 Ten Years On: What Have We Learned? What Have We Done? What Must We Do?Robert C. Hockett and Cornell Library No bea5u, LawRxiv from Center for Open Science Abstract: Ten years after the financial dramas of Autumn 2008, I take stock of what we have learned, what we have done, and what we have yet to do if we would avoid a repeat performance. The primary lessons I draw are that income and wealth distribution, the endogeneity of credit-money, and finance system structure all matter profoundly not only where justice, but also where systemic stability is concerned. The longer-term tasks still before us include a much broader and financially engineered diffusion of capital ownership over our population, citizen central banking, a permanent national investment authority, continuous public open labor market operations, debt-free or low-debt education and health insurance, and an updated form of segregating capital-raising primary from asset-trading secondary markets in the financial sector. Shorter-term tasks include debt-forgiveness, a restoration of labor rights and countercyclical progressive taxation, and restored citizen-ownership of our secondary market makers in home mortgage and higher education debt. These measures will restore the nation to its erstwhile status as a productive middle class ‘yeoman republic,’ and in so doing will restore both justice and efficiency to our social and economic arrangements. Date: 2019-02-08 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:osf:lawarx:bea5u Access Statistics for this paper More papers in LawRxiv from Center for Open Science |
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