This is macro economics and whilst I applaud and agree with Pauls general thesis the problem I see is personal debt being a brake on change. Debt has been created by stagnant wages and high external costs but a lot of people have been suckered into the idea of appearing normal and well off whilst building up unsustainable credit — people want to feel good, hence the drive for flash cars ( record numbers of new cars on credit) and exotic holidays. I’m afraid that the simple fear of going broke will keep people bound to a system that delivers very little personal satisfaction and ‘culture’ apart from cheap credit to keep everyone shopping. Crisis can only push people two ways-to the Right and blame everyone else or the Left as a nothing left to lose option. Corbyn has gone a long way to alleviate peoples innate fear of the Left and has reminded everyone that there is an actual alternative to NeoLiberalism…. BUT the Right is still on march throughout the EU and shows that populism is as alluring a policy as ever.
The other thing that needs tackling is the biblical concept of Usury or lending for profit, mainly because it is the main force for unsutainable debt. Early Protestantism and Islam prohibits the idea- maybe in this less godly age we need insitutions that lend without profit to boost local economies