The current economic system is dysfunctional, characterised by crises, austerity, excessive household and government debt, low pay, poverty, inequality, and ecological damage. This needs a radical re-think and re-engineering of the economic system. The standard explanation of the 2007 economic...

The delinkage of productivity and real wages is the underlying cause of the 2007 economic crisis. As a result of this delinking, consumer income lagged output GDP, and the gap was funded by consumer credit and increased deficit-financed welfare payments. This proved unsustainable, and so led to...