The Political Economy of Monetary and Financial System Changes to Support Societal Sustainability

Abstract

The political economy of the current financial system is the context out of which alternatives are being forged. Changes to the privatized debt-based monetary system, expansion of co-operative and publicly owned finance institutions and fostering of diverse currencies and credit structures are the main categories of reform being advocated. The most significant issue with progressive proposals is not the accuracy of the underlying analysis, nor the efficacy of the proposed changes, but the obstacles to their implementation within the currently constructed human societies. Understanding this context is fundamental to advancing alternatives to the current financial system. This version of the paper includes highlighting of specific sections done by Michael Lewis of the BC-Alberta Social Economy Research Alliance (BALTA).