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The Cambridge Journal of Economics (probably the leading journal of Post-Keynesian economics) has published an entire special issue on “Cranks and brave heretics: Rethinking money and banking after the Great Financial Crisis”, inviting a range of academics to comment on proposals to stop banks creating money (amongst other ideas for monetary reform).
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Portrait of a Paradigm Shift: The New Emerging from The Shell of the Old, an essay by David Bollier on the realities, and possibilities, of system change
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Tweet In the previous blog posts we discussed why a new financial system is needed and what the alternative, a system in which the state is responsible for money creation, would look like. Also, the different ways were reviewed in which … Continue reading →
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CurrencyFair, an open-source, P2p, international currency exchange with offices in the U.K., Ireland and Australia, has raised an additional €8 million.
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Are you curious about the sharing movement but not sure where to begin? Or, are you a sharing maven and want to inspire your friends and family to integrate sharing into their lives? Either way, we have the perfect resource for you to experience how sharing, in both big and small ways, can turn your life around.
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1. Money and the market. There was a central tension in our discussions between money and markets as acids to be resisted, or as tools for conviviality. Can money and markets ever be neutral, whatever their form, or do they carry within them the germ of capital and social atomisation? Adam Smith embraced money and markets as means to closer and more lateral social relations, that carves out an autonomous space for civil society/economy from the domination of post feudal absolutism and the landlord class. The alternative money and trading systems have something of this character – a kind of free zone, both freedom from (the capitalist version) and freedom to (make a new economy).
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The former head of the FSA floats a provocative solution to the economic crisis
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An Iceland lawmaker proposes abandoning the the banking system as we know it.
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With Hans Despain. To the Boston Globe. Show me the money: wage stagnation creates the illusion of a skills gap In recent years there has been a growing concern regarding the workplace skills of American college graduates. Numerous reports have complained that employers are having a difficult time finding graduates with the right skills. The …
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A shift to partnership working should be the emphasis for the public sector. Here we share examples from Rethinking Parks and beyond
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We like to imagine money as bills and coins, passing from hand to hand. But most money is created not through minting or printing, but by keystrokes.
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Tweet Both John Maynard Keynes and Milton Friedman proposed a style of Quantitative Easing (QE) that was aimed at the real economy. In effect they advocated a different form of QE than that which we are experiencing today: one that … Continue reading →
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Martin Wolf examines how the search to revive growth is testing the norms of economics.
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(image from Michell Zappa with permission) One of the most rewarding professional experiences I have had so far is being a speaker at Swift’s banking industry conference Sibos. Every year Swift co…
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What would a world without banking look like, and is it a vision worth exploring? Jonathan McMillan says yes. The pseudonym for two people—an investment banker and an economist—McMillan has a front row view of the international banking landscape, and he doesn’t like what he sees.
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In September last year, I spent a month seeing if I could survive in the sharing economy in London. It was hard. However, one of the reasons it was so hard was I was traveling. I only had a backpack and laptop with me, so I could not leverage the two profitable areas of the sharing economy -- stuff and space.
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“The world situation requires the concerted effort of everyone, a thorough examination of every facet of the problem – social, economic, cultural and spiritual. The Church, which has long experience in human affairs and has no desire to be involved in the political activities of any nation, ‘seeks but one goal: to carry forward the work of Christ under the lead of the befriending Spirit. And Christ entered this world to give witness to the truth; to save, not to judge; to serve, not to be served’”(1).
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To understand the excitement over Bitcoin currency, we need to understand money. To understand money, we need to understand communities.
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The NoMoneyZone is an interactive landscape in public space where people can experience and learn about all the things you can do without money. We share and give away skills and items, promote other organizations that share and contribute to urban well-being, and of course offer concrete answers and solutions to questions from passers-by. Over all, we invite people to make sharing and exchanging a daily and uncomplicated part of life.
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(image from Michell Zappa with permission) One of the most rewarding professional experiences I have had so far is being a speaker at Swift’s banking
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"This system was first proposed by me in January 2010 as a reaction to the funding debt crisis of the state of Greece. It was analyzed in a preparation study, Facebook NOTES and TV lectures during 2010. This system involves the creation of electronic mutual accounts that each is jointly owned by the state and a specific economic unit for all economic units in the economy. This system could be based on the current state revenue mechanism that operates with debit accounts of economic units that owe taxes and other payment obligations to state institutions and these accounts could be converted to act as both debit and credit accounts through which the state can make payments that cover its spending, income transfers and service debt obligations. In this proposal the Treasury has the sovereign right to issue/credit electronic currency units to these mutual/joint purpose accounts. The proposed payments system operates external and independently (although in cooperation) to the central bank and the private interbank operating system that could exclusively specialize in extending credit and offering deposits that are used as a store of value and engaged to clear and settle privately based transactions. However, as exists currently, the mutual accounts payment system will be linked to the central bank and private interbank system so that transfer payments could be made between private deposit accounts and the state/private mutual accounts payment mechanism.
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