The Folk Economy

Mohamed Rabie (professorrabie@yahoo.com)
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Mohamed Rabie: Arab Thought Council

Chapter Chapter 10 in A Future Economy for All, 2023, pp 77-95 from Springer

Abstract: Abstract This chapter presents a vision to build an efficient and just economic system able to meet the many complicated challenges of the knowledge age. However, the need for creating a visionary economic system is due to the unprecedented transformations caused by moving from the industrial age to the knowledge age. One aspect of these transformations is causing the capitalist system to lose it ability to guarantee social justice, sustain a viable middle class, ensure continued economic growth and human development, and maintain its previous competitiveness. So the need is for an economic system able to contain the deteriorating life conditions of the hundreds of millions of poor people scattered allover the world, control the income and wealth gaps separating the rich from the poor, undermine radicalism and extremism, and create the necessary conditions for world peace and economic, social, cultural, and environmental sustainability. The reason for calling the envisioned economy the “folk economy” is due to its unique social role and production relations that differ in many ways from the existing system.

Keywords: Sociocultural Groups; Rainbow Society; Imagination; Solidarity; Religious Diversity; Obscene Income and Wealth Gaps; Middle Class; Corporations Consumption; Debt; Vertical Merger; Horizontal Merger (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-42957-6_10

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DOI: 10.1007/978-3-031-42957-6_10

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