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Excellent discussion on 'Growth' on R4 at the moment. (n/t) on 10:35 - Oct 6 by Guthrum
However, without credit, people who have ideas or skills but no cash are unable to achieve anything which has setup costs or expenses prior to any income. It's a concept as old as human civilisation.
Lacking the ability to charge interest, there is little incentive to risk capital by lending money. Nor any reward for doing so.
The answer is proper regulation.
Is there a realistic way to get to an incorruptible environment of proper regulation, when humans show themselves over and over again to be a species where corrupt cheats rise to the top and rewrite the rules to avoid censure.
I once naively thought that with widespread dissemination of information and unfettered instant communication possible at all levels of society via the Internet, the cheats would not be able to hide any more. More fool me. Misinformation advances just as fast as information, and deep fakes are going to eliminate trust in anything we see, unless it is in person.
I don't think there's a realistic answer in improving existing systems. The only answer comes from a massive shock to the whole of humanity, and resultant fundamental change in our ways of doing things. One of those things that has to go is interest because of what it inevitably results in.
Makes a lot of sense to me, as a complete innocent on the subject.
I made a few notes from the discussion:
GDP measures flow but ignores stocks (social, natural, waste). A Cold War aim in all-out competition with the Soviet Union. Pursuit of 'Growth' of GDP as an aim destroys things we depend upon which are not in the GDP equation. If 'Growth' is the absolute goal, 'Health' (natural, physical, mental, equality) is damaged collaterally. Need to measure 'Health' of the system, not 'Growth' of the system, as a lot of countries are starting to do. UK is behind the times. If 'Health' is the absolute goal, some growth will happen naturally.
This 'Growth' as a goal mantra seems utterly childish and incompatible with both humanity and the environment to me. It only seems to feed human predators who care nothing for the future.
Hi, I was the one who gave the heads up for 'Doughnut Economics', was reminded for the need to propagate this set of ideas when I watched a film about Bhutan last night. I recommend reading Kate Raworth's book but if time or inclination do not allow for it then a quarter of an hour can hardly be better spent than watching her Ted Talk:
I was also amused by Susie McCabe's note perfect rendition of Liz Truss's speech in this week's 'The News Quiz' (starts at 02:28) :
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