since 1894 magazine of The Henry George Foundation Issue 1250 Spring 2020 Curing Our Economy Brian Chance Edward J. Dodson Tommas Graves Circles in Ωthe Water: In Search of a HealthyΩ Society: The Costs Ωof Stealing Debt Following Debt The Illness of Interconnected Global Credit and Debt No 1229 Winter 2010/11 1 “ It is a well-provisioned ship, this on which we sail through space... WWW.HENRYGEORGEFOUNDATION.ORG message from the honorary president No 1250 Spring 2020 The COVID-19 crisis is forcing many of us to review priorities and reconsider what we value most - what is really needed for the PO Box 6408, London, W1A 3GY +44 (0) 800 048 8537 health and happiness of all? Turning to Henry George for help I re- [email protected] membered him asking in The Science of Political Economy: Why is it that some things always co-exist with other things? And that some Editor things always follow other things? And his answers: The Mohammedan Joseph Milne will answer: “It is the will of God.” The man of our Western civilisation will answer: “It is a law of Nature”. And then The phrase is different, but Managing Editor the answer one. On checking this I noticed that in the previous para- Jesper Raundall Christensen graph he had quoted the Bible: “In the beginning God created the heaven and the earth”. This Graphics and Production hoped very strongly for a particular outcome or situation and recitedled me the to Lord’sreflect Prayer. upon what George might Jesper Raundall Christensen have thought as he wished or Publisher Henry George Foundation Our Father which art in heaven, Hallowed be thy name. Here our common root and that it is limitless pervading the To receive Land&Liberty or support the work of the universe and everything in it and is beyond conception or thought is Henry George Foundation contact us at the address acknowledged and revered. above. Thy kingdom come, Thy will be done in earth, as it is in heaven. Land&Liberty has chronicled world events for The hope and desire that our ‘man-made world’ should be in harmony over 100 years. It has offered a unique perspective with the will of God or the law of Nature. with its reports, analysis and comment on the core issues of political economy. And that uniqueness Give us this day our daily bread. remains. Land&Liberty aims to explore how Recognising that our needs can only be met from all that nature our common wealth should be used - and to provides - the economic term for which is land! demonstrate that this is the key to building the bridge of sustainability between private life, the And forgive us our debts, as we forgive our debtors. public sector and our resources - between the Acknowledging the social nature of Man and linking it with the golden individual, the community and the environment. rule - do unto others as you would be done by. Particularly relevant Land&Liberty - putting justice at the heart of economics. today as the need for debts to be forgiven and for creditors to give up the claims that bind them, their debtors and the whole society of which Copyright in this and other Land&Liberty they are a part. This principle is repeated later: For if ye forgive men publications belongs to the Henry George their trespasses, your heavenly father will forgive you, but if ye forgive Foundation, which welcomes approaches for the not men their trespasses, neither will your Father forgive your trespasses. reproduction of articles. However, reproduction For me this highlights a link between claims, debt and the use and is prohibited without prior written permission abuse of land. of the copyright holders. No responsibility will be accepted for any errors or omissions or And lead us not into temptation, but deliver us from evil: For thine is the comments made by contributors or interviewees. kingdom, and the power, and the glory, for ever. Amen. Views expressed are not necessarily those of the Highlighting the ego driven dangers that we face and the protection publishers. Goods and services advertised are not that is available if we treasure that which is permanent and limitless necessarily endorsed by the publishers. rather than that which is transient. Land&Liberty is produced by the Henry George Foundation and printed by Premier Print Group on 100% recycled paper. factory, machine, tool, clothing, seed or stock or any of the real wealth Our COVID-19 ‘enemy’ has destroyed no house, vehicle, shop, office, ISSN 0023-7574 or capital of our nation. Materially all remains much as before the lock has been reduced so most economic concerns revolve around the relationsdown but between the ability debtors of many and to creditors.pay rent and other financial obligations The government’s current strategy may not help here since it involves the creation of more debt as it