Argentina’s government defaulted on odious debt and instead spent the money on investments and social services. Argentine workers took over their factories rather than let them be shut. That path was not an easy one, but Argentina’s economy was the Western Hemisphere’s fastest growing while wages rose and poverty declined.
The embedding of the market and the economy in the civil society is the problem of the 21st century. Tax havens or shelters in Liechtenstein and Switzerland must be closed. The wealthiest 400 Americans have more wealth than 150 million people. Time for Plan B, alternative economics, reduced working hours, community centers, labor-intensive work and infrastructures.