This courtesy of the ever brilliant Frankly : The systemic crisis experienced by major economies has drawn attention to the shortcomings of current market practices. Generating as much poverty as growth and as much hidden risk as profitability, these practices have the additional effect of dramatically limiting the options for sustainable development. The Zermatt Summit, an annual Swiss event (not to be confused with the World Economic Forum at Davos-Klosters, for which it may be said to be a form of antidote), encourages leaders to be innovative in defining new operating modes and in fact to create a new paradigm which would be respectful of both human beings and our planet while complying with the technical conditions for efficiency. This requires a completely new vision of the place of the individual in the globalization process.
It is gratifying to find that Bella has chosen to draw attention to Paul Jorion’s ideas concerning betting on price variation, which form one element of his conception of a global economic constitution. Another element worth thinking about is the Bancor system, devised by Keynes in the 1930s, of which a brief explanation is offered here: http://tinyurl.com/3r3kut5