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Books > Social sciences > Politics & government > Central government > Central government policies
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The Ecology of Money - Debt, Growth, and Sustainability (Hardcover)
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The Ecology of Money - Debt, Growth, and Sustainability (Hardcover)
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Modern economies must "grow" because money borrowed for investment
can be repaid only by expanding production and consumption to meet
the burden of usurious rates of interest. The roots of this dynamic
between debt and growth lay in the financial revolution of the late
seventeenth and early eighteenth centuries in Britain which
established a new usurious monetary system. For the first time in
history credit was made widely available, but only on condition of
an exponentially increasing debt burden. To pay back debts
production had to increase correspondingly, leading to the
industrial revolution, economic "growth", and modernity itself.
Though private creditors gained a monopoly over the creation of
credit, and were disproportionately enriched, the resulting
economic growth for a time was great enough to benefit most debtors
as well as creditors, ensuring widespread prosperity. That is no
longer the case. With today's eco-crisis we have reached the limits
of growth. We no longer have the natural resources to grow fast
enough to pay our debts. This is the real root of our current
financial crisis. If we are to live sustainably, our system of
money and credit must be transformed. We need a non-usurious
monetary system appropriate to a steady-state economy, with capital
broadly distributed at non-usurious rates of interest. Such a
system was developed by an early nineteenth century American
thinker, Edward Kellogg, and is explored here in depth. His work
inspired the populist movement and remains more relevant than ever
as a viable alternative to the a financial system we can no longer
afford.
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