While the global economy generates unprecedented wealth for plutocrats like Elon Musk, it is, by design, highly unequal, dangerously over-indebted, prone to recurring financial crises, and ecologically disastrous. In such a context, radical reforms will be needed, beginning with the rejection of money as a commodity.
LONDON—Elon Musk does not know it, but he is indebted to the Geneva School of economists. It was this now largely forgotten group that, combining the Austrian school’s emphasis on free markets with German ordo-liberalism, developed in the 1930s the theory that paved the way for greater private control over the creation, pricing, distribution, and marketing of money. This is the intellectual foundation on which plutocrats like Musk now construct their citadels of wealth and power, at the expense of democracy.
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