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Commentary :: Labor
The Great Transition
04 Sep 2010
"The “Great Transition” is meant to echo the phrase used by Karl Polanyi, The Great Transformation, the title of Polanyi’s important 1944 book describing the shift from the world of the commons to that of the total market order..."
" The Great Redistribution proposes a redistribution of both income and wealth as a way to create value. Among the ideas: the creation of Citizens’ Endowments of up to £25,000 for all people on reaching the age of 21 to enable them to invest in their future, as well as Community Endowments to provide commonly owned assets to invest in our local neighborhoods. Both would be funded by a proposed increase in inheritance tax on all estates to 67%.

The Great Rebalancing proposes a revamping of market structures so that “prices reflect true social and environmental costs and benefits” and so that the market sphere is “rebalanced alongside the public sphere and the ‘core economy’ – our ability to care, teach, learn, empathise, protest and the social networks these capacities create.”

The Great Localisation chapter argues for “an expanded concept of ‘subsidiarity’ – the idea that decisions are best taken at as local a scale as possible.” This means a devolution of power from the center to the edges, and a redefinition of market efficiency to encompass local, social and ecological impacts..."

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