The Latest Corporate Social Responsibility News - Stimulating a New Economy
Submitted by CSRwire Weekly News Alert
February 10, 2009 - "We can't solve problems by using the same kind of thinking we used when we created them," Albert Einstein famously said, as if specifically referring to current solutions being floated for reversing the economic meltdown. For example, President Obama proposed a $500,000 cap on executive pay at banks receiving TARP (Troubled Asset Relief Program) money. Great! Except that executives can fly Lear jets through the loopholes, according to compensation expert Graef Crystal in a Bloomberg commentary.
Back to Einstein: can we solve our current economic woes by patching holes in the bucket? No, according to David Korten, author of The Great Turning, who likens our current strategies to "treating cancer with Band Aids." In his new book, Agenda for a New Economy, Korten exposes that the emperor wore no clothes - that the Wall Street economy created "phantom wealth" through economic bubbles, debt pyramids, and predatory lending that we are now seeing disappear before our very eyes.
The solution? Shift from a Wall Street economy that creates illusory wealth to a Main Street economy that creates real value, says Korten. He proposes "an economic blueprint for the 21st Century" (according to Business Alliance for Local Living Economies Chair Judy Wicks) that prioritizes people and planet over profits, while still tapping the entrepreneurial energy of Main Street business.
This article was written by CSRwire contributor Bill Baue.
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