cashless society

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pages: 275 words: 84,980

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives) by David Birch

agricultural Revolution, Airbnb, bank run, banks create money, bitcoin, blockchain, Bretton Woods, British Empire, Broken windows theory, Burning Man, business cycle, capital controls, cashless society, Clayton Christensen, clockwork universe, creative destruction, credit crunch, cross-subsidies, crowdsourcing, cryptocurrency, David Graeber, dematerialisation, Diane Coyle, disruptive innovation, distributed ledger, double entry bookkeeping, Ethereum, ethereum blockchain, facts on the ground, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, Fractional reserve banking, index card, informal economy, Internet of things, invention of the printing press, invention of the telegraph, invention of the telephone, invisible hand, Irish bank strikes, Isaac Newton, Jane Jacobs, Kenneth Rogoff, knowledge economy, Kuwabatake Sanjuro: assassination market, large denomination, M-Pesa, market clearing, market fundamentalism, Marshall McLuhan, Martin Wolf, mobile money, money: store of value / unit of account / medium of exchange, new economy, Northern Rock, Pingit, prediction markets, price stability, QR code, quantitative easing, railway mania, Ralph Waldo Emerson, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social graph, special drawing rights, technoutopianism, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, wage slave, Washington Consensus, wikimedia commons

While we are still in our present mindset, then – before we begin to think about the impact of the newest technologies, the technologies of the edge – I think we should pause to take a long look at cashlessness. Should the future include a cashless society? Should we allow technological pressure to nudge that rump of physical cash over the cliff? Why? What’s wrong with cash? It used to be said that the cashless society is as likely as the paperless office or paperless bathroom. But the statistics show that paper use in offices peaked a decade ago and I first used a paperless bathroom years ago (in South Korea), so perhaps the cashless society is not only due, but overdue. Baseline: the cost of payments How much does it cost to make a payment? The European Central Bank (ECB) carried out its first comprehensive cross-country analysis of the aggregated costs of making payments when purchasing goods and services back in 2012.

At the 1997 World Economic Forum in Davos there was a discussion about electronic cash that attempted to cover all of the relevant topics (Kobrin 1997). Two decades on I still think it provides a useful starting point so I’ve updated that list of issues and brought them together in a structure that I think rather helpfully identifies nine key issues and four policy areas (as shown in figure 20 on the next page) to examine. To build up a picture of the cashless economy we need to begin by looking at all of the issues set out here to build our understanding of the cashless economy and what it means for regulators, governments and national (and supranational) institutions. Let us therefore work through those issues individually. Electronic money issues. Crime Citi’s chief economist Willem Buiter has noted the odd conspiracy between finance ministries, central banks and organized crime (Buiter 2009): Large denomination bank notes are an especially scandalous subsidy to criminal activity and to the grey and black economies.

The US Food Marketing Institute predicted that by 2025 customers would no longer wait in lines to check out at grocery stores but would walk out of the door while a ‘frictionless checkout’ would automatically account for products in their carts – and this prediction was even made before AmazonGo’s pilot store was unveiled. This is certain to impact the payments business and not only drives us on towards cashlessness but also drives payments further ‘underground’ in retail environments. These trends pivot on the mobile phone of course, shifting to an app-centric model, in which mobile devices coordinate fast, safe and transparent solutions. As I write, one in five payments in Starbucks is already mobile, so this is hardly a radical view. Now we have Android Pay and Ford Pay, Walmart Pay and CVS Pay, Tesco Pay and Chase Pay.


pages: 492 words: 118,882

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory by Kariappa Bheemaiah

accounting loophole / creative accounting, Ada Lovelace, Airbnb, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, Ben Bernanke: helicopter money, bitcoin, blockchain, Bretton Woods, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, cryptocurrency, David Graeber, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, illegal immigration, income inequality, income per capita, inflation targeting, information asymmetry, interest rate derivative, inventory management, invisible hand, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, liquidity trap, London Whale, low skilled workers, M-Pesa, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, MITM: man-in-the-middle, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, natural language processing, Network effects, new economy, Nikolai Kondratiev, offshore financial centre, packet switching, Pareto efficiency, pattern recognition, peer-to-peer lending, Ponzi scheme, precariat, pre–internet, price mechanism, price stability, private sector deleveraging, profit maximization, QR code, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, Real Time Gross Settlement, rent control, rent-seeking, Satoshi Nakamoto, Satyajit Das, savings glut, seigniorage, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, supply-chain management, technology bubble, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Nature of the Firm, the payments system, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, trade liberalization, transaction costs, Turing machine, Turing test, universal basic income, Von Neumann architecture, Washington Consensus

But the physical printing of cold hard cash is still the right of the government, and the revenues from paper currency are considerable enough to offer the biggest counterargument to moving to a cashless system. But in light of the costs of the illegal activities that cash facilitates, the profits earned by Seigniorage are a pittance in comparison. As stated by Kenneth Rogoff in The Curse of Cash (2016), The “profits” governments reap by blindly accommodating demand for cash are dwarfed by the costs of the illegal activity that cash, especially big bills, facilitates. The effect of curtailing paper currency on tax evasion alone would likely cover the lost profits from printing paper currency, even if tax evasion fell by only 10–15%. The effect on illegal activities is probably even more important. Taking a stand against crime and taxation evasion alone, would seem motivation enough to move to a cashless economy. Critics to a cashless system abound and immediately after Haldane’s remarks to move to a cashless system were announced, other members from the Bank of England (including former members of the Monetary Policy Committee) were quick to criticize him, and some journalists cited that such a move was an “echo of Maoist China” (FT, 2015).

Haldane makes a number of arguments as to why we should move to scraping physical cash altogether, and a number of his arguments echo the conclusions of the Chicago Plan. First, he argues that moving to a cashless system would give governments more flexibility in the event of a financial downturn. Second, Haldane states that a cashless system would allow us to manage inflation better, as it would allow us to bypass the zero lower bound—the working assumption being that if a central bank introduced negative interest rates, then people would convert their savings into cash. But in a cashless system, that would not be possible. In his words, “Central banks may then need to think imaginatively about how to deal on a more durable basis with the technological constraint imposed by the zero lower bound on interest rates … That may require a rethink, a fairly fundamental one, of a number of current central bank practices… [and] It would allow negative interest rates to be levied on currency easily and speedily.”

We will also analyze what the consequences of multiple currencies, decentralized ledgers, and cryptographic control systems means to central banking. This sets the stage for what measures, tools, and theories need to be understood in order to create a new framework of monetary economics. It is here that the reader will also be introduced to the concept and the emergence of a cashless economy. Apart from describing the implications of a cashless system in terms of controlling excessive debt and economic pollution, the reader is also introduced to what new branches of science will help us gauge and govern this system. xviii ■ Introduction While the subject of economics is old, the methods being used to understand these multifaceted ecosystems do not pay homage to the intricacy that results from its intertwined lattice structure.


pages: 332 words: 100,601

Rebooting India: Realizing a Billion Aspirations by Nandan Nilekani

Airbnb, Atul Gawande, autonomous vehicles, barriers to entry, bitcoin, call centre, cashless society, clean water, cloud computing, collaborative consumption, congestion charging, DARPA: Urban Challenge, dematerialisation, demographic dividend, Edward Snowden, en.wikipedia.org, energy security, financial exclusion, Google Hangouts, illegal immigration, informal economy, Khan Academy, Kickstarter, knowledge economy, land reform, law of one price, M-Pesa, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, mobile money, Mohammed Bouazizi, more computing power than Apollo, Negawatt, Network effects, new economy, offshore financial centre, price mechanism, price stability, rent-seeking, RFID, Ronald Coase, school choice, school vouchers, self-driving car, sharing economy, Silicon Valley, Skype, smart grid, smart meter, software is eating the world, source of truth, Steve Jobs, The Nature of the Firm, transaction costs, WikiLeaks

Instead of incremental change—building a banking network branch by branch and village by village—technology made it possible to deliver a bold solution overnight for Pahan, bringing banking right to his doorstep. We believe that technology holds the potential to completely redefine the relationship between the citizens and the state. What if a million banking correspondents equipped with smartphones and biometric readers could deliver banking services to 1.2 billion Indians? What if every citizen could use mobile banking and make cashless payments? Moving beyond the financial sector, can we use technology to solve some of India’s most pressing problems—to improve standards in healthcare and education, to cut wastage in government spending and increase revenue, to make tax collection citizen-friendly, to streamline our courts, and to eliminate corruption? These and other questions form the focus of our book, and in every chapter we propose some ‘big ideas’ that can radically redesign existing systems, and in the process save the government an estimated Rs 1 trillion annually.

In addition, the government has declared that all future highway projects must have a provision for ETC lanes.11 Based on a study conducted by the Indian Institute of Management, Calcutta, and the Transport Corporation of India,12 the ETC system could save the economy an estimated Rs 870 billion annually in productivity that is lost at toll plazas. Coming back to earth, the two participating banks, ICICI and Axis Bank, are part of the official electronic toll programme slated to operate along the Delhi–Mumbai highway.13 Chanda Kochhar, managing director and CEO of ICICI Bank, was quoted as saying, ‘ETC substantially enhances convenience for users, and we believe it will play a very important role in contributing to the growth of cashless payments in India.’ IMHCL is the organization tasked with establishing and maintaining a national electronic toll collection network, and its structure is similar to that of the GSTN which we discussed in the previous chapter. It has been designed as a collaboration between the NHAI, the private concessionaires who are tasked with toll booth operation, and financial institutions who handle the payments process.

