Elinor Ostrom’s 8 polycentric, subsidiarity, hierarchical, coherently-inclusive rule-making and governance-principles can be life-grounded and connected to planetary and population health via life-value guided-principles and strategies as illustrated here.
The 2008 financial crisis spread from Wall Street to the world almost overnight, threatening the lives and livelihoods of millions, even though its causes had nothing to do with the production and distribution of any of the basic necessities of life. Instead, the crisis erupted because the financial system had become unhinged from its real function: supplying credit to productive enterprises. Finance capital increasingly made its money from complex “derivatives,” which are not claims on a company’s proﬁt (as shares are) but on debts packaged and sold as investments. Immense profits were made, which provided the incentive to create more derivatives, causing debts to be piled on debts, all sold with guaranteed returns. Many of these derivatives involved American mortgages. Since these were backed by a physical asset (the house), they were advertised to institutional investors as highly secure, but the models assumed that housing prices would continue to rise. As it turned out, the housing market was a bad-mortgage fuelled bubble. When it burst, the “mortgage backed securities” became worthless, and banks from Athens to Iceland collapsed. Instead of having to foot the bill for their recklessness and greed, major banks were bailed out with hundreds of billions of dollars of public money. Workers lost their jobs, housings, and savings; Wall Street bankers paid themselves bonuses for the greatest failure of the financial system since 1929.
Reproduced from: http://www.globalresearch.ca/corporate-globalization-versus-the-civil-commons-by-which-people-s-lives-are-sustained/29236 EVOLVED CIVIL COMMONS VERSUS CORPORATE GLOBALIZATION: A PERFORMANCE EVALUATION ACROSS UNIVERSAL LIFE GOODS by John McMurtry The facts of daily life in developed society have been so painstakingly and historically constructed across generations to enable universal access to the life goods of evolved humanity that we need systematic understanding of how provision of… Read More
Reproduced from: http://www.globalresearch.ca/individuals-within-society-human-vocation-civil-commons-and-social-justice/28805 RECOVERING THE BASES OF OUR LIVES FROM SILENCE AND OCCUPATION: THE HUMAN VOCATION, THE CIVIL COMMONS AND SOCIAL JUSTICE by John McMurtry A human vocation comes in as many forms as there are ways of contributing one’s share to society by expressing one’s own capabilities as a human being. It enables and obliges… Read More
ABSTRACT This analysis maps the deepening global crisis and the principles of its resolution by life-value analysis and method. Received theories of economics and justice and modern rights doctrines are shown to have no ground in life value and to be incapable of recognizing universal life goods and the rising threats to them. In response to this system failure at theoretical and operational levels, the unifying nature and measure of life value are defined to provide the long-missing basis for understanding the common interest, human rights and social justice—that is, the universal life necessities of humanity across cultures and the evolving civil commons infrastructures to ensure them. In contrast, the treaty-imposed corporate rights system miscalled “globalization” is structured to predate life means and support systems at all levels with no accountability beyond itself. Only the logic of life value, human rights and life-protective law, it is concluded, can comprehend or govern this inherently life-blind and cumulatively eco-genocidal regime.