In this epic manifesto, Dondi offers a uniquely creative solution for reducing inequality and increasing sustainability for our spaceship's 8 billion passengers. He begins by unpacking modern economics for the lay reader, delivering a primer on how markets operate, how money is created and lost and where and why the flaws exist. In doing this, he makes great use of the metaphor in demystifying esoteric concepts few truly understand.
Dondi’s view is from the messy trenches of corporate consulting which gives him a perspective mere academics lack. He presents as an alternative to capitalism, 'Monetism' - a way to inject permanent money into the economy to sustain a universal basic income (UBI) combined with a new taxation system to control inflation.
Sounds simple enough but what Dondi is proposing is nothing short of a complete reengineering of how the world's monetary system works. It’s bold and clever - capitalism dies of a thousand paper cuts.
This is not just an economic manifesto, it really cuts to the core of how we live our lives as human beings and what we value. He weaves in concepts from cognitive psychology, sociology, and continental philosophy to reveal a more equitable path forward. Markets don't disappear but the management of money shifts to the end of preempting greed and reversing capitalism's greatest flaw - the rich get richer.
This book is written for those who would benefit most - the 99%. Who will hate this? Pretty much anyone with money, power or an economics degree - academics, conservatives, neoliberal politicians, bankers, hedge fund managers, drug lords, landed aristocracy - as they all stand to lose. They will see giant piñatas to swing at - production/distribution shift, UBI, converting central banks to monetary authorities, progressive taxation. Mr. Dondi addresses most of these concerns but at the core of the debate are premises which the 1% will reject. At least out of the gate, Monetism is a long-tailed cat in a room full of rocking chairs.
As someone who could generally care less about Wall Street, the Fed, central bank and the like, I found his read fascinating throughout. Partly because of its boldness but also because his designs are grounded in solid research (60 pages of references). What ultimately resonated for me was the second to last paragraph of the book. I won't give it away here but Monetism hinges on something even more fundamental than money.
Throughout his book, I couldn't help thinking about the Rube Goldberg nature of the economy. Mr. Dondi's solution is to use existing mechanisms, more or less, to reengineer a more equitable system. It's practical, doesn't upset the apple cart and would likely ratchet evolution up a notch. Yet, there are still a zillion variables. Even the most powerful computers still can't predict the weather. At some level though, it feels Monetism is hacking at the branches (maybe bonsai would be a better metaphor as his hacking is quite arfull) when going for the roots is what is necessary.
What if we were to shift the nature of currency instead? What if your value as a human being was not a function of your profession but how much you helped others who could do you no good in return? What if society as a whole, rewarded you for this help by conferring status that could be bargained for food, rent, tuition, durable goods or future security? What if life-affirming, society-reinforcing behaviors were indexed to a different kind of ROI?
Great civilizations arise out of the ashes of those before them. In this era of extreme climate change, pandemics, massive human displacement and lead pipe internet, one wonders how close we are to the next collapse. Will the next great civilization build on Monetism or something else?
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Irritatingly correct
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Inspiring, refreshing and extremely accessible: must read!
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