There are many benefits to this process: money is now transferred to a bank account without requiring any intermediaries or approvals. As the following diagram shows, an Aadhaar-enabled bank account should ultimately allow the customer access to funds from multiple sources, whether they be a salary paid by a private company or disbursements from government social security schemes. The prescription for a cashless India In the accompanying diagram, we sketch out a road map for the transition to a cashless economy in India. As we will discuss in the next chapter, Aadhaar can serve as documentation to complete an electronic Know Your Customer process, turning what is currently a heavily paper-based system into one that is entirely digital. Aadhaar-based e-KYC has been used to open many of the 170 million bank accounts under the Jan Dhan Yojana scheme, and soon over Rs 3 trillion worth of government social security and subsidy benefits will start flowing into these accounts.


pages: 361 words: 97,787

The Curse of Cash by Kenneth S Rogoff

Andrei Shleifer, Asian financial crisis, bank run, Ben Bernanke: helicopter money, Berlin Wall, bitcoin, blockchain, Boris Johnson, Bretton Woods, business cycle, capital controls, Carmen Reinhart, cashless society, central bank independence, cryptocurrency, debt deflation, disruptive innovation, distributed ledger, Edward Snowden, Ethereum, ethereum blockchain, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial exclusion, financial intermediation, financial repression, forward guidance, frictionless, full employment, George Akerlof, German hyperinflation, illegal immigration, inflation targeting, informal economy, interest rate swap, Isaac Newton, Johann Wolfgang von Goethe, Johannes Kepler, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, moveable type in China, New Economic Geography, offshore financial centre, oil shock, open economy, payday loans, price stability, purchasing power parity, quantitative easing, RAND corporation, RFID, savings glut, secular stagnation, seigniorage, The Great Moderation, the payments system, The Rise and Fall of American Growth, transaction costs, unbanked and underbanked, unconventional monetary instruments, underbanked, unorthodox policies, Y2K, yield curve

Indeed, most modern macroeconomic models either ignore paper currency or assign it an extremely minor role—it is almost superfluous.9 In such a world, money remains a unit of account but loses its status as a means for transactions. In fact, monetary policy could be conducted in much the same way as today, with the government setting the overnight interest rate on nominal debt with the aim of stabilizing output and inflation. Electronic money (at present, bank reserves held at the central bank) can perfectly well serve as the unit of account; there would not be a problem. This is because in the limit of a cashless economy, the government—through its control of the size of bank reserves—would still be able to control the price level via the overnight nominal interest rate. The essence of the argument is that the government is a very large player and can use its size and massive taxation potential to credibly set the short-term rate. Assuming some level of price stickiness—so that some component of the price level cannot jump—then command of the short-term rate is enough to give the government enormous influence over the current and expected path of inflation, and complete power to achieve any desired average inflation rate over the long run.

It is thoroughly impractical. After all, how can people be expected to keep track of all the losing numbers over time? To Mankiw’s surprise, he too was immediately subjected to a barrage of hostile emails and commentary, including letters to the president of Harvard demanding that he be fired on the spot. Not all those who seek to protect paper currency represent End of Days cults or see a connection between a cashless society and the Mark of the Beast. (Although as someone who has long written on sharply reducing the role of paper currency, I can attest that some of those types are in the mix.) Most people who want to protect paper currency have perfectly legitimate reasons for hoping to preserve the status quo. After a lecture I gave at Munich University in 2014, former European Central Bank board member and chief economist Otmar Issing strongly took issue with my views and commented that paper currency is “coined liberty” (a nod to Dostoyevsky’s House of the Dead)9 that must never in any way be compromised or surrendered.

By making the transition at a slow and deliberate pace, it should be possible to address various issues as they come up, much as the Swedes and Danes appear to be doing successfully. Technological limitations, such as how to make P2P payments electronically and how to achieve real-time clearing, are melting away with advances in telephony. All in all, the case for going to a less-cash society if not quite yet a cashless society seems pretty compelling, with most of the various and sundry objections being easily handled, given enough lead time. Facilitating negative interest rate policy is not the main reason for phasing out paper currency, especially large-denomination notes. But it is an important collateral benefit that we turn to in part II. PART II Negative Interest Rates CHAPTER 8 The Cost of the Zero Bound Constraint Central bankers trapped in today’s zero bound environment must feel like they are living in an alternative reality, an episode from the Twilight Zone.


pages: 501 words: 114,888

The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives by Peter H. Diamandis, Steven Kotler

Ada Lovelace, additive manufacturing, Airbnb, Albert Einstein, Amazon Mechanical Turk, augmented reality, autonomous vehicles, barriers to entry, bitcoin, blockchain, blood diamonds, Burning Man, call centre, cashless society, Charles Lindbergh, Clayton Christensen, clean water, cloud computing, Colonization of Mars, computer vision, creative destruction, crowdsourcing, cryptocurrency, Dean Kamen, delayed gratification, dematerialisation, digital twin, disruptive innovation, Edward Glaeser, Edward Lloyd's coffeehouse, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Ethereum, ethereum blockchain, experimental economics, food miles, game design, Geoffrey West, Santa Fe Institute, gig economy, Google X / Alphabet X, gravity well, hive mind, housing crisis, Hyperloop, indoor plumbing, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the telegraph, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Kickstarter, late fees, Law of Accelerating Returns, life extension, lifelogging, loss aversion, Lyft, M-Pesa, Mary Lou Jepsen, mass immigration, megacity, meta analysis, meta-analysis, microbiome, mobile money, multiplanetary species, Narrative Science, natural language processing, Network effects, new economy, New Urbanism, Oculus Rift, out of africa, packet switching, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, Peter Thiel, QR code, RAND corporation, Ray Kurzweil, RFID, Richard Feynman, Richard Florida, ride hailing / ride sharing, risk tolerance, Satoshi Nakamoto, Second Machine Age, self-driving car, Silicon Valley, Skype, smart cities, smart contracts, smart grid, Snapchat, sovereign wealth fund, special economic zone, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, Stewart Brand, supercomputer in your pocket, supply-chain management, technoutopianism, Tesla Model S, Tim Cook: Apple, transaction costs, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, urban planning, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, X Prize

See: https://www.bloomberg.com/news/articles/2016-12-16/scandinavia-s-disappearing-cash-act. India recalled 86 percent of its cash: Read UBS’s full report, “The Road to Cashless Societies: Shifting Asia,” here: https://www.ubs.com/content/dam/WealthManagementAmericas/cio-impact/shifting%20in%20asia.pdf. This specific fact comes from p. 19. Vietnam wants retail to be 90 percent cashless by 2020: “Cashless Payment Posts Double-Digit Growth,” Viet Nam News, July 13, 2019. See: https://vietnamnews.vn/economy/522587/cashless-payment-posts-double-digit-growth.html#kpUKGbUeSj1J1IzH.97. Sweden, where over 80 percent of all transactions are digital: Read more about this topic on Sweden’s official website: https://sweden.se/business/cashless-society/. Real Estate Great Recession of 2008: Michael Lewis gives a detailed look at what caused the 2008 financial crisis in his New York Times bestselling book The Big Short: Inside the Doomsday Machine (W.


pages: 275 words: 77,017

The End of Money: Counterfeiters, Preachers, Techies, Dreamers--And the Coming Cashless Society by David Wolman

addicted to oil, Bay Area Rapid Transit, Berlin Wall, Bernie Madoff, bitcoin, Bretton Woods, carbon footprint, cashless society, central bank independence, collateralized debt obligation, corporate social responsibility, credit crunch, cross-subsidies, Diane Coyle, fiat currency, financial innovation, floating exchange rates, German hyperinflation, greed is good, Isaac Newton, Kickstarter, M-Pesa, Mahatma Gandhi, mental accounting, mobile money, money: store of value / unit of account / medium of exchange, offshore financial centre, P = NP, Peter Thiel, place-making, placebo effect, Ponzi scheme, Ronald Reagan, seigniorage, Silicon Valley, special drawing rights, Steven Levy, the payments system, transaction costs, WikiLeaks

For the 2008 part, see Biography of the Dollar; also see http://www.slate.com/id/2277404/. 35 “The Government’s $110 Billion Currency Goof,” The Week, December 8, 2010. 36 http://www.bos.frb.org/economic/ppdp/2009/ppdp0910.pdf. 37 http://digitaldebateblogs.typepad.com/digital_money/2010/08/by-cash-we-mean-cash-and-not-cash.html. 38 From Review of Network Economics, 2003, as cited in “The Future of Money,” Wired, March 2010. 39 “A Penny Saved... ” Time, August 9, 1999. 40 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 24. 41 “New York Restaurant Loses Its Appetite for Cash,” Wall Street Journal, September 11, 2009. 42 http://www.paymentscouncil.org.uk/media_centre/press_releases_new/-/page/855/. 43 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 6; and http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6968143/Is-a-cashless-society-on-the-cards.html. 44 “Who Will Speak up for Cash?” Currency News, October 2009, p. 2. 45 http://www.bis.org/review/r060427a.pdf. 46 Currency News, August 2009, p. 3. 47 http://digitaldebateblogs.typepad.com/digital_money/2009/10/the-swedish-experiment.html. 48 “Sweden Weighs Benefits of Ditching Cash,” BBC News, July 17, 2010. 49 http://www.washingtontimes.com/news/2009/dec/09/new-underground-economy/; and “As Plastic Reigns, the Treasury Slows Its Printing Presses,” New York Times, July 6, 2011. 50 Currency News, December 2009, p. 16. 51 http://www.americanbanker.com/bulletins/consumers-turn-on-cards-1015107-1.html. 52 Digital Money Forum Blog, “Anti-Anti Money Laundering,” July 6, 2009. 53 Bender, The Moneymakers, p. 261. 54 http://www.moneyfactory.gov/uscurrency/smalldenominations.html; and “Turning Paper Into Cash,” Bloomberg BusinessWeek, December 20, 2010 (citing U.S.

