, 210
as economic indicator, 168–170, 209–210, 261
gross domestic product and, 133–134
happiness and, 61–62, 98–100, 154, 160
inequality and, 17, 174, 211–212
insurance, 122, 177, 198–200, 233
of systems, 54, 57, 125, 147–49, 153–154
trade agreements and, 183
hedge funds, 33, 73, 76–77, 81, 173, 191
human nature, 127–133, 138, 164, 247–248, 255, 265–266, 272–273. See also cooperation
human security, 123, 144, 149, 160–162, 273
Hutton, James, 139
indentured servants, 191–194. See also debt
inequality
class war, 68, 76–79, 174, 247
growing, 16, 78, 96
health and happiness and, 98–9, 174–175
money creation and, 37, 41–42
See also equitable distribution; shared prosperity
infrastructure, 161–162, 182, 211
Inuit, 99
Inquiry into the Nature and Causes of the Wealth of Nations(Smith), 48
insurance
banks and, 33–34, 73, 90–92, 190, 205
health, 122, 177, 198–200, 233
reverse fraud, 188
Social Security as, 202–203
interfaith amigos, 267
International Forum on Globalization, 10, 250
International Labour Organization, 78
International Monetary Fund, 77
Internet, 110–111
Investing in Communities, 270
investing
agreements, 183–184, 246
colonies as, 229
in communities, 270, 273, 281
consumption and, 280
corporate charters, 45–46, 213
fraud and, 187–191
institutional, 48
investment banks, 33–34, 71–72, 75, 78, 115, 174
markets and, 49–52
phantom wealth and, 27, 90, 140, 187–188, 208
productive, 38–40, 50, 58, 156–157, 173, 204
privateering as, 83–85
retirement and, 200–205, 279
speculation and, 17, 30, 41, 191, 215–216
Wall Street view, 68
wealth and, 29, 180
See also Social Security
Jefferson, Thomas, 111–112
Jesus, 113
jobs and economic growth, 93, 163–164
Jones, Van, 11
JPMorgan Chase, 114–115
Kelly, Marjorie, 203
Keynes, John Maynard, 26
Keynesianism, 5, 237–238. See also markets, fundamentalists
King, Martin Luther, Jr., 254
Krugman, Paul, vii, 67–69, 88
Kyoto summit, 235
labor movement, 177–178
land
agricultural, 143–144, 161, 175, 211
control of, 192
use policies, 161–162, 175, 181–182, 200, 260
language of self-deception, 41
Lees, R. Martin, 151
Lehman Brothers, 75
lending. Seecredit; debt
lending, predatory, 118, 194 See also credit; consumer
Lerner, Michael, xi, 132
leverage, 33, 35, 74–5,
Lewis, Michael, 2
liberals, 109, 241
life as teacher, 145–150
life satisfaction, 98–99, 168–170. See also health
living economy. Seewealth, living
living enterprises, 6, 176–178, 181–182
living systems, 10, 57, 125, 147–149, 156, 208. See also biosphere; environment
living wealth, 167–174
indicators, 167–170, 182, 251, 261–262
money system, 170–174
See also wealth
local living economy, 143–150, 167, 181–183, 212, 260. See also enterprises, cooperative
Lovelock, James, 139
Lynn, Barry, 2
Mackenzie, Don, 267
Main Street, 145, 217, 239
versus Wall Street, 43–46, 48–54, 76, 96, 208, 165, 170–174, 214, 226–228
Malaysia, 32
markets, vii
capitalism and, 9, 14, 43–54, 61, 88
corporations and, 9, 86, 144, 158
democracy and, 119, 167, 169, 178–180
distorted, 121, 190
Edmunds, John, 30
free, 47–54, 56, 237–238, 247
fundamentalists, 5, 49–50, 158–159, 174–177, 234, 237–240
global, 142–144, 151
growth and, 57, 61
Keynesianism, 5, 237–238
living economy and, 155, 165, 176–177
living systems and, 10
real, 43–54, 178–781
Sachs, Jeffrey, 56
Smith, Adam, 48–49, 125
Speth, James Gustave, 61
unregulated, 79, 142, 174, 211, 247
wealth and, 18, 21, 28
Marxism, 240
Masai, 99
Matanovic, Milenko, 268
McKibben, Bill, 11
media, 162–163, 263–264
Melzer, Allan H., 116
mergers and acquisitions, 69–71, 214
Merrill Lynch, 115
Mesopotamia, 101–102
middle class, 16, 68–69, 108
military
resistance movements and, 161, 224
resource allocation and, 103, 152, 159–161, 168
as source of power, 46, 60, 81, 104, 106, 245, 252
spending on, 40, 69
Mitchell, Stacy, 11
Mondragon Cooperatives, 177
money
illusion, 3, 13–14, 27–28, 39, 187, 272
system, 38–42, 96–97, 170–174, 214–218, 280–282
as phantom wealth, 13, 14, 26–32, 215, 282
supply, 13, 94–97, 172, 217
See also banks; speculation; wealth
monopoly
free market and, 47, 53
money and, 66
colonial trade, 83, 85, 226
of land and water, 121
democracy and, 179
of intellectual property, 227
Morgan, Henry, 84
Morris, Charles, 2
mortgages
crisis, 31–38 passim, 91, 114–115
debt and, 77, 193, 216
monopoly in, 114–115
purpose, 196–197
securitization, 32–35
subprime, 31, 33–35, 73, 91
movements. Seesocial movements
Myers, David, 62
National Association for the Advancement of Colored People, 254
national security. Seemilitary
Native Americans, 106, 107
New Deal, 67–74, 226
New Economics Foundation, 169, 240
New Economy
banks in, 194–196
education in, 264–266
institutional systems of, 152–164
insurance in, 197–200
living wealth and, 167, 181
market fundamentalists and, 237–240
moral awakening and, 266
New Economy, continued
mortgages in, 196–197
movement for, 225, 255, 270–271
priorities, 24, 137
resource allocation in, 159–163
retirement in, 200–203
seven virtues of, 120
stories, 259–260
trade and, 182
New Economy Network, 229. 240
New Economy Working Group, xiii, 6, 12, 229, 240, 271
New Rules Project, 171, 183
No Wall Too Tall, 268
North American Free Trade Agreement, 235. See also trade agreements
Obama, Barack
failed system and, 5, 15–18, 206–207, 219–220
Goldman Sachs and, 72
politics and, 122, 233–239, 243–244
Odwalla, 46
open frontier,
illusion, 140–142, 256
Ostrom, Elinor, 138
Parker, Thornton, 89, 204
people power, 184, 224–226, 247
Perlas, Nicanor, 245
Phillips, Kevin, 2, 32, 73, 74
Pialug, Mau, 135–136
Pizarro, Francisco, 82
Plunder and Blunder (Baker), 2
Portugal, 82
The Post–Corporate World: Life After Capitalism (Korten), 9
privateers, 80–84, 87
prosperity. Seewealth
Radical Homemakers, 196
Rahman, Jamal, 267
Rand Corporation, 160
Reagan administration, 69, 80
real estate. See mortgages
The Real Wealth of Nations (Eisler), 11
religion, 266–267
resilience, 7, 144, 148–149, 153–154, 181, 200
resource allocation, 141, 159–161
retirement, 200–205, 279. See also investing; Social Security
Richistan, 100