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To My Polis, With Love: May Gloucester Show The World The Ways Of Frugality Paperback – November 11, 2008
About the Author
CARMINE GORGA is engaged in a complex program of interdisciplinary research that he likes to call Relationalism and in the application of findings in his community, Gloucester, MA. The dismal science of economics is transformed into Concordian economics and put in relation with all other intellectual subjects, from political science to theory of justice, through mathematics and logic. For details, please visit www.carmine-gorga.us. In about forty years of working with experts at the highest levels of academia and community groups, he has been especially instrumental in preserving the public transportation system on Cape Ann (CATA), creating the Gloucester Fishermen's Wives Association (GFWA), establishing the Society for the encouragement of the Arts (seArts) and introducing fresh fish into the national supermarkets. A former Fulbright scholar, he has a Ph.D. in Political Science from the University of Naples, Italy. He is most proud of these two publications: The Economic Process: An Instantaneous Non- Newtonian Picture. Lanham, Md. and Oxford: University Press of America, 2002. And "Toward the Definition of Economic Rights," The Journal of Markets and Morality, Spring 1999, II (1) 88-101. These two publications give the specific technical details that open the road to Concordian economics.
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The first set of essays deal with the revitalization of the city of Gloucester and maintaining the fishing industry in that city.Gorga's most up to date exposition of this problem takes place on p.60.The title of the article is " Three Integrated Ideas for Gloucester's Resurgence ".Gorga discusses the necessity of enlarging the tax base of the community by implementing 3 projects that all have positive, interactive, feedback effects that reinforce the positive impacts of the others considered individually in isolation.The second set of essays were first published on the Internet.An interesting essay from this part of the book is Gorga's "Bottom -Up Monetary Policy ".Here Gorga emphasizes the fact that money can be created either as a debt or an asset.It is immensely important because the current mode of finance allows the commercial banks to create money as a debt.There is a double or triple whammy here for the rest of society after the initial creation of money because the banks prefer to lend to speculators to create financial wealth[like CDO's (collateralized debt obligations)or credit default swaps(a type of derivative) which Warren Buffett correctly characterized as the equivalent of weapons of mass destruction] and not lend to those who create real wealth( businesses that create goods and services).
Part III essays cover the fundamental problem of hoarding.Hoarding behavior has negative consequences for the community or economy as a whole.The best way to describe hoarding behavior is to concentrate on the holding or loaning of money,not to purchase present or future consumption or investment goods,but to make money by leveraging one's hoard in order to make even more money.This process can be repeated indefinitely over time.The inevitable result is to create a bubble.Unfortunately,all such bubbles deflate ,causing panics and crashes.The result is economic recession or depression.Gorga is the preeminent authority on hoarding and its negative impacts.
I highly recommend this book.Many cities in the United States are currently suffering economic deterioration.Urban planners would benefit by reading most of the essays in Part I.
With an exceptional command of the language and an extensive background in political science, economics, sociology, and logic, the author, who fits the description of a genius or near genius, effortlessly produces a dialogue that is relatively complex in some of the essays. Yet, as complex as some of the essays are to understand, without answers to some of the questions that they may engender, I highly recommend the book because OF the valuable concepts introduced by the author.
In one essay especially, although mentioned also in a few of the other essays, the author makes an irrefutable case for the bungling by politicians and bureaucrats of a vital U.S. industry, the seafood industry. His explanation of the cyclic changes in the numbers of the commercial fish and shellfish species is far more logical than the reasons and control measures taken by government officials. He easily explains why this industry is vital and why there should be more recognition of the value of America's fishermen and less control over their livelihood.
While I highly recommend this book, I especially recommend it to the politicians and residents of Gloucester, MA, because following its recommendations could transform their city into a model of municipal economic recovery.