With clasped hands resting on the edge of the diner’s fold-up table, he recites Scripture’s most forceful and instructive passage connecting the money in our pockets to Satan’s grand plan:And he causeth all, both small and great, rich and poor, free and bond, to receive a mark on their right hand, or on their foreheads; And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. (Revelation 13: 16–17) A few years ago, Guest wrote a book called Steps Toward the Mark of the Beast. When I found Guest’s book online, I figured that he might be able to help me understand why so many people loathe the prospect of a cashless society. “I didn’t want to write the book,” he says. “I really didn’t. But the Lord wanted me to, and so I prayed that he help me write it in a way that would be easy for people to understand.” In the book, Guest explains that one of the ways the devil will try to supplant God in the days before judgment will be to control commerce. Cash transactions are anonymous and untraceable, which means putting an end to them will help the Beast seize the reigns of the economy.

But the forum proved to be just too conferencey, with its drip, drip, drip of PowerPoint presentations, impenetrable corporate jargon, and technical speak. There were a few high points, but by the tea-and-cakes break on the first afternoon, I was already feeling fidgety and uneasy. I’d lost sight of why I was here—whether it even matters, really, what form of money we use. To get back on the cashless society track, the next morning in nearby Covent Gardens I meet technologist, ubiquitous future-of-money commentator, and self-described “anti-cash maniac” Dave Birch. Birch is the spiritual guru, organizer, and emcee of the forum. I had invited him to accompany me to the Bank of England so that I could hear him make the case against cash on its home turf. With a gray beard and round glasses, the fifty-year-old Birch looks more like a theology professor than an electronic money and digital security expert.


pages: 289

Hustle and Gig: Struggling and Surviving in the Sharing Economy by Alexandrea J. Ravenelle

"side hustle", active transport: walking or cycling, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, barriers to entry, basic income, Broken windows theory, call centre, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Clayton Christensen, clean water, collaborative consumption, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, Downton Abbey, East Village, Erik Brynjolfsson, full employment, future of work, gig economy, Howard Zinn, income inequality, informal economy, job automation, low skilled workers, Lyft, minimum wage unemployment, Mitch Kapor, Network effects, new economy, New Urbanism, obamacare, Panopticon Jeremy Bentham, passive income, peer-to-peer, peer-to-peer model, performance metric, precariat, rent control, ride hailing / ride sharing, Ronald Reagan, sharing economy, Silicon Valley, strikebreaker, TaskRabbit, telemarketer, the payments system, Tim Cook: Apple, transaction costs, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, Upton Sinclair, urban planning, very high income, white flight, working poor, Zipcar

Much like the tool libraries, most of the free websites that originally comprised the sharing economy are now defunct: Snapgoods, Neighborrow, Crowd Rent, and Share Some Sugar.5 The somewhat better-known Neighborgoods lingers, but only as the pet project of an investor; among its forty-two thousand members, only ten thousand users are active.6 The technological version of the sharing economy, also described interchangeably as connected consumption, collaborative consumption, or the gig economy, is often dated back to the 1995 inventions of Craigslist by Craig Newmark and PayPal by Pierre Omidyar.7 Later contributory organizations included the free hospitality-exchange website couchsurfing.com, founded in 2003. The increased interest in the sharing economy is thought to be fueled by the convergence of three technological advancements: smartphone ubiquity; secure, cashless payment systems; and customer review sites. But not all of the impetus is technological. The recession and postrecession fallout led to the rampant underemployment of college graduates—with almost half working in jobs that didn’t require a college degree—and to a need to monetize possessions and make do with less. As noted in the journal Contexts, “The sharing economy is a floating signifier for a diverse range of activities.

The section for clients features a large banner noting, “Your Ride, on Demand: Transportation in Minutes with the Uber App” (see fig. 9). The careers section of the website lists only corporate jobs, such as those for account executives and account managers. Clicking the “Become a Driver” button brings the visitor to a new website: https://partners.uber.com/drive/. Figure 9. Uber’s client-focused webpage. Screenshot by author. Whereas the main Uber site focuses on convenience (one tap to ride, reliable pickups, cashless payments), the driver-partner site is all about the service’s income possibilities and entrepreneurial ethos. Drivers are told that “Uber needs partners like you,” and that they can “be your own boss” (see fig. 10). Other sections of the website note that the “app lets you earn money with the tap of a button” and “get paid automatically.” And once a driver is approved, he or she is “ready to start earning money.”

See consumer-to-consumer (C2C) sales Callinicos, Brent, 76 Camp, Garrett, 49, 223n75 Cantillon, Ricard, 36 Capital in the Twenty-First Century (Piketty), 40 capitalism, 5, 23 capital issue: overview, 7, 23, 31, 39; distribution inequality, 186; in gig economy services, 166–68; hosts and, 19–20, 165; human and social capital, 183; participant recruitment and methodology, 42 career opportunities, 23, 36, 50, 56, 58–59, 162–63, 162–64. See also entrepreneurship cashless payment systems, 26, 53 casualization of criminality, 151, 152 casualization of labor: overview, 22, 31; domestic service and, 152; increase of, 36–38; results of, 139, 156; traditional employment and, 184 Chapin, Andrew, 226n36 Chase Institute, 194 chefs: age of, 59; Allen, 162; Ashaki, 162–63; bathroom restrictions, 87–88; chef-driven platforms, 57; choices, 167–68; closure of Kitchensurfing, 231n6 (ch.7); Damla, 88, 158–59, 161–62, 167; David, 95–97, 164; educational level of, 59–60; entrepreneurship and, 161–62; escrow services, 229n6; flexibility, 162–63; Francesco, 87–88, 167–68; gender of, 59; Joe, 88; Laura, 164, 167; Lucca, 168; marketing opportunities, 162–64; race of, 59; Randall, 123–27, 162, 168; Roxanne, 117–18, 121–22, 123; sexual harassment, 117–18; workplace injuries and, 95–97 child labor, 65, 70, 224n12, 225n25 choices: overview, 23; chefs and, 167–68; criminal activity and, 143–47; entrepreneurial choice, 206–7; in gig economy services, 166–68; guest screening and, 168–72; perception of lack of, 98–100, 106–7, 138–39, 139, 145–47, 156, 157; surplus of, 156 Christensen, Clayton, 207–8 Civil Rights Act of 1964, 118–19 class issues: discrimination and, 38, 193; instability and, 38; middle class polarization, 186; unexotic underclass, 231n4; vulnerability and, 38, 193–94; work-life balance and, 38 Cleveland, Grover, 68 clients: communication issues, 63, 100, 141, 148–49; complaints against workers, 62–63; escrow services for, 57; fake accounts, 140; information on, 114–15, 140; lack of job details from, 97–98; ratings and reviews, 121, 156; reduced costs for, 56; response rates of, 84; screening of, 47, 168–71; tipping, 77; websites geared to, 58.


pages: 528 words: 146,459

Computer: A History of the Information Machine by Martin Campbell-Kelly, William Aspray, Nathan L. Ensmenger, Jeffrey R. Yost

Ada Lovelace, air freight, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Apple's 1984 Super Bowl advert, barriers to entry, Bill Gates: Altair 8800, borderless world, Buckminster Fuller, Build a better mousetrap, Byte Shop, card file, cashless society, cloud computing, combinatorial explosion, computer age, deskilling, don't be evil, Donald Davies, Douglas Engelbart, Douglas Engelbart, Dynabook, fault tolerance, Fellow of the Royal Society, financial independence, Frederick Winslow Taylor, game design, garden city movement, Grace Hopper, informal economy, interchangeable parts, invention of the wheel, Jacquard loom, Jeff Bezos, jimmy wales, John Markoff, John von Neumann, Kickstarter, light touch regulation, linked data, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, natural language processing, Network effects, New Journalism, Norbert Wiener, Occupy movement, optical character recognition, packet switching, PageRank, pattern recognition, Pierre-Simon Laplace, pirate software, popular electronics, prediction markets, pre–internet, QWERTY keyboard, RAND corporation, Robert X Cringely, Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, Ted Nelson, the market place, Turing machine, Vannevar Bush, Von Neumann architecture, Whole Earth Catalog, William Shockley: the traitorous eight, women in the workforce, young professional

THE VISA SYSTEM AND AUTOMATED TELLER MACHINES There were two roots to the financial revolutions involving credit cards and ATMs: first, the idea of “cashless” payment cards and, second, the development of cash-dispensing machines. In 1949 two entrepreneurs formed the first independent payment-card organization, Diners Club, signing up restaurants in New York City and soon expanding to travel and entertainment merchants nationwide. Initially, cardholders were affluent businessmen; they could present their Diners Club card (actually a cardboard booklet) as payment for meals, travel tickets, rental cars, and so on. Diners Club users were billed monthly, and full payment was required monthly. Gas station and department store “charge cards” had been around for decades, but Diners Club and the credit and debit cards that followed kick-started a revolution in cashless and checkless payments. Before ATMs, banks developed machines that dispensed cash and nothing more.

