Enlarged Egoism

The monetary affairs of Rare Albion are conducted on the basis of ‘enlarged egoism’, that is to say, taking into account the motives and effects of one’s actions as these concern and affect the rest of humanity and the natural, social and financial environments of one’s activities. Our purpose is to foster a seamless relationship between the people of Rare Albion and the Monetary Committee, a group of thirteen people charged with overseeing the overall health of Rare Albion’s economy. The committee is a point of consciousness not control. Concerned with economic rather than political governance, it listens rather than speaks, reflects rather than ordains, and confirms rather than prescribes. 

The Monetary Committee is responsible for creating and maintaining an on-going image of the economic life of Rare Albion as a whole. Its members represent the main aspects of Rare Albion’s economy for it is this that has to be reflected in the Committee’s judgments. They include the twin chancellors (one for cash and one for credit), the representatives of land and capital, and eight ministers or secretaries responsible for taxation, employment, social security, pensions, prices, seignorage, corporate conduct, and financial literacy.

The Monetary Committee exists not for itself, but as an organ of perception for the economy as a whole. Just as the eye, in Goethe’s famous phrase, was created by the light for the light, so the Committee’s way of working is implicit in its make-up and context. It meets weekly in order to receive reports from its various members, the combined information from whom becomes the basis of its decision-making. But it has no levers other than the contents of its counsels. If, for example, it is clear that the overall interest rate is too high or too low, it gives thought to which conditions in the various sectors of the economy would, in reciprocation with one another, give rise to a ‘better’ rate. It then uses its communiqués and agents to encourage the citizens to bring these conditions about through their own activities.

There are few people in Rare Albion who do not subscribe to the weekly Monetary Reporter, because they believe their individual actions should be coherent with the economy as a whole. Why leave it to an ‘invisible hand’ to make social the disparate acts of individuals when one can as easily do so by conscious intent and practice, through cooperation with the common good in mind? 

Throughout, an overriding principle is adhered to: namely, changes in structure and outer arrangements are not made for their own sake, or because one has tired and seeks novelty. Structure and outer arrangements are understood to be the expression of consciousness and understanding. If a new awareness grows up within the people, and thereby needs expression, this alone is the reason for external change – to clothe a new consciousness. Whereas it is true that such changes can engender a widening of this new awareness in the minds of others, there is no thought of provoking consciousness by merely external means and no undertaking of external change for its own sake. In Rare Albion structure and consciousness are related as glove to hand, shell to nut, sign to substance.

Above all, no change is enterprized that is not clearly planned for and tracked in financial terms. In Rare Albion finance acts as the people’s guardian and guide, providing an objective and universal language between everyone, the language, in fact, of enlarged egoism.