“I would remind you…that Socrates was executed not for his megalomania or grandiose propositions or certitudes, but for stubbornly doubting the absolute truths of others.” — John Raulston Saul
While central banks pulled out all the stops to protect the banking system, society’s tepid response to the 2008 financial crisis—both during and after—was a missed opportunity of massive proportions. We can now say, without being accused of hyperbole, that the power of finance ideology comes close to controlling human destiny and the planet’s. Fully aware as we are of Raulston Saul’s cautionary words to those who dare doubt “absolute truths”, this paper calls into fundamental question the finance ideology that now dominates our lives, and advances in its stead a radical alternative that addresses our mounting and multiple 21st Century crises. Read More
Corruption is a major driver of poverty, to be sure. But if we are to be serious about tackling this problem, the Corruption Perceptions Index map will not be much help. The biggest cause of poverty in developing countries is not localised bribery and theft, but the corruption that is endemic to the global governance system, the tax haven network, and the banking sectors of New York and London. It’s time to flip the corruption myth on its head and start demanding transparency where it counts.
In market economies many human activities have little or no money value; these include, especially, the kinds of caring labor that are supplied, mostly by women, mostly in homes and communities. Nevertheless, there is, as ever, a great need for such activities. At the same time, wealthy societies are producing ever more people who suffer from feeling that they have little or nothing of value to offer to the world. Retired people, in their growing numbers, are the most obvious examples, but teenagers and other youth, who in other societies can contribute significantly to the well-being of a family or a community, are seldom seen as assets in modern economies. Market-dominated societies have had difficulty expressing the value of work that is not organized for profit. Such work is undertaken in the public purpose economy, consisting of governments and their agencies as well as non-profit organizations. Much of this kind of work is also undertaken in the core economy, where households and communities carry on their internal activities of resource management, production, distribution, and consumption. The core economy and the public purpose economy, together with the market economy, are a trio that are differentiated by their goals; by what kind of demand they respond to; by how they define and reward work; and by what kind of currency they use. TimeBanking is an innovation in currency that turns out to affect all of these areas by getting us out of the binary box that classifies all contributions in just two ways: work (defined in market terms), or volunteering (defined as uncompensated labor). Responding effectively to different values and goals than those recognized in the market, TimeBanking has been shown able to respond to a wide variety of unmet needs by creating relationships where everyone can get some of their needs met, and everyone is valued for what they can offer.
Keywords: caring labor, core economy, co-production, currency, dependency, retirees, TimeBanking, value, work
This seminar series introduces a new economic narrative, in which societies use their monetary systems in a democratic way to achieve full employment and promote public purpose. Read More
WHAT IS EMINENT DOMAIN? Eminent Domain The power of the government to take private property and convert it into public use. The Fifth Amendment provides that the government may only exercise this power if they provide just compensation to the property owners. see, e.g. Loretto v. Teleprompter Manhattan CATV Corp. 458 US 419 (1982). The… Read More
New Economic Thinking Published on Dec 28, 2014 In a challenge to conventional views on modern monetary and fiscal policy, Professor Bill Mitchell of Newcastle University in Australia has emerged as one of the foremost exponents of Modern Monetary Theory (MMT), a heterodox challenge to the prevailing paradigms which dominate how mainstream economics is taught… Read More
Independent POV Published on Sep 14, 2018 At the demise of empire, City of London financial interests created a web of secrecy jurisdictions that captured wealth from across the globe and hid it in a web of offshore islands. Today, up to half of global offshore wealth is hidden in British jurisdictions and Britain and… Read More
New Economic Thinking Published on Feb 2, 2014 The financial crisis that ran from 2007 to 2009 has been called a “Minsky Moment,” meaning it offered a much-needed reminder to all economists of Hyman Minsky’s neglected dictum that “capitalism is essentially a financial system.” But even with this reminder, it is hard to know what… Read More
Videos from: https://www.aljazeera.com/programmes/specialseries/2018/08/slavery-routes-gold-world-180813075335977.html and description from same and http://slaveryroutes.com/episodes/ About Story This is the story of a world whose territories and own frontiers were built by the slave trade. A world where violence, subjugation and profit imposed their routes. The history of slavery did not begin in the cotton fields. It is a much older tragedy, that has… Read More