In 1971 a subsequent model at Chemical Bank became a true automatic teller machine by allowing customers to make deposits, check balances, and transfer funds between savings and checking accounts. In the late 1960s and early 1970s, management consultants, journalists, and others began to write about a future “checkless and cashless society.” Consultant and entrepreneur John Diebold, who in 1952 popularized the term automation, presciently wrote about electronic fund transfers and the misnomer of the “cashless” society: “[T]he outstanding characteristics of a future system of electronic credit and money transfer will be a great reduction in paper handling of all kinds, and a resulting decrease in transaction times, errors, and costs. To characterize the future system as cashless is about as accurate and meaningful as characterizing our present system as ‘barterless.’”

See Analytical Engine; Difference Engine, Babbage’s; Difference engine, Scheutz’s Calculating machines, 50, 54, 65, 67, 104, 105 See also Accounting machines and systems; Adding machines; Punched-card systems Calculators, electronic, 223–224, 231–232 Cambridge University, 81, 82, 84–85, 94, 167–170 Cameras, digital, 216 Card index systems, 25, 26–27 Card Programmed Calculator (CPC), 104–105 Card readers and punches, 121 Carnot, Lazare, 5 Cary, Frank, 138 Cash registers, 29–32, 33, 161 Cash-dispensing machines, 157–161 Cashless society, 158 Cathode-ray tube (CRT) storage. See Vacuum tubes CBS television network, 110–112 CD-ROM disks and drives, 267–269, 273–274 Cellphones, 216, 304 Census data processing, 13–18, 24–25, 34, 99–100, 102, 109, 114 Central Telegraph Office (UK), 12–13, 88 (photo) Charge cards, 157, 159 Chase, George, 55 Chat rooms, 272 Check processing, 136 Checkless and cashless society, 158 Checks, bank, 9–10, 160, 161 Chemical Bank, 158 Chips, silicon, 194 (photo), 196, 216, 221, 222, 232, 296 See also Integrated circuits Chu, Jeffrey Chuan, 124 Church, Alonzo, 59, 60 Circuit boards, digital, 217 Cirrus ATM network, 161 Civil engineering tables, 4 Clark, Jim, 289 Clearing, check and credit card, 158, 159, 160 Clearing houses, 8–11, 18, 29, 136, 158 Clerks in bank clearing houses, 9–10 as human computers, 3–6, 50–51, 52–54, 65, 67–68, 71 record-keeping duties of, 25 as typewriter operators, 22, 24–25 See also Female clerical labor Cloud computing, 300 COBOL, 174, 183, 185, 191, 192 Code breaking, 61, 69, 80, 81–82, 103 Coding.


pages: 140 words: 91,067

Money, Real Quick: The Story of M-PESA by Tonny K. Omwansa, Nicholas P. Sullivan, The Guardian

BRICs, business process, business process outsourcing, call centre, cashless society, cloud computing, creative destruction, crowdsourcing, delayed gratification, dematerialisation, disruptive innovation, financial exclusion, financial innovation, financial intermediation, income per capita, Kibera, Kickstarter, M-Pesa, microcredit, mobile money, Network effects, new economy, reserve currency, Silicon Valley, software as a service, transaction costs

In addition to further expansion in Kenya, the company is looking to move into other countries, where it will encounter a wider range of mobile money payment systems. And it is applying to the Central Bank for a deposit-taking license. “If you are telling clients that they can save from wherever, people will be encouraged to save,” Says Maina. Cashless Schools Bridge International Academies is doing in education what Musoni is doing in microfinance—starting from scratch with a cashless, mobile-payments system. With funding from Pearson and Omidyar Network, Bridge is a K-4, for-profit “school-in-a-box” franchise model targeting parents in the slums of Nairobi and other poor areas in Kenya. Started in 2009, Bridge accepts payments only through M-PESA or direct deposit into its Equity Bank account. This reduces the logistical problems of handling cash and collections, and simplifies payments to teachers and suppliers.

The big question: How can Kenya maintain the high level of mobile money innovation while increasing the level of competition to lower consumer prices? If the competition to Safaricom weakens or evaporates (in 2011 there were rumors that Essar was ready to sell its Yu business) prices are likely to remain where they are—far cheaper than money-transfer costs five years ago, but still a significant barrier to the creation of a cashless society and the promise of greater financial inclusion. Unless someone can provide competition on the mobile money and moneytransfer front, there’s no incentive for Safaricom to reduce transaction fees. There are two main policy questions driving debate today. For mobile operators, the issue is interoperability between mobile money providers. For banks, the issue is leveling the playing field with regulations for cash merchants and bank agents.


pages: 329 words: 95,309

Digital Bank: Strategies for Launching or Becoming a Digital Bank by Chris Skinner

algorithmic trading, AltaVista, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, bank run, Basel III, bitcoin, business cycle, business intelligence, business process, business process outsourcing, buy and hold, call centre, cashless society, clean water, cloud computing, corporate social responsibility, credit crunch, crowdsourcing, cryptocurrency, demand response, disintermediation, don't be evil, en.wikipedia.org, fault tolerance, fiat currency, financial innovation, Google Glasses, high net worth, informal economy, Infrastructure as a Service, Internet of things, Jeff Bezos, Kevin Kelly, Kickstarter, M-Pesa, margin call, mass affluent, MITM: man-in-the-middle, mobile money, Mohammed Bouazizi, new economy, Northern Rock, Occupy movement, Pingit, platform as a service, Ponzi scheme, prediction markets, pre–internet, QR code, quantitative easing, ransomware, reserve currency, RFID, Satoshi Nakamoto, Silicon Valley, smart cities, social intelligence, software as a service, Steve Jobs, strong AI, Stuxnet, trade route, unbanked and underbanked, underbanked, upwardly mobile, We are the 99%, web application, WikiLeaks, Y2K

Google Wallet was an industry milestone when it launched in May 2011 Virtual currencies like Bitcoin have been nibbling away at the market and are moving mainstream. PayPal is finding itself under attack from the card firms, as AMEX, Visa, MasterCard and the banks with iDEAL and ePayo targeting their schemes for social payments and more. Square has been the main news story, mainly because of its phenomenal growth and charismatic founder. Square was created by Jack Dorsey, co-founder of Twitter, in 2009 with the idea of offering a simple, cashless payment system for smartphones. The system works by using a square dongle that fits into the earphone jack of a smartphone. The dongle allows a user to swipe a magnetic credit card stripe and take a payment. The payment is made by the buyer using the app that goes with the dongle to sign the smartphone touchscreen with their finger and enter their email, and that’s it. A payment can then be made. In fact, using the Square Wallet app, merchants and customers can then transact wirelessly after that first setup process.

For example, the revolutions in retail through the rise of Amazon and entertainment with Apple have resulted in the death of traditional retailers such as HMV, Jessops, Comet, Blockbuster and more. This is the challenge we now face in banking. In banking, these changes mean a complete rethinking of customer relationships and the method of delivering value to meet customer needs. It has created non-stop debate about whether banks need branches; will there be a cashless society; how do you bulletproof the bank from cyberattacks; can we keep up with customer demands as they move to mobile and tablet banking; and more. In fact, digitisation has meant that banking is no longer about banking money, but about banking data and keeping data secure. All of this is radical change and requires radical action to keep up with such change. Unfortunately, it is this last part where banks are failing, as they are too slow to change and, in some cases, downright resistant to the changes demanded by the digital age.


pages: 134 words: 41,085

The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge

Admiral Zheng, Affordable Care Act / Obamacare, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, carried interest, cashless society, central bank independence, Corn Laws, coronavirus, COVID-19, Covid-19, creative destruction, David Ricardo: comparative advantage, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, global pandemic, Internet of things, invisible hand, Jones Act, knowledge economy, laissez-faire capitalism, McMansion, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, trade route, universal basic income, Washington Consensus

In Shanghai, each subway car has its own QR code (or bar code) that you scan when you get on, so that if one of the passengers gets sick, only people who have traveled in that particular car need to be contacted.17 Of course there are privacy concerns with this, but the main barrier to this happening in America is technological. The New York subway system only started introducing Asian-style cashless payments in 2019. And on the subject of cashless systems, China is building the infrastructure for a digital currency that some people think might unseat the dollar.18 The United States has stinted on high-tech infrastructure for the same two reasons that it has let its bridges and roads crumble: because entitlements absorb so much cash and because nobody counts the dilapidation in the national accounts. America’s tech budget is eaten up by the cost of supporting legacy systems—and the elderly workers who run them—because nobody has had the courage to pay for the upgrade.


