Human and Resourse Economic System - Part 1

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Presentation at 13th Annual Conference of Association of Heterodox Economics. Nottingham, 8th July 2011. Hares Youssef -- the 40 Foundation: Paris 75008, 1, rue Fran├žois 1er, tel: +33 1 53 83 88 20 fax: +33 1 45 63 11 04 , www.the40.org haresyoussef@the40.org Yurij Riphyak -- London School of Economics, the 40 Foundation yurij.riphyak@the40.org Maksym Putiy -- the 40 Foundation maksym.putiy@the40.org Abstract The paper's objective is to familiarize the audience with basic tenets of the concept of Human and Resource Economic System: the global economic paradigm based on synthesis of a large variety of ideas in heterodox fields of economics. The authors argue that many acute problems of today's society are caused by the failures of modern free-market capitalist system - such as the distorting financial system of money markets and marketing-induced quasi-rationality of consumers at goods' markets, which eventually lead to the deepening of economic inequality, natural resources depletion and environmental degradation. The concept of human and resource economic system is designed to show the possibility to achieve sustainable forms of development and handle these issues through series of global reforms and different approaches to understanding of some basic economic concepts. As the futility of the neoliberal model of world economy on the basis of the Washington Consensus and the need for global monetary reform are becoming widely obvious, the first part of the paper shows the feasibility of using energy as backing and value guarantee of a new global currency. The second part of the report is devoted to overcoming economic inequality by facilitating access to productive capital market via providing interest-free loans to the general public and through reaching the increased consumer awareness and transparency of producers with the abolition of cash transactions. Concluding part of the paper outlines the synthetic heterodox model of global economy in comparison with the current neoliberal model by criteria of sustainability and provides some links to broader fields, such as open governance paradigm and ethics.

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