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If we look in detail at the dozens of Green Deal agendas globally and the UN SDGs, we will find that around two-thirds of them relate not to private goods but to global commons. Given that 85% of our global wealth is privatised already and we have a lot of liquidity on the capital market, we need to look carefully at how we can generate the money we need without privatising... Read more
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Abstract
The demand for human security is growing proportionally with the exponentially growing complexity of the existential threats born in the Anthropocene. After discussing the Meta Crisis as a steppingstone for problem solving, the paper aims to give hope by arguing that human security is tightly related to the implementation of the UN SDGs within Planetary Boundaries... Read more
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On a global scale, the COVID-19 pandemic is far from over; we experience forest fires of frightening magnitude, floods and storms scare many people to evacuate their homes. Not only do young people say that time is running out, the latest IPCC 2021 report paints a depressing picture of our collective future and many scientists are increasingly warning of the many... Read more
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Nearly all money in the US, UK and many other countries is created by the private sector through lending. Private sector money creation provides many benefits, but also imposes large costs on society. Transitioning to public sector money creation can provide equal or better inflation control, economic prosperity, credit availability and monetary value stability. It... Read more
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A first systematization of new financial engineering that can hedge unchecked risks, enable unmet needs and finance our future.
Abstract
Cost analyses and risk assessments in the Anthropocene era need to differ from those of the past. Future developments now are determined by opportunity costs and planetary risks. We provide a first comprehensive systematization that can... Read more
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The last 60-70 years have seen the end of the industrial revolution and the rise of the post-industrial era. The way we, as humans, are treating our environment (and each other) is threatening our very existence on our planet. This becomes apparent when we examine the reality of climate change, pollution, destruction of biodiversity, inequality and more. We must... Read more
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The Sustainable/Responsible Investing (SRI) market is over $30 trillion and growing faster than traditional investments. Over the past 20 years, SRI and the sustainability movement in general have provided large benefits to business and society. But in spite of this good work, environmental and social conditions are declining rapidly in many areas. Clearly, new approaches are... Read more
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While emerging from the emergency of the largest pandemic in a century, many of us are at the end of our emotional ropes and are longing for normality in an uncertain world. We are troubled by the lack of leadership, poor behavior, and the inability of governments to address a pandemic that could have been prevented, had we heeded the warnings of experts and scientists. We... Read more
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The indispensable missing link in the debate on sustainability is the monetary system. To date, the Sustainability Development Goals (SDGs) have primarily been financed through private sector financing, conventional public sector funding (taxes and fees) and philanthropic commitment. However, these are not enough in scale and speed to finance our future.
“The introduction of a... Read more
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Structural imbalances are the consequence of fault lines in the model of neoliberal capitalism as an extreme version of market capitalism. Economic system is over-financialized. A disproportionate share of value added created in financial sector leads to plutonomy. An overly financialized real economy has been extracting value out of companies by rewarding... Read more
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COVID-19 is a tragedy and opportunity for humanity. Reductionistic thinking and resulting flawed systems put human society in conflict with nature. They are the root causes of every major challenge facing humanity. To survive and prosper, we must align our economic, political and social systems with the laws of nature. COVID-19 provides an opportunity to do so. As... Read more
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“There is no way to solve the environmental and social threats within the capitalist framework .”
