Wednesday, November 28, 2018

Money and the fourth industrial revolution.

Money not only has the potential to contribute to global abundance, peace and sustainability if used wisely, but when restricted in its flow, it also has the ability to create unfathomable hardship and suffering.

Money is an important component of our lives. We spend a lot of time earning, saving and spending money. We allocate a lot of mental, physical and emotional energy around the topic of money, but how many of us really knows what is money and where it comes from? Income inequality is becoming a big problem and there are many other problems associated with the current financial system.

However, it is not just the lack of money that is preventing us from addressing current challenges. Rather, it is the limited functionality of our money and monetary system that is the major force behind our present disorders. Many current solutions reside within the architecture of our current monetary system and in out understanding of and agreements around, money.

A hundred years ago, the world was oblivious of pollution and over population. Nationalism, competition, colonization and endless growth is encouraged. These values start to shape the monetary and banking systems we have today.

In the coming of the Fourth Industrial Revolution, we have a monetary system from another age which is starting to look inadequate to solve the challenges ahead. Many attempts at money reform have failed in the past, because they were trying to radically change the official money system in a time where the problems do not seem as obvious as today. But instead of replacing the money system completely, a complementary currency can operate in parallel. With the availability of information technologies, we have what is necessary to implement new money system that allows for money innovation.

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