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As David Korten showed in the first edition of this hard-hitting book, the steps taken to address the financial meltdown - including pouring trillions of dollars into bailouts for the Wall Street institutions that created the mess - did nothing to deal with the reality of a failed economic system. Korten identified the deeper sources of the failure in Wall Street institutions that have perfected the art of creating money out of nothing, without producing anything of real value in return. Its major players engaged in speculative trading, bought into asset bubbles, stripped corporate assets, created debt pyramids, and engaged in predatory lending in the mortgage and credit card markets. In this revised second edition, Korten evaluates how far we have come in the year since the first edition's release and traces both the progress made as well as the ongoing setbacks. Korten also explores the transition to Main street and the momentum towards real wealth and how such a movement is manifesting itself across the nation. In a new chapter, Korten examines how the Obama administration has yet to address the root causes of the system failures to avoid ongoing economic, social, and environmental crises.
"We humans live by stories", says David Korten, and the stories that now govern our society set us on a path to certain self-destruction. In this profound new book, Korten shares the results of his search for a story that reflects the fullness of human knowledge and understanding and provides a guide to action adequate to the needs of our time.Korten calls our current story Sacred Money and Markets. Money, it tells us, is the measure of all worth and the source of all happiness. Earth is simply a source of raw materials. Inequality and environmental destruction are unfortunate but unavoidable. Although many recognize that this story promotes bad ethics, bad science, and bad economics, it will remain our guiding story until replaced by one that aligns with our deepest understanding of the universe and our relationship to it.To guide our path to a viable human future, Korten offers a Sacred Life and Living Earth story grounded in a cosmology that affirms we are living beings born of a living Earth itself born of a living universe. Our health and well-being depend on an economy that works in partnership with the processes by which Earth's community of life maintains the conditions of its own existence - and ours. Offering a hopeful vision, Korten lays out the transformative impact adopting this story will have on every aspect of human life and society.
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