Agenda for a New Economy: From Phantom Wealth to Real Wealth

by David C. Korten

Publisher: Berrett-Koehler Pub Published: 2010 Category: Economy & Society

Our economic system stands at a critical crossroads, and understanding the fundamental flaws in our current approach to wealth creation has never been more urgent. This groundbreaking work exposes how much of what passes for economic value in today's world is actually phantom wealth—financial abstractions disconnected from anything of real utility or substance. It then charts a comprehensive course toward an economy based on genuine prosperity that serves life rather than money.

The exploration begins by dismantling the illusion that financial markets create wealth. Instead, readers discover how Wall Street's money games have created a casino economy where fortunes are made and lost on paper while real communities struggle with unemployment, crumbling infrastructure, and environmental degradation. The financial instruments that brought the global economy to its knees are revealed not as aberrations but as logical outcomes of a system designed to concentrate wealth and power while externalizing social and environmental costs.

Through compelling analysis, readers learn to distinguish between phantom wealth—the kind measured by stock portfolios and quarterly earnings reports—and real wealth, which consists of healthy ecosystems, strong communities, meaningful work, and quality of life. This fundamental distinction reframes economic success entirely, challenging readers to reconsider their own relationship with money and measure prosperity by metrics that actually matter for human wellbeing and planetary health.

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