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Contributors: Greenham, Tony (nef, Transition Network)


Tony leads the financial reform programme at NEF, and is also a Trustee of Transition Network. He is a regular public speaker and media commentator on finance issues and new economics. A Chartered Accountant and former investment banker, Tony has degrees from Oxford University and LSE.

Tony leitet das Finanzreform-Programm der New Economics Foundation und ist Trustee des Transition Network. Er hält regelmäßig Vorträge und gibt Kommentare in den Medien ab zu Finanzthemen und Neuer Ökonomie. Er ist Wirtschaftsprüfer und ehemaliger Investmentbanker mit Abschlüssen von der University of Oxford und der London School of Economics and Political Science.

Scientific paper contribution: Rethinking the Role of the Economy and Financial Markets
Abstract: The financial crisis is as much a crisis of economics as of the financial system. Inherent flaws in the modern monetary system overlay and magnify conceptual flaws in prevailing neo-liberal economic policy that rely on frameworks ill-suited to the current context of ecological and social problems. Our response therefore needs to address both the reform of the financial system and a fundamental reframing of economic policy away from an obsession with growth in GDP towards a focus on achieving high human well-being and social justice in harmony with ecological systems. Economic theory should better account for the laws of thermodynamics. Production should be redirected to maximize resource, not labour, efficiency, and to provide good jobs. Consumption should not be used as a proxy for well-being. Such an economic transition will not be possible without a more diverse money system, which is no longer dependent on growth, interest and debt.