pages: 323 words: 95,939

Present Shock: When Everything Happens Now by Douglas Rushkoff

algorithmic trading, Andrew Keen, bank run, Benoit Mandelbrot, big-box store, Black Swan, British Empire, Buckminster Fuller, business cycle, cashless society, citizen journalism, clockwork universe, cognitive dissonance, Credit Default Swap, crowdsourcing, Danny Hillis, disintermediation, Donald Trump, double helix, East Village, Elliott wave, European colonialism, Extropian, facts on the ground, Flash crash, game design, global pandemic, global supply chain, global village, Howard Rheingold, hypertext link, Inbox Zero, invention of agriculture, invention of hypertext, invisible hand, iterative process, John Nash: game theory, Kevin Kelly, laissez-faire capitalism, lateral thinking, Law of Accelerating Returns, loss aversion, mandelbrot fractal, Marshall McLuhan, Merlin Mann, Milgram experiment, mutually assured destruction, negative equity, Network effects, New Urbanism, Nicholas Carr, Norbert Wiener, Occupy movement, passive investing, pattern recognition, peak oil, price mechanism, prisoner's dilemma, Ralph Nelson Elliott, RAND corporation, Ray Kurzweil, recommendation engine, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Skype, social graph, South Sea Bubble, Steve Jobs, Steve Wozniak, Steven Pinker, Stewart Brand, supply-chain management, the medium is the message, The Wisdom of Crowds, theory of mind, Turing test, upwardly mobile, Whole Earth Catalog, WikiLeaks, Y2K, zero-sum game

In Europe, where the leveraging of the long-distance, debt-generating euro currency has proved catastrophic for local industry and commerce, people are turning to alternative currencies that insulate them from the macroeconomic storm around them. In the Greek town of Volos, for example, citizens are experimenting with a favor bank. Mislabeled a barter economy by most journalists, this effort at a cashless economy is actually an exchange network.33 Everyone has an account online that keeps track of how many Local Alternative Units, or tems, they have earned or spent. People offer goods and services to one another, agree to terms, and make the exchange. Then their accounts are credited and debited accordingly. No one is allowed to accumulate more than 1,200 tems, because the object of the system is not to get individuals wealthy by storing currency over time, but to make the community prosperous by encouraging trade, production, and services.

., 48, 54 Bush, Vannevar, 4, 239 business/corporations: big data, 158–59; Black Friday and, 159–61; communication campaigns of, 51; digiphrenia and, 85–86, 99, 107–8, 128; fractalnoia and, 202, 205–17, 220, 222–23; futurism and, 16–17; Great Exhibition and, 164–65; hiring by, 156; in Industrial Age, 87, 161–65; money as time and, 172, 173; narrative collapse and, 66; new “now” and, 4; overwinding and, 7, 134, 159–66, 169, 170–80, 184, 191, 192, 245; stages in human development and, 82; time as money and, 170–80. See also specific business/corporation calendars, 78–79, 81, 83, 262, 264 call waiting, 115 caller ID, 115–16 Campbell, Joseph, 13, 20, 39 Canseco, José, 41 capitalism, 226, 258 captive audiences, 21, 31, 36 car accident, Rushkoff’s, 65–66 Carse, James, 59 Case, Amber, 69 cashless societies, 183–84 catallaxy, 226, 227, 228 cell phones, 95, 116 Chainmail (game), 60n change: apocalypto and, 264–65; as changing, 86–87; chronobiology and, 88–89; consumers and, 167; digiphrenia and, 73, 86–87, 88–89; fractalnoia and, 224, 235–37; management of, 86, 87, 235–36; narrative collapse and, 9–10, 14–16; new “now” and, 4; overwinding and, 141, 167; stages in human evolution and, 76; as steady state of existence, 87.

See also specific topic Disney theme parks, 186–88 DNA, 85, 258 Doctorow, Cory, 217 Domeier, Rick, 94 drone pilots, 7, 120–22 drugs, 92, 98, 99, 103, 124 Dulles, John Foster, 89 Dunbar, Kevin, 204 Duncan Yo-Yo, 108 Dungeons & Dragons (game), 60–61, 60n Dyson, Freeman, 133, 135, 141 Earth, first photographs of, 223–24 Eastern-Westerner comparison, Nisbett’s, 234–35 economy/economics: behavioral, 5–6; cashless societies and, 184; change and, 167; digiphrenia and, 97; expansion of, 170–80; fractalnoia and, 206, 226, 227, 228–29; global, 206; new “now” and, 3, 4, 5–6; overwinding and, 136, 145–49, 161, 163–65, 167–68, 171, 184–85; stages in human development and, 80; storage-based, 184; time and, 80. See also consumers; money/ currency Edelman, Richard, 50 efficiency, 81, 82, 95, 188 Eisner, Michael, 186, 187, 188 elections of 2008, 18 Elliott, Ralph Nelson, 229 Elliott Wave, 229–30 email, 2, 69–70, 99, 117–18, 119–20, 143–45, 264 emergence concept, 227, 262, 263 empathy, 236, 237 end/endings: apocalypto and, 7, 247, 250, 252, 253–54, 261, 262; fractalnoia and, 199; games and, 59, 61–62, 67; hardest part of living in present shock and, 247; narrative collapse and, 34, 56, 59, 61–62, 66, 67; new “now” and, 4; of time, 250, 252, 253–54, 262; traditional storytelling and, 62 Energy Department, U.S., 54 energy, renewable, 189–91 entertainment, 21.


pages: 348 words: 97,277

The Truth Machine: The Blockchain and the Future of Everything by Paul Vigna, Michael J. Casey

3D printing, additive manufacturing, Airbnb, altcoin, Amazon Web Services, barriers to entry, basic income, Berlin Wall, Bernie Madoff, bitcoin, blockchain, blood diamonds, Blythe Masters, business process, buy and hold, carbon footprint, cashless society, cloud computing, computer age, computerized trading, conceptual framework, Credit Default Swap, crowdsourcing, cryptocurrency, cyber-physical system, dematerialisation, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, failed state, fault tolerance, fiat currency, financial innovation, financial intermediation, global supply chain, Hernando de Soto, hive mind, informal economy, intangible asset, Internet of things, Joi Ito, Kickstarter, linked data, litecoin, longitudinal study, Lyft, M-Pesa, Marc Andreessen, market clearing, mobile money, money: store of value / unit of account / medium of exchange, Network effects, off grid, pets.com, prediction markets, pre–internet, price mechanism, profit maximization, profit motive, ransomware, rent-seeking, RFID, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sharing economy, Silicon Valley, smart contracts, smart meter, Snapchat, social web, software is eating the world, supply-chain management, Ted Nelson, the market place, too big to fail, trade route, transaction costs, Travis Kalanick, Turing complete, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, universal basic income, web of trust, zero-sum game

In early 2017, IDFC Bank launched its Aadhaar Pay service, for example, which offered merchants an Android app that would accept payments from Aadhaar IDs linked to bank accounts. Citizens would no longer need a credit card or phone to make a payment; just their finger and knowledge of their Aadhaar number. This service plays right into Prime Minister Narendra Modi’s effort to develop a new, cashless economy based on what he calls “JAM”—a reference to a trinity of new, mutually interactive technologies: the country’s new “Jan Dhan” payments-only bank accounts that banks are being compelled to provide; the Aadhaar network; and mobile telephony. Similarly further advanced along the digital identity route is the far smaller but wealthier nation of Estonia. Its national ID system still uses a physical card, but a chip embedded in the cards allows a digital interface between a vast array of public services and its ID system.

People in the blockchain space, who are often fierce advocates of privacy, are among the most vocal about these concerns, and some are trying to figure out how to use the same technology to decentralize control over self-identifying information so that people aren’t vulnerable to break-ins of these big data honeypots. But until such “self-sovereign” solutions are available, the WFP and the UNHCR have made a determination that the risks are for now outweighed by the benefits of a seamless, cashless system. According to WFP spokesman Alex Sloan, the pilot has already shown success: it has saved money and created a much more efficient way of dealing with inconsistencies in refugees’ accounts. It’s so successful, in fact, that the agency is looking to extend the service to a larger population of 100,000 refugees. In the not too distant future, Sloan says, 20 million food program beneficiaries who receive disbursements in cash could be eligible for the blockchain program.


pages: 443 words: 98,113

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing

3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Boris Johnson, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, disruptive innovation, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Altman, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, too big to fail, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Y Combinator, zero-sum game, Zipcar

The labour process is being transformed in several ways simultaneously, with the technological disruption of traditional occupations, new labour regulations undermining professions, globalising labour transactions and competition, and the emergence of digital ‘tasking’ platforms. Bieńkowska was referring to bans or restrictions imposed by several European countries on Uber, the app-based taxi service and the most emblematic of the new platform corporations. A combination of the smartphone, cashless payment systems and the growing precariat have propelled the growth of digital service platforms. The McKinsey Global Institute estimated that what it called ‘online talent platforms’ could add 2 per cent to global domestic product between 2015 and 2025, creating 72 million full-time equivalent jobs.2 While the heroic assumptions involved mean that little faith should be put on that figure, it does indicate the scale of the developments.


