Geonomics = New Economics

Karl FitzgeraldCommentaryLeave a Comment

Magic Apples
Creative Commons License photo credit: h.koppdelaney

Scott Baker writes in OP-Ed News

There are many forms of capitalism. What we have right now is bubble capitalism, whereby a new bubble in some non-manmade resource (oil, land etc.) is used to speculate enourmous sums to a very tiny minority of early investors.

This is also Ponzi Capitalism. Or, perhaps, since banks have become a de facto fourth branch of government, Crony Capitalism. Certainly, these forms of capitalism is unsustainable.

Here’s an alternative: Geonomic Capitalism.

Tax all the non-manmade resources: oil, land, pollution of air/water/land etc. and untax the fruits of productions (wages, capital like factories, cranes, trucks etc.). This would prevent speculation by taxing away the “fuel” for it, on land, natural resources and distributing that back to the community (to whom the resources rightfully belong).

Human production would be encouraged by untaxing the rewards of that, but consumption of scarce resources would be discouraged by taxing the raw materials.

Of course, this is not enough. We need serious regulation too.

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Thanks to Maireid Sullivan for flicking this our way via her Now We The Public news service – aren’t we lucky to have independent news!

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