In these past two centuries, capitalism has driven substantial economic growth. However, this growth has not been responsible for the “thrivability” of our planet in terms of society and the environment. This economic model now threatens the continuation of the human... Read more
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The COVID-19 pandemic has vividly demonstrated that humanity is not well prepared to address global challenges, particularly existential threats. This paper shows us how to restart the economy and ensure employment using an integral approach to sustainable investing in early stage start-ups using human-centered AI. As stimulus packages are being made available, the... Read more
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Structural crises of the past have had a significant impact on the world economy even before the COVID-19 pandemic emerged in 2020. The ongoing medical crisis exacerbates the double dip recession we have witnessed before. Challenges are consequential. By checking the pulse of the global economy, we see a high level of risk, fragile growth outlook, and increasing... Read more
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Development needs have primarily been financed through private sector financing, conventional public sector funding and philanthropic commitment. These traditional sources are not sufficient in scale and speed to meet the pressing finance needs. The world community is too busy repairing, stabilizing and refunding the given to maintain the stability of the existing... Read more
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Finance is one of the fundamental tools that has underpinned and shaped global civilisation, alongside agriculture and writing systems. During the past 5,000 years finance has adapted and innovated to scale civilisation by funding industrial development, technological advancement and human progress generally. Given this traditional role, finance should play an... Read more
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The following is one of many concluding sections from the whole system book ‘Global System Change: A Whole System Approach to Achieving Sustainability and Real Prosperity’. The foundation for the strong positions taken here is established in more detailed and heavily referenced sections earlier in the book. Global and national financial systems strongly... Read more
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This paper will review the concept of the “open economic trilemma” between national sovereignty, global integration and democratic politics. It will introduce, as a possible solution, the concept of a parallel dual currency system operating through new monetary channels using distributive ledger technology. Although not apparent at first glance, this... Read more
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To measure the debt crisis in Europe in general, and in Greece in particular, there are different levels of analysis, rarely examined together: at the global, EU and the national levels. The global level involves the origins of the crisis in the infra-regulated practices of financial entities worldwide, whereas the EU level reflects architectural weaknesses... Read more
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The recent explosive development of new forms of digital currency opens up unprecedented opportunities and poses significant regulatory challenges. This new form of digital currency lowers the costs and other barriers to the global movement of money, international trade, foreign investment and speculation, while simultaneously enhancing the anonymity on which... Read more
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The current economic crisis can be explained but we must remember that the crisis is the product of human behavior, both theoretical and practical, and not the product of some force of nature or mathematical law. An economic system is based upon production and consumption. A crisis arises whenever there is an imbalance between these two activities. Until the... Read more
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We consider here the necessity of redefining the concept of economic value and the system of measuring the contributions to national wealth, to be included in a new paradigm in economics, whose application should guarantee constant improvement of human well-being. Such a paradigm should be based on an adequate cultural value system. We begin with a brief... Read more
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This paper has a specific focus on the core foundation of New Economic Theory. That is, the focus on human capital and its implications for the theory and method of the new form of political economy. The central issue that is underlined is the importance of scientific and technological innovation and its necessary interdependence on global values and value... Read more
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Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties... Read more
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The unprecedented opportunities missed at the end of the Cold War have come back to haunt and taunt us in the form of misshapen ideologies and misconceived policies. Discredited notions discarded by history once again raise their heads to be finally buried or bury us. Despite the rhetoric of the Washington Consensus, the fall of the Berlin Wall, the collapse... Read more
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This paper examines the foundations of economic neoliberalism and underlines the implications of the foundations of this economic theory in its reliance on economic value as ownership, property, and commodity which misdirects economic inquiry from the real value of human capital as the proper foundation of a viable economic system. It focuses on the role of a... Read more
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Solutions to the major problems of our time require a radical shift in our perceptions, thinking and values. Post-normal times (characterized by complexity, chaos and contradictions), post-normal science (characterized by uncertainties, systems view of thinking, alternative perspectives, unknown unknowns, values) and human-centered economy are conceptions... Read more
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A new perspective is attempted on the role played by Information and Communication Technologies (ICTs) in the evolution of human societies in the last few decades. Particular attention is paid to their (lack of) relationship with the challenges of sustainable development, presenting the view contrary to mainstream perception that for now ICTs have a negative... Read more
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This note takes as its frame of reference the concept of ‘deep thinking’ developed by William Byers [Byers 2015]. According to Byers, deep thinking or creative thought can emerge when a problem is framed by two (or more) conceptual systems and it is found that there are areas of incoherency between the conceptual systems. A new conceptual system... Read more
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There has been a total (public and private) debt bubble that has been growing since the 80s, accompanying an implicit promise of higher standards of living through large market deregulation experiments (capital markets deregulation and capital mobility being chief among them). The path chosen by conventional economics for delivering this implicit promise... Read more
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In the first page of The Wealth of Nations, Adam Smith described an apparently trivial issue, the making of a pin. In his search for ways to effectively fight poverty, he formulated the basis for a new view of economy based on the Industrial Revolution. Two centuries later, the perspective he developed remains intact and is largely outdated. It does not... Read more
