Tuesday, November 20, 2018

What will replace outdated economic thinking?

From this piece:

"Political elites and their corporate brethren are running out of ideas for how to reconcile the deep contradictions of 'democratic capitalism' as it now exists. Even social democrats and liberals, the traditional foes of free-market dogma, seem locked into an archaic worldview and set of political strategies that makes their advocacy sound tinny. Their familiar progress-narrative—that economic growth, augmented by government interventions and redistribution, can in fact work and make society more stable and fair—is no longer persuasive.

"Below, I argue that the commons paradigm offers a refreshing and practical lens for re-imagining politics, governance and law. The commons, briefly put, is about self-organized social systems for managing shared wealth. Far from a 'tragedy,' the commons as a system for mutualizing responsibilities and benefits is highly generative. It can be seen in the successful self-management of forests, farmland, and water, and in open source software communities, open-access scholarly journals, and “cosmo-local” design and manufacturing systems."

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