I was asked to contribute to an Italian online publication's tribute to John Kenneth Galbraith, by answering some questions about the relevance of his major work The New Industrial State (Galbraith and Galbraith 1967) six decades later. These were my responses.
1) digital (equal debits and credits summing to zero increase in costs),
2) its immediate and continuing economic and monetary effects are aggregative/macro-economic because retail sale is the single universally participated in point in the entire economic process
3) its partner policy a 25-50% discount/debt jubilee policy at the point of loan signing integrates debt jubilee directly into the Debt Only based system thus ending Finance's dominating monopolistic paradigm and addresses Minsky's insightful debt deflation hypothesis with of all things BENEFICIAL debt deflation. Ah irony, mentally satisfying and a signature of historical paradigm changes.
A 50% Discount/Rebate policy at retail sale is
1) digital (equal debits and credits summing to zero increase in costs),
2) its immediate and continuing economic and monetary effects are aggregative/macro-economic because retail sale is the single universally participated in point in the entire economic process
3) its partner policy a 25-50% discount/debt jubilee policy at the point of loan signing integrates debt jubilee directly into the Debt Only based system thus ending Finance's dominating monopolistic paradigm and addresses Minsky's insightful debt deflation hypothesis with of all things BENEFICIAL debt deflation. Ah irony, mentally satisfying and a signature of historical paradigm changes.