Towards a Sustainable Economy: Cosmic Justice in Economics

Abstract

A review of the 2008 financial meltdown demonstrates instabilities in the global financial system that stem from an accepted corporate philosophy of short term profit maximization for its own sake, accompanied by huge executive bonuses. A thorough review of the foundations of international banking indicates a number of fallacies that permeate financial system. These issues are interrelated and require a coherent integrated paradigm shift involving the re-education of the captains of industry, trade and commerce. In this regard it is necessary to recognize that sovereign nations are not corporations in business to produce goods and services. While nations regulate the corporate playing field their primary responsibility is to the sustainable wellbeing and national identity of their domestic population. This is not consistent with a blind corporate philosophy of globalization for profit maximization by playing nations off against one another. Equitable domestic profit distribution between shareholder, employee and customer is essential to this end for the benefit of all. A definitive strategy is needed to implement the paradigm shift.