New Economy - notes

These are the notes on the New Economy from the first session of the Critical Thinking project in 2013. The foundations of the New Economy are:

  • Sharing the surplus (free) bounty of land and resources

We need to be up to speed on land value to erect the first pillar/leg of the New Economy

Recommend the Fred Harrison interview here: - for discussion

His book is The Traumatised Society. Two other of his books The Power in the Land and The Losses of Nations were mentioned. Fred's work is based on Progress and Poverty, by Henry George available to read online at

Fred has offered to join a future session to explore practical implementation

  • Abolishing interest

Reading for later discussion. Margrit Kennedy's Occupy Money

This link is worth reading:

  • Citizens income:

To follow

Introduction to the New Economy for discussion

The work we're planning in the Critical Thinking project is to properly model and cost the options and consequences.  ie. We want to analyse data on capturing the full surplus value of land (and resources) versus the current fiscal arrangements. Then we need to analyse what the provision of public services (revenue costs not capital infrastructure) would cost bearing in mind that an accelerating proportion of all purchases (public and private) is interest. Abolish interest and the costs plunge. It would then become clear what remaining surplus would be available for citizens' income.

The advantage of everyone having the basic means to life without needing employment is that it equalises power between capital and labour. The choice of whether to take a job would a free one rather than a matter of survival. Expanding population and rising productivity mean full employment is neither achievable or desirable. Why should we continue to expand production exponentially from diminishing resources? With so many jobs being potentially destructive (eg. the military industrial complex), we'd be better off paying people not to work. Citizens' income has the added benefit of valuing activities unrecognised nor measured by GDP; eg. occupy, childcare, voluntary work, community activities etc. For 50% of the population, it offers a route to gender equality. People would be free to indulge in creative pursuits which would be for the common good; whether to take paid employment becomes a choice rather than necessity.

The tectonic plates of history are shifting and we have the opportunity to reshape the economic paradigm to resolve the symptoms and consequences, which are a product thereof. The banking and monetary system corrupts politics, media and public institutions. It is driving war, repression of civil liberties and has created banking and corporate behemoths which dominate the global agenda. It sustains the oligarchy and is the source of its power. It creates the situation where big pharma is rewarded for promoting lifetime drug use, not promoting public health, GMO companies are incentivised to roll out the latest technology suppressing research data which show clear risks to human health and the environment. There are many further examples of perverse incentives and malign consequences - they are all around us. This is what the Critical Thinking project is exploring.

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0 #1 Janos Abel 2014-01-21 17:45
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