From Adam Smith to Duncan Smith
Paul Mason

Excellent essay Paul, offers the beginnings of real shape to what we can do.

For me, this is core ‘If I am right, the strategic issue for governments — alongside the post-carbon transition — is managing the transition to a situation where the price mechanism is no longer the main allocator of goods’

Failure of the price mechanism has created these imbalances, and the dotcom and sub prime mortgage crashes. Policy makers want to wander along in a blind dwam where we’ll be fine if we just do what we do and find more oil on the moon, or mars or somewhere. Transitioning away from oil has to happen, and that transition and the financial revolution you outline here are necessarily symbiotic.

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