More Thoughts on The Next Economic System

Presenters started out with their observation that many-many people believe that the system is rigged against them…that the economy only benefits the 1% of the world’s population.  There is legitimate data to prove this.  Right now, 62 families control (?) over 50% of the world’s wealth.  Much of the wealth is actually trickling up to them and it’s not stopping.  There is evidence that the present economic system is flawed and that change is inevitable.  The reason for the conference is to encourage everyone to use their voice in deciding what that next economy is going to be.  Economic models being addressed during the weekend conference included Socialism, Modified Capitalism, a Hybrid Capitalist/Socialist, and Solidarity Economic models.  The CommonBound2016 made sure that everyone in attendance understand that they are NOT pushing one system over another.  Their intent for this exploration is for everyone to evaluate present models and decide which could be right for them. It must be a democratic decision made by all.

There are certains around what that next economic system is going to entail.  To avoid population conflict (and probably violence) due to some inequality to access and benefit, the next system must be inclusive.  Everyone must have a stake in its formulation and support.  No one person or entity can benefit more than another person.  It must be earth friendly in that we live on a finite planet with limited resources that every living person now and in the future must have access to.  The next economic system cannot be based upon growth and expansion as these must overtax the earth’s resources as well as human welfare.  Since economic laws and principles must be put into action, the next system must be democratic in administration and thereby guaranteeing public input and assessment.  The present economy does not address the common good necessary for ecosystem and human well-being therefore the next system must be sustainable.

There were examples of new approaches to alternative economic solutions to problems.  In one community in Japan, housewives were concerned about their food quality coming from normal stores.  The housewives pooled their money, paid a local farmer to convert his practices to organic and raise organic produce they were interested in purchasing.  The payment to the farmer was based upon a fair compensation for his expenditures in both setting up and maintaining his organic farm infrastructure.  The amount earned by the farmer allowed him to live comfortably with his business and also allowed for a reinvestment back into his farm.  The next system must involve local control and decision making.

Since we are all in a “new frontier” of systemic economic crisis demanding solutions, it was offered that the next economy must be in proper balance with all forms of life and living systems; ecological, natural, and human.  Rather than confine solutions to models already known, it may appear as Hybrid Models whereby mixtures of theories could be applied; i.e. socialism with capitalism…capitalism with democratic economies…perhaps what Yugoslavia had in the 1980’s a market-driven socialism.