by Guy Dauncey
First published in The Mint – Fresh Thinking in Economics, June 2019
How can we turn around the world’s financial institutions so that their creation of money serves to construct a new ecological civilization, rather than destroy our current civilization through the financing of ecological and climate catastrophe? It’s a massive problem that needs multiple solutions.
Before we turn our attention to some possible solutions, we need some context. Global GDP in 2018 was $87.5 trillion. Global debt, created by the world’s financial institutions, was $247 trillion, growing by $14 trillion a year. Between 2005 and 2016 the debt increased by 73%, split between governments ($63 trillion), non-financial corporations ($68 trillion) and private households ($44 trillion).
Continue reading Five Ways to Achieve Ecologically Sustainable Finance
By Guy Dauncey, March 2018
If we are to live in a fair, just, ecologically sustainable world, many things in our economy will need to change, from the way banks create money to the way environmental losses and gains are accounted for and measured.
Let’s start with the businesses that grow the food, manufacture the products and provide the services we all depend on and enjoy.
It’s almost impossible to imagine a successful economy without its businesses. The Soviet Union tried, and Cuba is still trying, but neither has had much success. It’s hard to have success when the spirit of enterprise is not allowed to flourish. Continue reading Let’s Make Every Business a Social Purpose Business
They say we are self-interested, we’re always out to win.
Always individualistic, though it used to be a sin.
They say we need free markets, the better to compete,
and the economy will flourish if we only think of greed.
This is Economics 101, the way it’s taught today. Not a word about nature, community, caring, sharing, or cooperation.
During the mid 19th century, advances in science, democracy, education, literacy, public healthcare, labour unions, technological breakthroughs, banking, and the power of fossil fuels to generate rapid economic growth certainly made it seem that after ten thousand years of economic stagnation the competitive pursuit of profit was improving life for all. In the 1760s it took eighteen hours of human labour to transform a pound of cotton into cloth. By the 1860s it took one and a half hours. Today, it probably takes five seconds.
Continue reading The Birth of a New Cooperative Economy
by Joel Solomon with Tyee Bridge
New Society Publishers, April 2017. Review by Guy Dauncey.
This is a great book. It’s personal, committed, passionate, informative, and full of great stories. For an addicted change-the-worlder, what more can you ask?
And the stories, from Joel’s personal life and those of his colleagues, are about one of the most important challenges we need to embrace on our planet – changing the way we invest our money.
Continue reading Book Review: The Clean Money Revolution – Reinventing Power, Purpose and Capitalism
Guy Dauncey, April 2017
This essay was submitted to The Next Systems Project Essay Contest, in which it won second place. “We received hundreds of submissions from 30 different states and 26 countries, proving that many around the world not only believe system change is necessary, but have thought long and hard about what a new system should look like and how we might get there.” http://thenextsystem.org/announcing-the-winners-in-our-essay-competition/
You can download the essay as a PDF here. A New Cooperative Economy
Our task is to fashion a political vision and a political narrative that is a compelling answer to neo-liberalism and the ideology of competition, free markets, and the primacy of capital. We need a political economy of cooperation, solidarity, of mutual benefit. – John Restakis, Civil Power and the Partner State, 2016
Our modern economy is in crisis. Can we build an alternative economy as our ancestors did in the transition from feudalism to capitalism? It’s a question that takes us deep into our values, culture, history, politics—and visions of the future.
Continue reading A New Cooperative Economy
by Guy Dauncey
When the future teenager walks down the future Main Street in future Smalltown BC, be it Williams Lake, Smithers, Houston, Creston or Kimberley, which of these thoughts might she or he be thinking?
“I can’t wait to get out of this place—it’s so, like, basic.”
“This place is so cool. I wish there was work, so that I could stay.”
“This place is so über-cool. My friends in the city are so jealous that I get to live, work and play here.”
British Columbia has many communities that built their economies around traditional resources that are now either collapsing or going into decline. Unless there’s a strong impulse for community economic renewal, there’s a risk that working people will leave and young people will follow, never to return.
Continue reading A New Economy for Small Communities