12. A portion of every Libyan oil sale was credited directly to the bank accounts of all Libyan citizens.
13. A mother who gave birth to a child received U.S. $5,000.
14. 40 loaves of bread in Libya used to cost $0.15.
15. 25 percent of Libyans have a university degree.
16. Gaddafi carried out the world's largest irrigation project, known as the Great Manmade River project, to make water readily available throughout the desert country. [end of quote]
How's that for a positive narrative showing what a national government -- exercising the nation's sovereignty over its own money system -- is able to do for its people! In our age -- of scientific technology applied to economic production -- industrialization and global trade have ended the historical reality of economic scarcity. We live in a world of economic abundance. There is plenty of "stuff" for, literally, everybody.
So we can file away Malthus and Spencer under "economic anachronisms", and commit the textbooks of scarcity economics to the recycling bins. Humanity has solved the problem of economic scarcity.
But humanity has failed to solve the problem of distribution of the costs and benefits of the abundance. Many people toil in conditions of physical and psychological dis-ease for a pittance of pay. They pay the human costs of production, but do not reap their just share of the benefits. Others do no toil at all, merely create and manipulate $numbers and share certificates and legal documents and legislation to gain "ownership", then operate the entire industrial economic infrastructure -- that toiling humanity built with its genius and its sweat -- as their "private property".
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