pages: 496 words: 131,938

The Future Is Asian by Parag Khanna

3D printing, Admiral Zheng, affirmative action, Airbnb, Amazon Web Services, anti-communist, Asian financial crisis, asset-backed security, augmented reality, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Basel III, blockchain, Boycotts of Israel, Branko Milanovic, British Empire, call centre, capital controls, carbon footprint, cashless society, clean water, cloud computing, colonial rule, computer vision, connected car, corporate governance, crony capitalism, currency peg, deindustrialization, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, energy security, European colonialism, factory automation, failed state, falling living standards, family office, fixed income, flex fuel, gig economy, global reserve currency, global supply chain, haute couture, haute cuisine, illegal immigration, income inequality, industrial robot, informal economy, Internet of things, Kevin Kelly, Kickstarter, knowledge worker, light touch regulation, low cost airline, low cost carrier, low skilled workers, Lyft, Malacca Straits, Mark Zuckerberg, megacity, Mikhail Gorbachev, money market fund, Monroe Doctrine, mortgage debt, natural language processing, Netflix Prize, new economy, off grid, oil shale / tar sands, open economy, Parag Khanna, payday loans, Pearl River Delta, prediction markets, purchasing power parity, race to the bottom, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, Ronald Reagan, Scramble for Africa, self-driving car, Silicon Valley, smart cities, South China Sea, sovereign wealth fund, special economic zone, stem cell, Steve Jobs, Steven Pinker, supply-chain management, sustainable-tourism, trade liberalization, trade route, transaction costs, Travis Kalanick, uber lyft, upwardly mobile, urban planning, Washington Consensus, working-age population, Yom Kippur War

., 18, 240 business schools, US, Asian campuses of, 232 Buzan, Barry, 7 Byblos, 28 Byzantium, 36, 39, 91 fall of, 41, 43 Calcutta, 46 Cambodia, 45, 52, 56, 122, 154, 239 Cameron, David, 247, 293 Canada, 7, 176, 284 Asian immigrants in, 223–24 China’s relations with, 223 Latin American trade with, 273 Can Asians Think? (Mahbubani), 3 Canton Fair, 68 capitalism, 2 in Asia, 158–75 democracy and, 352 spread of, 22 state-directed, 158–59, 160, 161–63, 170–71 Capra, Fritjof, 220 cars, driverless, 198 cashless economy, 189 Caspian Sea, 6, 29, 33, 40, 89, 92, 108, 140 Castro, Fidel, 271 Çatalhöyük, 28 Caucasus region, 5, 33, 41, 45, 59, 84, 92, 109 censorship, of social media, 320 Central Asia, 32, 36, 39, 62, 68, 88, 92, 241 Asianization of, 81 British expansionism in, 46–47 China and, 108–13 gangs in, 255 Muslims in, 72 new Silk Roads in, 108–13 origin of great plague in, 40 Pakistan as conduit to Arabian Sea from, 113 in post-Cold War era, 59–60 rise of Turkic peoples in, 38 traces of European lineage in, 253 Ceylon, 53 Chanakya (Kautilya), 33, 68 Chandragupta, 33, 68 charitable giving, 316–17 Chávez, Hugo, 271 Chen, Charles, 317–18 Chengdu, 114 Chiang Kai-shek, 49, 51–52, 56 Chile, Asian trade with, 272 China, ancient, 30, 31, 239 technocracy in, 300 China, in era of European imperialism, 44–45 civil war in, 51–52 Japan’s invasion of, 51, 77 nationalism in, 48, 49 republic established in, 48 Western seizure of port cities in, 47 in World War I, 49 China, expansionist period in: Abbasids and, 36–37 cultural and commercial exchange in, 38 emigration from, 43 ethnic and cultural diversity of, 37 exports by, 42 inward shift of, 43 Mongul conquest of, 40, 77 tribute system of, 39, 76 China, People’s Republic of, 52, 68 Afghanistan and, 116, 117 Africa and, 261, 262, 263–65, 266 AI research in, 200 China, People’s Republic of (cont.)

(Mahbubani), 3 Canton Fair, 68 capitalism, 2 in Asia, 158–75 democracy and, 352 spread of, 22 state-directed, 158–59, 160, 161–63, 170–71 Capra, Fritjof, 220 cars, driverless, 198 cashless economy, 189 Caspian Sea, 6, 29, 33, 40, 89, 92, 108, 140 Castro, Fidel, 271 Çatalhöyük, 28 Caucasus region, 5, 33, 41, 45, 59, 84, 92, 109 censorship, of social media, 320 Central Asia, 32, 36, 39, 62, 68, 88, 92, 241 Asianization of, 81 British expansionism in, 46–47 China and, 108–13 gangs in, 255 Muslims in, 72 new Silk Roads in, 108–13 origin of great plague in, 40 Pakistan as conduit to Arabian Sea from, 113 in post-Cold War era, 59–60 rise of Turkic peoples in, 38 traces of European lineage in, 253 Ceylon, 53 Chanakya (Kautilya), 33, 68 Chandragupta, 33, 68 charitable giving, 316–17 Chávez, Hugo, 271 Chen, Charles, 317–18 Chengdu, 114 Chiang Kai-shek, 49, 51–52, 56 Chile, Asian trade with, 272 China, ancient, 30, 31, 239 technocracy in, 300 China, in era of European imperialism, 44–45 civil war in, 51–52 Japan’s invasion of, 51, 77 nationalism in, 48, 49 republic established in, 48 Western seizure of port cities in, 47 in World War I, 49 China, expansionist period in: Abbasids and, 36–37 cultural and commercial exchange in, 38 emigration from, 43 ethnic and cultural diversity of, 37 exports by, 42 inward shift of, 43 Mongul conquest of, 40, 77 tribute system of, 39, 76 China, People’s Republic of, 52, 68 Afghanistan and, 116, 117 Africa and, 261, 262, 263–65, 266 AI research in, 200 China, People’s Republic of (cont.) alternative energy programs in, 141, 178–80, 242, 272–73, 322 American students in, 230 Arab world investments by, 103 arms sales of, 101, 274 Asian investments by, 156–57 Asian migrants in, 337 Asian trade of, 157 Australia and, 127–31 automation in, 193–94 automobile industry in, 194 Brazil and, 276–77 Buddhism in, 332 Canada’s relations with, 223 cashless economy in, 189 Central Asia and, 108–13 charitable giving in, 316, 317–18 civil society in, 313 in clashes with Soviet Union, 56 in Cold War era, 55, 56, 57 data collection in, 319 debt in, 159 defense spending by, 137 diaspora of, 333 digital technology in, 319 domestic politics of, 222–23 economic deceleration of, 147, 150 economic growth in, 9, 10, 17, 148, 337 educational investment in, 227 electronics exports of, 85–86 ethnic diversity in, 69 Europe and, 242–43, 246, 248–50 exports of, 153, 159 film industry and, 347–48 fintech industry in, 188 geopolitical rise of, 13, 15 global governance and, 322–23 global image of, 330 global infrastructure investment by, 322 Gulf states and, 101, 102 hegemonic ambitions of, 19–20, 73 high-tech exports of, 153 high-tech imports of, 195–96 imports of, 195–96, 264 India and, 113, 117–18, 119–20, 155, 156, 332 industrialization in, 163 infrastructure projects in, 6 Iran and, 101, 106–7, 116 Israel and, 98–99 Japan and, 134, 136–37, 141–42 Latin America and, 272–75 meritocracy in, 301 naval forces of, 105 North Korea and, 143 oil and gas imports of, 96, 176, 207 Pakistan and, 114–16, 117–18 policy corrections in, 300 pollution in, 181 population of, 15, 18–19 in post-Cold War era, 60–61 privatization in, 170–71 R&D spending in, 197 renewable energy programs of, 19 respect for government in, 302 restrained geopolitical policy of, 137–38 returnees in, 226 Russia and, 82–83, 84–85 self-sufficiency goals of, 194–95 social credit system (SCS) in, 319 social media in, 314 solar panel industry in, 242, 272–73 Southeast Asia and, 122, 154 South Korea and, 141–42 sovereign debt of, 165 state-directed capitalism in, 158–59, 162–63, 170–71 steel production in, 109, 272–73 as superpower, 15 Taiwan and, 141 technocracy in, 300–302 territorial claims of, 11 traditional medicine of, 355 Turkey and, 93 Turkic neighbors of, 59–60 urban development in, 190 US trade with, 272–73 West’s misunderstanding of, 147 West’s overemphasis on, 18–19 women in, 315 as world’s largest economy, 14, 63 China, Republic of, see Taiwan China Development Bank, 84–85, 104, 110, 273 China Harbour Engineering Company, 99 China Investment Corporation (CIC), 110, 164 China Model, The (Bell), 301 China National Petroleum Corporation, 107 China-Pakistan Economic Corridor (CPEC), 114, 117, 119 Chinese Americans, 217 Chinese Exclusion Act, 217 Chinese writing system, 69 Chola Dynasty, 38, 39, 75, 105 Chopra, Deepak, 220 Christians, Christianity, 43, 69–70, 71 in Asia, 74 crusades and, 39 in Southeast Asia, 121 spread of, 35–36 Chua Beng Huat, 297 Churchill, Winston, 51 Cisco Systems, 212 cities: optimized size of, 197–98 West Asian origins of, 28 see also urban development civilization, global: Asianization of, 21–24, 345–51 Westernization of, 21, 22–23 civil liberties, 309 civil service: in Britain, 293–94 in Singapore, 292–93 in US, 293 civil society, 313 Clash of Civilizations (Huntington), 15 climate change, 90, 266 Clinton, Bill, 60, 82, 249 Clinton, Hillary, 83 coal, 112, 176, 177 cognitive processes, Asian vs.

