James Quilligan: The Commons and the Future of Democracy

What is the American dollar based on? It was based on the gold standard until 1971 when it transitioned to a floating monetary system. This week’s guest on Sea Change Radio believes US currency now rests unofficially on the price of oil. What will a successful Green New Deal will look like if the underlying currency upon which the US economy rests is based on fossil fuels? We speak to James Quilligan, the Managing Director of Economic Democracy Advocates and longtime policy analyst in the international development space. Quilligan explains the history of the commons and monetary policy, points out some of the shortcomings of capitalism, and lays out how to ensure the survival of democracy. He argues that understanding the complexities of our global economic system is the first step in fixing it.

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