Expanding Debt Trap and Reviving the Biophysical View on Wealth for a More Sustainable and Equitable Future: The Buddhist Perspective on a Decent Life

Kozo Mayumi () and Ansel Renner ()
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Ansel Renner: Autonomous University of Barcelona

Chapter Chapter 6 in Reconsidering the Privileged Powers of Banks, 2023, pp 123-148 from Springer

Abstract: Abstract This chapter explores the nexus of money, bioeconomics, and sustainability. It focuses on the balance between money stock, production scale, and real capital, and the challenges therein, owing to the propensity of banks to create ever more money. Said balance can be achieved through a revised understanding of wealth, totally distinct from financial capital, together with a sober separation of real capital from financial capital. The chapter probes the problematic confusion over debt and wealth, using Japanese bonds and T-bills as illustrations, and explores debt trap in the context of global economies. The role of influential organizations including the World Bank and International Monetary Fund is critiqued for their structural limitations and influence on global policy. The chapter concludes by advocating for a dramatic redefinition of wealth, underlining the biophysical burden of money, and the necessity of a public demystification of the relationship between monetary debt and wealth.

Keywords: Debt trap; Wealth; Biophysical sustainability; Global economic policy; International Monetary Fund (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-6058-3_6

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DOI: 10.1007/978-981-99-6058-3_6

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