New Economy 2.0
by David Korten
Posted December 2, 2015

dying Earth, dying economyThe old economy of greed and dominion is dying. A new economy of life and partnership is struggling to be born. The outcome is ours to choose. Imagine an economy in which life is valued more than money and power resides with ordinary people who care about one another, their community, and their natural environment. It is possible. It is happening. Millions of people are living it into being. Our common future hangs in the balance.

There is broad agreement about the need for a New Economy, but strikingly different versions of what that means. The New Economy 1.0 version envisions a magical high-tech fantasy world of limitless growth in mindless consumption.

New Economy 1.0 leaves unchallenged the implicit assumption of the old economy that life exists to serve the economy. It poses no challenge to a money-driven economic system designed and managed by Wall Street corporations to maximize financial returns to their major players. It leaves in place indicators that count the conversion of the real living-wealth of the many to the phantom financial-wealth of the few as a net gain for society. It has no plan for dealing with the internal dynamics of a system that by its design drives toward financial instability, wealth concentration, environmental stress, and political corruption. More…