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Humanity has made remarkable progress during the past two centuries in advancing peace, democracy, human rights, economic development and social equality. The evolution of human relations has progressed far from the time when physical violence, war and conquest were the predominant form of international relations. Diplomacy has evolved from political... Read more
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The Organization for Economic Cooperation and Development (OECD) describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new... Read more
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Economic Neoliberalism in its most perverse form has been recapturing the imagination of policy makers worldwide. It emerged in the context of a prolonged crisis, increasing unemployment and unsustainability in the public sector. Growth slowdown reflects several factors, including domestic errors of economic policies, lower commodity prices and structural... Read more
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The Market can be understood as a self-organizing system that is constantly evolving. Like all social institutions, it is governed by principles and rules created by society, not by any universal laws of nature. If it does not work the way we want it to, we have the power and freedom to change its rules. However, prevailing notions about the market are veiled... Read more
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The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human... Read more
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This article addresses the discussion proposed by the World Academy of Art & Science (WAAS) about the need to build a new paradigm to confront the challenges of the global society and to move across to a New Society discussing specific problems related to economic globalization and proposing changes. The ways in which economic orthodoxy and heterodoxy... Read more
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The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will... Read more
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This paper deals with the interaction between fictitious capital and the neoliberal model of growth and distribution, inspired by the classical economic tradition. Our renewed interest in this literature has a close connection with the recent international crisis in the capitalist economy. However, this discussion takes as its point of departure the fact that... Read more
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The challenge is to redirect central bank money into the real economy and to the needs of society. If new money is issued to expand the productive capacity, there is no reason for inflation. Long-term financing could become available at an affordable price. Central bank money must not replace a sound tax system and the distribution of income and wealth, but... Read more
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This is Part 2 in the Money Series. Part 1 "The Power of Money" is available here.
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This article is not a comprehensive factual history of money as an economic instrument. It aims rather to present an essential psychological history of the power of money as a social organization or social technology. It explores the catalytic role of money in the... Read more
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The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet... Read more
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This is Part 1 in the Money Series. Part 2 "Multiplying Money" is available here.
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Although we all use money every day, the nature and functioning of money seem shrouded in commonplace myths and ancient mysteries. Money plays a central role in economics today, yet rarely do we come across a serious, informed discussion of what money really is and what role it plays... Read more
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A Report from the Club of Rome – EU Chapter to Finance Watch and the World Business Academy
By Bernard Lietaer, Christian Arnsperger, Sally Goerner and Stefan Brunnhuber Triarchy Press 2012
This report by WAAS Fellow Bernard Lietaer and his associates addresses important theoretical and practical issues regarding modern monetary systems. The central thesis of the report is... Read more
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The extraordinary extent of the financial crisis has inspired deep systemic reforms world-wide, rethinking financial stability, the resilience of our economic systems, and the role that national and international institutions play. While most of the ongoing activities are understandably centred on banks and the banking sector – the origin and centre of the crisis –... Read more
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“The tremendously wasteful underutilization of precious human resources and productive capacity is Greece’s most serious problem and also its greatest opportunity.”
The recent agreement to write off a substantial portion of Greek bonds only postpones but does not resolve the essential problem. The key to the Greek crisis lies in economy, not finance. Any financial solution that... Read more
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Social networking did not begin with the Internet. It is as old as human history. For what we now call social networking is really the evolution of human relationships which constitute the backbone of civilization. The emergence of the Internet is the third giant leap forward in a saga that began with the development of symbolic spoken language, the first great instrument that enabled human... Read more
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The yawning gap between the real world and the discipline and profession of economics has never been wider. The ever-increasing abstractions in finance and its models based on "efficient markets" and "rational actors": capital asset pricing, Value-at-Risk, Black-Scholes Options Pricing have been awarded most of the Bank of Sweden prizes since they were founded in the 1960s... Read more
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A Commentary*
The world is at an inflection point. A convergence of themes – seemingly disconnected – is integral and urgent to our very survival. Our world is headed into a Perfect Storm of an interconnected financial, ecological and social crisis. Almost all forward-looking assessments demonstrate that business as usual and incremental improvements will not be sufficient... Read more
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The past three and a half years have seen a very rough ride for the world’s financial markets. Not only did the credit crisis (which The Geneva Association has studied intensively) directly impact the value of many real world assets (especially U.S. real estate) and stock markets with particular bearing on bank stocks, many derivatives and structured financial products; it... Read more
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The Committee on Transforming Finance, a multinational network of career market participants: investors, asset managers, business executives, philanthropists, academics and financial authors, holds that the financial system is a global commons and calls for a new set of rules that would allow it to be governed in full conformance with this reality.
We as beneficiaries and... Read more
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Money & Finance