- Released December 1, 2011
A Main Street Fix to Wall Street's Failure
Building a policy agenda to deepen the jobs debate, our new report looks at the structural issues behind the economic crisis and how we can transition to a new economy based on Main Street.
The report calls for a serious jobs program that will necessarily include short-term stimulus measures, but with its primary focus on structural interventions to shift the balance of economic and political power from Wall Street to Main Street. The authors propose a seven-part program to advance this power shift:
- Redefine our economic priorities by replacing financial indicators with real wealth indicators as the basis for evaluating economic performance,
- Restructure the money system to root the power to create and allocate money in Main Street financial institutions that support Main Street job creation.
- Restore the middle class by restoring progressive tax policies and a strong and secure social safety net.
- Create a framework of economic incentives that favor human-scale enterprises that are locally-owned by people who have a natural interest in the health and well-being of their community and its natural environment,
- Protect markets and democracy from corruption by concentrations of unaccountable corporate power.
- Organize the global economy into substantially self-reliant regional economies that align and partner with the structure and dynamics of Earth’s biosphere.
- Put in place global rules and institutions that secure the universal rights of people and support democratic self-governance and economic self-reliance at all system levels.