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113

Framing the Economy

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Monbiot, G. (2017). Framing the Economy. In Monbiot, G. Out of the Wreckage: A New Politics in the Age of Crisis. Verso, pp. 113-131

126

We might also need new money. As the New Economics Foundation explains in its report 'Energising Money', monetary design helps determine the form that commerce takes. Developing new currencies could encourage both the protection of the gifts of nature and the distribution of the wealth arising from them. Were money to be tied to resources, such as energy (one proposal is for a currency backed by kilowatt hours), it could help stimulate a transition to a low-use economy. Money anchored to productive value--such as a basket of commodities--would reduce the incentive to exhaust those commodities to boost financial returns. The virtual wealth on which the financial sector feeds could no longer be detached from the real wealth on which all of us survive and thrive.

think about this more

—p.126 by George Monbiot 6 years, 2 months ago

We might also need new money. As the New Economics Foundation explains in its report 'Energising Money', monetary design helps determine the form that commerce takes. Developing new currencies could encourage both the protection of the gifts of nature and the distribution of the wealth arising from them. Were money to be tied to resources, such as energy (one proposal is for a currency backed by kilowatt hours), it could help stimulate a transition to a low-use economy. Money anchored to productive value--such as a basket of commodities--would reduce the incentive to exhaust those commodities to boost financial returns. The virtual wealth on which the financial sector feeds could no longer be detached from the real wealth on which all of us survive and thrive.

think about this more

—p.126 by George Monbiot 6 years, 2 months ago