Why this crisis may be our best chance to build a new economy

David Korten writes for YES!:

Whether it was divine providence or just good luck, we should give thanks that financial collapse hit us before the worst of global warming and peak oil. As challenging as the economic meltdown may be, it buys time to build a new economy that serves life rather than money. It lays bare the fact that the existing financial system has brought our way of life and the natural systems on which we depend to the brink of collapse. This wake-up call is inspiring unprecedented numbers of people to take action to bring forth the culture and institutions of a new economy that can serve us and sustain our living planet for generations into the future.

The world of financial stability, environmental sustainability, economic justice, and peace that most psychologically healthy people want is possible if we replace a defective operating system that values only money, seeks to monetize every relationship, and pits each person in a competition with every other for dominance.

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The operating system of our phantom-wealth economy was written by and for Wall Street interests for the sole purpose of making more money for people who have money. It makes cheap money readily available to speculators engaged in inflating financial bubbles and financing other predatory money scams. It makes money limited and expensive to those engaged in producing real wealth—life, and the things that sustain life—and pushes the productive members of society into indebtedness to those who produce nothing at all.

Money, the ultimate object of worship among modern humans, is the most mysterious of human artifacts: a magic number with no meaning or existence outside the human mind. Yet it has become the ultimate arbiter of life—deciding who will live in grand opulence in the midst of scarcity and who will die of hunger in the midst of plenty.

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To get ourselves out of our current mess and create the world we want, we must reboot the economy with a new, values-based operating system designed to support social and environmental balance and the creation of real, living wealth. We have seen what happens when government and big business operate in secret. The new system must be open to public scrutiny and democratic control. Globalization and the harshest form of capitalism have eroded the bonds of community and created vast gaps in wealth between the richest and the poorest. The new system must be locally rooted in strong communities and distribute wealth equitably.

Our environment and our infrastructure have paid a terrible price for the belief that private interests must always win over public ones. A viable system must balance public and private interests. Unregulated speculation is at the root of the current crisis. Society is better served by a system that favors productive work and investment, limits speculation, and suppresses inflation in all forms—including financial bubbles.

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