seeks to fund this war by the creation of new money as debt in order to ‘preserve jobs’ by making loans to employers and pay furloughed workers 80% of their normal pay. It seems to me people’s real need at this time is their daily bread i.e. essential wealth not more debt and money, much of which must be passed on as rent or mortgage payments to creditors. Creditors whose The Henry George Foundation is an independent economic essential spending is a fraction of their total spending and who thusly and social justice think tank and public education group stand to accumulate the most cash during the crisis. The Foundation deals in cutting-edge ideas, exploring and David Triggs promotingwith offices principles in London for and a just members and prosperous throughout society the UK. and a healthy environment. Honorary President Henry George Foundation The Henry George Foundation of Great Britain is a www.landandliberty.net @landandliberty us on Twitter follow company limited by guarantee, registered in England, no. 00956714, and a charity registered in England under the henrygeorgefoundation@ Charities Act 1960, no. 259194. googlemail.com www.HenryGeorgeFoundation.org 3 CONTENTS issue 1250 SPRING 2020 10 Regulars Cover Story Features 17 11 7 HGF News In Search of a Healthy Society Circles in the Water: The latest news and events of the Edward J. Dodson examines Debt Following Debt Henry George Foundation in London the illness of interconnected With the global economy in turmoil is usually found in this space. It is with global credit and debt Brian Chance digs deeper into the the deepest sorrow that we will instead underlying structures of debt that commemorate the life and work of Dr. far precedes the recent downturn Peter Bowman after his recent passing 18 16 Closing Thoughts Reviews & Books Worth As Tommas Graves explains few things Reading reveal more about how far modern The 2018 title The Value of Everything: thinking is divorced from natural law Making and Taking in the Global than the basic structure of our tax Economy by Mariana Mazzucato is system. When our starting point is reviewed by Joseph Milne before we No 1229 Winter 2010/11 1 unsound a societal chain reaction is set again present Books Worth Reading Cover Photograph in motion: One theft causes another Qimono Article image rights: pixabay.com 4 No 12291250 WinterSpring 2010/112020 letter from the editor The COVID-19 pandemic has led many ordinary people to recon- He understood that farming and right use of the land for agricul- sider ideas of society we have long taken for granted. While the ture was foundational to the well-being of society. The modern lockdown and social isolation has limited our usual interaction, quest for maximum production at least cost has profoundly dis- it has brought about a sharp increase in community interaction. torted farming methods and our proper relation with the land. Neighbours have come to know one another and support each The intensive methods adopted are known to be harmful and no other. Thousands have volunteered to help the NHS and support amount of protection and guarding against likely virus outbreaks the work of many charities looking after those in need. Also many businesses, such as the supermarkets, have risen to the occasion and are offering a better and more responsible service to their can justify what is essentially unnatural in the first place. - customers. The need to provide a safe place to shop has lifted the ments worldwide, and so nations were totally unprepared for quality of their service and made staff and customers more courte- thisKnowledge predictable of these pandemic. dangers They has too not had been been heeded ruled by by notions govern of ous and friendly. The pandemic has also brought to light the real merits of the In- andfalse otherefficiencies essentials and hadwere not at ensured a minimum, adequate while medical production reserves of ternet. Friends, families and communities are in touch with each themto meet had any been likely transferred pandemic. abroad Here toin savethe UK on protectivecosts. This clothingcalcula- other on video, even creating events online together. Discussion tion was based on the false premise that protection of citizens is groups have sprung up to explore literature and the arts. There can a burden on the economy. It is here that we see a common illusion as a loss of wealth. It is a strange contradiction we do not apply timesbe no thedoubt Internet that this has has been a hugeused forsocial questionable and psychological ends, especially benefit, toabout any taxation.other economic We desire transaction. the benefits If I buybut aregard book Isecuring do not regard them misinformationdespite the challenges and ideological and difficulties propaganda.