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GOOD AND BAD CAPITALISM • RE-THINKING VALUE, HUMAN NEEDS, AND THE AIMS OF ECONOMIC ACTIVITY

GOOD AND BAD CAPITALISM • RE-THINKING VALUE, HUMAN NEEDS, AND THE AIMS OF ECONOMIC ACTIVITY The world is experiencing a twofold crisis. On the one hand, the global, virtualized economy is collapsing and, in its fall, it is bringing down significant sections of the real economy. On the other hand, the environmental collapse of the planet is also marching on, and there is no clear sign that this may stop soon, for the most commonly discussed paths for economic recovery seem to rely upon further spoliation of the Earth’s life support systems. In this book chapter, the reader is to encounter an account of this twofold crisis in light of the deeper axiological grounds that are causing it. To this end, the present author refers extensively to the theory of value developed by Canadian scholar John McMurtry, according to whom: “[F]inancial crises always follow from money-value delinked from real value, which has many names but no understanding of the principle at its deepest levels.” JEL: J42, O15 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economics, Management, and Financial Markets Addleton Academic Publishers

GOOD AND BAD CAPITALISM • RE-THINKING VALUE, HUMAN NEEDS, AND THE AIMS OF ECONOMIC ACTIVITY

GIORGIO BARUCHELLO
Economics, Management, and Financial Markets , Volume 4 (3): 125-169 – Jan 1, 2010
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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
1842-3191
eISSN
1938-212X
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Abstract

The world is experiencing a twofold crisis. On the one hand, the global, virtualized economy is collapsing and, in its fall, it is bringing down significant sections of the real economy. On the other hand, the environmental collapse of the planet is also marching on, and there is no clear sign that this may stop soon, for the most commonly discussed paths for economic recovery seem to rely upon further spoliation of the Earth’s life support systems. In this book chapter, the reader is to encounter an account of this twofold crisis in light of the deeper axiological grounds that are causing it. To this end, the present author refers extensively to the theory of value developed by Canadian scholar John McMurtry, according to whom: “[F]inancial crises always follow from money-value delinked from real value, which has many names but no understanding of the principle at its deepest levels.” JEL: J42, O15

Journal

Economics, Management, and Financial Markets – Addleton Academic Publishers

Published: Jan 1, 2010

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