As already discussed, individualism has been, by and large, glorified in capitalism and frequently equated with ‘private’: for instance, private property is linked to values such as individual freedom. This equation can be misleading, though. Things that...
In simple terms, the value of any product derives from the natural resources and work invested in producing or providing it. As we will discuss natural resources and their relation to value in a separate chapter, the focus here will be on work. Money is supposed to be...
This part covers money creation, debt, and banking. These are grouped together as they are very much interlinked and are at the heart of the current financial system. Money creation Most money (about 97% in the UK) is made by private banks when they make loans...
So far we proposed some basic principles that could help the existing economic system to evolve. We also argued that economy works best if it is predicated on cooperation between the state, businesses, and people, and suggested some checks and balances to secure a...
This is a contentious issue, so it is worthwhile considering first what is on offer. Bottom-up approach This approach can be summarised by the following: the economy works best if it is allowed to run its course with as little interference as possible. When people...
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