Seizing the Public Banking Moment
by Matt Stannard
Posted June 1, 2018
The free market has failed as a governing paradigm of material life. Whatever the case for local markets in their specific context, large-scale competition and hierarchy are destructive, trauma-inducing conditions for people and the planet. For centuries, people have pushed back against those competitive and hierarchical models, advocating and experimenting with more cooperative and ecologically holistic economic visions.
One of those visions is financial democracy: public or community control of the financial system itself. Recognizing that the generation and value of money are artificial, and that how we pay for things is fundamentally a political question, advocates of financial democracy see banking – the power to lend money and to create value through the act of lending – as an enormous power. Such power should be democratic, not autocratic. More…