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About this product
- DescriptionModern ecomies must grow because money borrowed for investment can be repaid only by expanding production and consumption to meet the burden of usurious rates of interest. The roots of this dynamic between debt and growth lay in the financial revolution of the late seventeenth and early eighteenth centuries in Britain which established a new usurious monetary system. For the first time in history credit was made widely available, but only on condition of an exponentially increasing debt burden. To pay back debts production had to increase correspondingly, leading to the industrial revolution, ecomic growth , and modernity itself. Though private creditors gained a mopoly over the creation of credit, and were disproportionately enriched, the resulting ecomic growth for a time was great eugh to benefit most debtors as well as creditors, ensuring widespread prosperity. That is longer the case. With today's eco-crisis we have reached the limits of growth. We longer have the natural resources to grow fast eugh to pay our debts. This is the real root of our current financial crisis. If we are to live sustainably, our system of money and credit must be transformed. We need a n-usurious monetary system appropriate to a steady-state ecomy, with capital broadly distributed at n-usurious rates of interest. Such a system was developed by an early nineteenth century American thinker, Edward Kellogg, and is explored here in depth. His work inspired the populist movement and remains more relevant than ever as a viable alternative to the a financial system we can longer afford.
- Author BiographyAdrian Kuzminski is an author and Research Scholar in Philosophy at Hartwick College. His previous works include Fixing the System: A History of Populism, Ancient and Modern (Continuum, 2008); Pyrrhonism: How the Ancient Greeks Reinvented Buddhism (Lexington, 2008); and The Soul (Peter Lang, 1994). He is also Founder and Moderator of Sustainable Otsego, a social network of several hundred subscribers in the Cooperstown, NY, area, focused on promoting sustainable practices.
- Author(s)Adrian Kuzminski
- PublisherLexington Books
- Date of Publication26/02/2015
- SubjectEconomics: Professional & General
- Place of PublicationLanham, MD
- Country of PublicationUnited States
- ImprintLexington Books
- Weight236 g
- Width154 mm
- Height226 mm
- Spine12 mm
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