Mainstream economic theory has devolved into an exercise of manipulative perception framing of economic and monetary reality, which obfuscates and maintains parasitic rentierism on the real economy, by the unreal economy of financial markets.
This paper reframes theoretical perception, in accordance with the reality of economic and monetary phenomena, thereby revealing money as a social accounting system, for managing economic rights and counterparty obligations, within a social-contract network of specialised production, reciprocal exchange and regenerative redistribution. A monetary system based on social accounting neither needs interest-bearing debt as as a means of payment, nor central bank reserves as collateral backing for its issuance. Instead, real economy producers and human society can enact Exodus from the insolvency of the financial market system, by establishing an equitable, stable, non-inflationary and sustainable monetary accounting system, based on an institutional architecture which separates, yet articulates, the sub-systems of Financing, Payment and Transfer*.
* Transfer herein means the transfer of purchasing power/rights (i.e. monetary credit) to the noncommercial (not-for-profit) circuit of the economy, to fund public goods and services. Taxation is the traditional means for such Transfer, which has become irreparably corrupt and dysfunctional. This paper presents a direct democracy alternative, based on the hybridisation of crowdfunding with participatory budgeting.
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- Raymond Aitken
economic parasitism, division of labour,
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