., 49, 265, 316 Ganges region, 29, 32 Ganges River, 33, 35, 46 “Gangnam Style” (music video), 343 Gates, Bill, 317 Geely, 194 General Electric, 110, 168, 211 Genghis Khan, 39–40 Georgia, Republic of, 59 technocracy in, 307 Germany, Nazi, 50 Germany, unified: Arab refugees in, 255 Asian immigrants in, 253, 254, 256 Asia’s relations with, 242 multiparty consensus in, 284 Ginsberg, Allen, 331 Giving Pledge, 317 Global-is-Asian, 22 globalization: Asia and, 8–9, 162, 357–59; see also Asianization growth of, 14 global order, see world order Goa, 44, 89, 186 Göbekli Tepe, 28 Goguryeo Kingdom, 34 Go-Jek, 187 Golden Triangle, 123 Google, 199, 200, 208–9, 219 Gorbachev, Mikhail, 58 governance: digital technology in, 318–19 inclusive policies in, 303 governance, global: Asia and, 321–25 infrastructure and, 322 US and, 321 government: effectiveness of, 303 trust in, 291, 310 violence against minorities by, 308–9 Government Accountability Office (GAO), 293 GrabShare, 174–75 grain imports, Asian, 90 Grand Canal, China, 37, 42 Grand Trunk Road, 33 Great Britain: Asian investments in, 247 Brexit vote in, 283–84, 286, 293–94 civil service in, 293–94 colonial empire of, 46–47 industrialization in, 46 Iran and, 252 populism in, 283–84 South Asian immigrants in, 253, 254 West Asian mandates of, 49–50 Great Game, 47 Great Leap Forward, 55 Great Wall of China, 31 Greece, 60, 91, 248 Greeks, ancient, 29, 34 greenhouse gas emissions, 176–77, 182 gross domestic product (GDP), 2, 4, 150 Grupo Bimbo, 272 Guam, 50, 136 Guangdong, 42, 98 Guangzhou (Canton), 37, 48, 68 Gulf Cooperation Council (GCC), 58, 101, 102 Gulf states (Khaleej), 6, 9, 57, 62, 81 alternative energy projects in, 251 Asianization of, 100–106 China and, 101, 102 European investment in, 251 India and, 102 Israel and, 99–100, 105 Japan and, 102 oil and gas exports of, 62, 74, 100–101, 176 South Asian migrants in, 334 Southeast Asia’s trade with, 102 South Korea and, 102 technocracy in, 311–12 US arms sales to, 101 women in, 315 see also specific countries Gulliver, Stuart, 148, 150 Gupta Empire, 35 H-1B visas, 219 Hamas, 59, 100, 139 Hamid, Mohsin, 184 Han Dynasty, 32, 33, 34, 300 Hanoi, 180 Han people, 31–32, 37, 69 Harappa, 29 Hardy, Alfredo Toro, 275 Hariri, Saad, 95 Harun al-Rashid, Caliph, 37 Harvard University, 230 Haushofer, Karl, 1 health care, 201–2 Helmand River, 107 Herberg-Rothe, Andreas, 75 Herodotus, 30 heroin, 106–7 Hezbollah, 58, 95, 96, 106 Hindus, Hinduism, 29, 31, 32, 34, 38, 70–71 in Southeast Asia, 121 in US, 220, 221 Hiroshima, atomic bombing of, 51 Hispanic Americans, 217 history, Asian view of, 75 history textbooks: Asia nationalism in, 27–28 global processes downplayed in, 28 Western focus of, 27–28, 67–68 Hitler, Adolf, 50 Ho, Peter, 289 Ho Chi Minh, 52 Ho Chi Minh City, 56 Honda, 275 Hong Kong, 56, 74 American expats in, 234 art scene in, 342 British handover of, 60, 141 civil society in, 313 Hongwu, Ming emperor, 42 honor killings, 315 Hormuz, Strait of, 103, 106 hospitality industry, 190, 214 Houthis, 106, 107 Huan, Han emperor, 33–34 Hulagu Khan, 40 Human Rights Watch, 313 human trafficking, 318 Hunayn ibn Ishaq, 37 Hungary, 40, 248, 256 Huns, 35, 76 hunter-gatherers, 28 Huntington, Samuel, 15 Hu Shih, 332 Hussein, Saddam, 58, 62, 101 Hyundai, 104 IBM, 212 I Ching, 30 Inclusive Development Index (IDI), 150 income inequality: in Asia, 183–84 in US, 228, 285 India, 101, 104 Afghanistan and, 118 Africa and, 264–66 AI research in, 200 alternative energy programs in, 178–79, 322 Asian investments of, 118 Australia and, 128 British Raj in, 46, 49 charitable giving in, 316–17 China and, 19–20, 113, 117–18, 155, 156, 332 civil society in, 313 in Cold War era, 52, 55, 56 corporate debt in, 170 corruption in, 161, 305 demonetization in, 184, 186–87 diaspora of, 333–34 early history of, 29, 30–31 economic growth of, 9, 17, 148, 185–86 elections in, 63 European trade partnerships with, 250–51 expansionist period in, 38, 41–42 failure of democracy in, 302 family-owned businesses in, 160 film industry in, 349–51 financial markets in, 186 foreign investment in, 192 gender imbalance in, 315 global governance in, 322–23 global image of, 331–32 Gulf states and, 102 inclusive policies in, 304 infrastructure investment in, 63, 110, 185 Iran and, 116, 118 Israel and, 98–99 IT industry in, 204, 275 Japan and, 134, 156 Latin America and, 275 manufacturing in, 192 as market for Western products and services, 207 naval forces of, 105 Northeast Asia and, 154–55 oil and gas imports of, 96, 107–8, 176 Pakistan and, 53, 55, 61, 77–78, 117–18 partitioning of, 52–53 pharmaceutical industry in, 228, 275 population of, 15, 186 in post–Cold War era, 61, 62 privatization in, 170 returnees in, 226 Russia and, 86–87 service industry in, 192 Southeast Asia and, 154–55 special economic zones in, 185 spiritual heritage of, 332 technocracy in, 304–6 technological innovation in, 186–87 territorial claims of, 11 top-down economic reform in, 305 traditional medicine of, 355 West Asia and, 155 Indian Americans, 217, 218, 219–20, 222 Indian Institutes of Technology (ITT), 205 Indian Ocean, 38, 47, 74, 105, 261, 262, 266 European voyages to, 44 Indians, in Latin America, 276 IndiaStack, 187 Indochina, 45, 50, 52 see also Southeast Asia Indo-Islamic culture, 38 Indonesia, 53, 61, 121, 125, 182 art scene in, 342 in Cold War era, 54 economic growth of, 17, 148 eco-tourism in, 340 failure of democracy in, 302 foreign investment in, 187 illiberal policies of, 306 inclusive policies of, 304 Muslims in, 71 technocracy in, 304–5 Indus River, 32, 113 Industrial and Commercial Bank of China (ICBC), 92, 159 industrialization, spread of, 22 Industrial Revolution, 2, 46, 68 Indus Valley, 29 infrastructure investment, in Asia, 6, 62, 63, 85, 88, 93, 96, 104, 108, 109, 110–11, 185, 190, 191, 243–44 see also; Asian Infrastructure Investment Bank; Belt and Road Initiative Institut d’Études Politiques de Paris (Sciences Po), 257, 286–87 insurance industry, 210 intermarriage, 336, 337–38 International Monetary Fund (IMF), 162, 163, 166, 323 International North-South Transport Corridor (INSTC), 116 International Renewable Energy Agency (IRENA), 100 International Systems in World History (Buzan), 7 Internet of Things (IoT), 134, 136, 197 Interpol, 324 Iran, 11, 15, 62, 92, 95, 98, 101, 140 China and, 101, 106–7, 116 in Cold War era, 54 European trade with, 251–52 growing opposition to theocracy in, 312 India and, 116, 118 Islamic revolution in, 57 Israel and, 99, 100 nuclear program of, 62 oil and gas exports of, 50, 94, 106, 107–8, 118, 176 in post–Cold War era, 58–59 privatization in, 170 re-Asianization of, 81, 106 Russia and, 87 Saudi Arabia and, 95–96, 100, 105–6 Syria and, 106 tourism in, 252 Turkey and, 94 US sanctions on, 87, 107, 241, 251, 252 women in, 315 Yemen and, 107 Iran-Iraq War, 58, 106 Iraq, 9, 11, 16, 49 Kuwait invaded by, 59 oil exports of, 55, 96 Sunni-Shi’a conflict in, 312 Iraq Reconstruction Conference (2018), 96 Iraq War, 3, 62, 91, 217, 240 Isfahan, 41 Islam, 40, 316 politics and, 71–72 spread of, 36, 38–39, 43, 69–72, 74 Sunni-Shi’a conflict in, 95, 312 Sunni-Shi’a division in, 36 see also Muslims; specific countries Islamic radicalism, 58, 59, 62, 65, 68, 71, 72, 115, 