Sofia, Bulgaria â€“ Author Philip Allan has strategically outlined a new school of economics for a new era of prosperity in his latest book, The New School of Economics.
In his book, The New School of Economics, Allan lays out, point-by-point, a range of innovative economic, political and social changes that can lead to a better society.
â€œAcross the globe, the economic policies of both the Left and the Right are no longer working. These policies have led to the hollowing out of our once great cities, the creation of bland suburban landscapes where even double-income families are just getting by, and an economic system where the tax code unjustly punishes hard-working wage earners and aspiring entrepreneurs,â€� says Tobin Shields, lecturer at the University of Waterloo. â€œNo wonder populist rallying cries are starting to appear all over the developed world, not just in America.â€�
â€œWhat is needed now, more than ever,â€� Shields says, â€œis a new political-economic framework tailored to the needs of everyday citizens.â€� One such alternative is a growing political-economic movement called The New Physiocrats (https://newphysiocrats.org). With a rallying cry of â€œTake back your money, time and space,â€� The New Physiocrats have started to capture the imaginations of everyday citizens hungry for new political and economic solutions.
The dream of The New Physiocrats and their new political organization, The New Physiocratic League (https://newphysiocrats.org), is to reward people on the basis of hard work, to overhaul the outdated system of government taxation, to restore the nationâ€™s great public spaces, and to extend working infrastructure to every part of the nation. Shield says, â€œThese ideas transcend the tired policy prescription of the Left and Right â€“ but they are not a compromise solution by any means.â€�
While these ideas sound fresh, new and innovative, they are actually rooted in a long historical tradition. In fact, inspiration for the creation of The New Physiocrats is rooted in centuries of political thought, dating all the way back to the great Stoics of ancient Greece. â€œIn the 18th century, the original Physiocrats of France began to elaborate on their ideas of physiocracy (literally, the â€œgovernment of natureâ€�) by analyzing the value of land in a modern economic system,â€� Shields states. â€œAnd, in the 19th century, great thinkers like Henry George, the original proponent of Georgism, provided additional clarity on notions like land value tax, the minimum wage, and economic rent.â€�
But, as The New Physiocrats point out, something went terribly wrong in the late 19th century with the advent of modern capitalism. â€œAdam Smithâ€™s invisible hand of capitalism proved no longer able to provide for the basic infrastructural needs of a society, so the state took over,â€� Shield says. â€œOutdated economic notions like autarky proved impossible in a modern, expanding world. In extreme cases, outdated economic notions like mercantilism led to great trade wars between nations.â€�
In the 20th century, the rise of first socialism, and then communism, led to a loss of respect for the individual as governments focused only on the equity of outcomes. Rapid industrialization and urbanization shifted the focus away from land to labor as the focus of taxation. Libertarian ideas that celebrated the individual were replaced by policies that celebrated the growing consolidation of the state. Over time, failed taxation policies extended even further, such that workers and entrepreneurs were no longer incentivized to work as hard as they could.
â€œClearly, something has to be done to reverse the economic decline and it all starts by rethinking the value of land and labor in a modern society,â€� says Shields. â€œTo this end, The New Physiocrats are now working on practical policy solutions that can restore the great prosperity of a modern economy, while creating a livable, workable society for all â€“ not just for the privileged 1%.â€�
Leaders of The New Physiocrats want people to imagine a world where beautiful public spaces and infrastructure are once again valued, where workers of all wage levels benefit from their activity, and where entrepreneurs are free to create innovative, world-changing companies. â€œIf that sounds like a world that you would like to live in, you might be ready to join the growing ranks of The New Physiocrats,â€� says Shields.
For information about Allanâ€™s book, or to find out more about The New Physiocrats, please visit https://newphysiocrats.org
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