Friday, November 5, 2010

Missing in action: An economic vision for the "common wealth" not corporate wealth

For US author David Korten the lesson of the US Congressional elections is that financial and corporate interests have strengthened their hold over US politics. Korten argues that no US President or party is willing to break their hold over democracy. The result is that neither party has a credible vision for the economic future of the nation.

Korten argues that the banking and financial industries and their corporate allies are the big winners from the US congressional elections and now hold an even more dominant role over democracy. This is despite the fact that they were the  cause of the economic crises that has devastated the US economy and left over 15 million people unemployed. 

In the latest elections the banking and financial services industry and their corporate allies used their massive spending power to ensure the election of candidates that serve corporate interests.

Korten calls for a fundamental economic restructuring and a long term vision for a New Economy that
  • is based on sound market principles
  • is rooted in community and life values rather than financial values  and is built from the bottom up
  • is accountable to community interests
  • is aligned with values of solidarity, compassion and caring for others
  • locates the power to create and allocate money in people and community rather than the banking and financial industry
  • ensures that sustainable living and sustainable livelihoods for working people are the highest priority of economic policy rather than increased corporate profits, reduced taxation and growing wealth for the already well off.

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