117, 139 see also terrorism Islamic State in Iraq and Syria (ISIS), 63, 71, 94, 96, 117 Israel, 11, 54, 96 arms sales of, 98 China and, 98–99 desalinzation technology of, 181 EU and, 97 Gulf states and, 99–100, 105 India and, 98–99 Iran and, 99, 100 Russia and, 88 see also Arab-Israeli conflict; Palestinian-Israeli conflict Japan, 14, 16, 63, 68, 69, 73 Africa and, 265 Allied occupation in, 51 alternative energy technologies in, 322 Asian investments of, 118, 156 Asianization of, 81 Asian migrants in, 336–37 Asian trade with, 273 capitalism in, 159 cashless economy in, 189 China and, 19–20, 77, 134, 136–37, 140–42 in Cold War era, 5, 55 corporate culture of, 132 early history of, 29, 31, 34–35 economic growth of, 55, 132, 148, 158, 163 economic problems of, 132, 134–35 in era of European imperialism, 47–48 EU trade agreement with, 133 expansionist period in, 38, 42, 44 foreign investment in, 135 in global economy, 133–37 global governance and, 322–23 global image of, 331 Gulf states and, 102 immigration in, 135–36 India and, 134, 156 infrastructure investment in, 110 Latin America and, 275 precision industries in, 134, 135–36 robotic technology in, 134 Russia and, 82, 86–87 Southeast Asia and, 133, 153–54, 156 South Korea and, 141–42 technological innovation in, 134, 196, 197 territorial claims of, 11 tourism in, 135 US and, 136 in World War I, 49 in World War II, 50–51 Japan International Cooperation Agency (JICA), 265 Japan-Mexico Economic Partnership Agreement, 273 Java, 35, 38, 39, 45 Javid, Sajid, 254 Jericho, 28 Jerusalem, 54, 98 Jesus Christ, 35 jihad, 38 Jinnah, Muhammad Ali, 52 Jobs, Steve, 331 Joko Widodo (Jokowi), 305, 306, 320 Jollibee, 172 Jordan, 54, 62, 97, 99 Syrian refugees in, 63 Journal of Asian Studies, 352 Journey to the West, 353 Judaism, 36 Kagame, Paul, 268 Kanishka, Kush emperor, 35 Kapur, Devesh, 218 Karachi, 113 Karakoram Highway, 113 Kashmir, 53, 55, 61, 77–78, 117–18, 119 Kazakhstan, 59, 140, 207 China and, 20, 108 economic diversification in, 190 energy investment in, 112 as hub of new Silk Road, 111–12 Kenya, 262, 263 Kerouac, Jack, 331 Khaleej, see Gulf states Khmer Empire, 70 Khmer people, 34, 38, 239 Khmer Rouge, 56 Khomeini, Ayatollah, 57, 59 Khorgas, 108 Khrushchev, Nikita, 56 Khwarizmi, Muhammad al-, 37 Kiev, 40 Kim Il Sung, 55 Kim Jong-un, 142 Kish, 28 Kissinger, Henry, 357 Koran, 316 Korea, 11, 31, 51, 68, 69 early history of, 34 expansionist period in, 38 Japanese annexation of, 48 reunification of, 142–43 see also North Korea; South Korea Korea Investment Corporation, 164 Korean Americans, 217 Korean War, 51 Kosygin, Alexei, 56 K-pop, 343 Kuala Lampur, 121, 246 Kublai Khan, 40 Kurds, Kurdistan, 87, 94, 99, 256 Kushan Empire, 32, 35 Kuwait, 101 Iraqi invasion of, 59 Kyrgyzstan, 59, 108, 182 language, Asian links in, 68–69 Laos, 45, 52, 60, 122, 154 Latin America: Asian immigrants in, 275–76 Asian investment in, 273–75, 276–77 Indian cultural exports to, 350 trade partnerships in, 272–73, 274, 275 US and, 271–72 Lebanon, 49, 54, 58, 95, 106 Syrian refugees in, 63 Lee, Ang, 347 Lee, Calvin Cheng Ern, 131 Lee Hsien Loong, 296–97 Lee Kuan Yew, 56, 127, 268, 288, 289, 292–93, 299, 305 voluntary retirement of, 296 Lee Kuan Yew School of Public Policy, 22, 299 Lenin, Vladimir, 49, 89 Levant (Mashriq), 81, 95, 97 LG, 275 Li & Fung, 184–85 Liang Qichao, 48–49 Liberalism Discovered (Chua), 297 Lien, Laurence, 317 life expectancies, 201 literature, Asian, global acclaim for, 353–54 Liu, Jean, 175 Liu Xiaobo, 249 logistics industry, 243 Ma, Jack, 85–86, 160, 189 Macao (Macau), 44 MacArthur, Douglas, 51 McCain, John, 285 McKinsey & Company, 160, 213 Macquarie Group, 131 Maddison, Angus, 2 Made in Africa Initiative, 262 Magadha Kingdom, 31 Magellan, Ferdinand, 43 Mahabharata, 35 Mahbubani, Kishore, 3 Mahmud of Ghazni, Abbasid sultan, 38 Malacca, 38, 43, 44, 124 Malacca, Strait of, 37, 39, 102, 103, 118, 125 Malaya, 46, 50 Malay Peninsula, 39, 53 Malaysia, 53, 61, 188 Asian foreign labor in, 335 China and, 123, 124 in Cold War era, 54 economic diversification in, 190 economic growth of, 17 technocracy in, 308 Maldives, 105 Malesky, Edmund, 308 Manchuria, 38, 48, 50, 51 Mandarin language, 229–30, 257 Manila, 121, 245 Spanish colonization of, 44 Mansur, al-, Caliph, 37 manufacturing, in Asia, 192 Mao Zedong, 51–52, 55, 56, 261, 300, 301 Marawi, 71 Marcos, Ferdinand, 53–54, 61 martial arts, mixed (MMA), 340–41 Mashriq (Levant), 81, 95, 97 Mauritius, 268 Mauryan Empire, 32–33, 68 May, Theresa, 293 Mecca, 57 media, in Asia, 314 median ages, in Asia, 148, 149, 155 Median people, 29 Mediterranean region, 1, 6, 29, 30, 33, 68, 84, 92, 95, 99, 106 see also Mashriq Mehta, Zubin, 332 Mekong River, 122 Menander, Indo-Greek king, 33 mergers and acquisitions, 212–13 meritocracy, 294, 301 Merkel, Angela, 242, 254 Mesopotamia, 28 Mexico, 7 Asian economic ties to, 272, 273, 274, 277 Microsoft, 208 middle class, Asian, growth of, 3, 4 Mihov, Ilian, 309 mindfulness, 332 Ming Dynasty, 42–43, 44, 69, 73, 75, 76, 105, 137, 262 mobile phones, 157, 183–84, 187, 188, 189, 193, 199, 208–9, 211 Modi, Narendra, 63, 98, 117, 119, 154–55, 161, 180, 185, 222, 265, 305, 306, 307, 320 Mohammad Reza Pahlavi, Shah of Iran, 54 Mohammed bin Salman, crown prince of Saudi Arabia, 72, 247, 310, 312, 315 Mohenjo-Daro, 29 Moluku, 45 MoneyGram, 196 Mongolia, 92, 111–12 alternative energy programs in, 112, 182 technocracy in, 307 Mongols, Mongol Empire, 39–40, 42, 44, 68, 69, 73, 76, 77, 239 religious and cultural inclusiveness of, 40, 70–71 Monroe Doctrine, 271 Moon Jae-in, 142 Moscow, 81, 82 Mossadegh, Mohammad, 54 MSCI World Index, 166, 168 Mubadala Investment Company, 88, 103, 104 Mughal Empire, 41–42, 46 religious tolerance in, 70–71 Muhammad, Prophet, 36 Mumbai, 185–86 Munich Security Conference, 241 Murakami, Haruki, 354 Murasaki Shikibu, 353 music scene, in Asia, 343 Muslim Brotherhood, 59 Muslims, 70–72 in Southeast Asia, 38–39, 43, 70–71, 121 in US, 220 see also Islam; specific countries Myanmar, 60, 63, 161 Asian investment in, 118–19 charitable giving in, 316 failure of democracy in, 302 financial reform in, 184 Rohingya genocide in, 122–23 see also Burma Nagasaki, atomic bombing of, 51 Nanjing, 42, 49 Napoleon I, emperor of the French, 1 nationalism, 11, 20, 22, 49–50, 52–55, 77, 118, 137, 138–39, 222, 312, 329, 337, 352 Natufian people, 28 natural gas, see oil and gas natural gas production, 175–76 Nazism, 200 Nehru, Jawaharlal, 52, 55 Neolithic Revolution, 28 neomercantilism, 20, 22, 158 Nepal, 46, 119–20, 333 Nestorian Christianity, 36, 70 Netanyahu, Benjamin, 97, 98, 100 Netflix, 348 New Deal, 287 New Delhi, 245 Ng, Andrew, 199 NGOs, 313 Nigeria, 265 Nisbett, Richard, 357 Nixon, Richard, 56, 101 Nobel Prize, 48, 221, 249, 323, 353–54 nomadic cultures, 76 Non-Aligned Movement, 55 Non-Proliferation of Nuclear Weapons Treaty, 61 North America: Asian trade with, 13, 14, 207 as coherent regional system, 7 energy self-sufficiency of, 175, 272 internal trade in, 152 see also Canada; Mexico; United States North American Free Trade Agreement (NAFTA), 7 North Atlantic Treaty Organization (NATO), 2, 57, 92, 116 Northeast Asia, 141 India and, 154–55 internal trade in, 152 manufacturing in, 153 North Korea, 55, 61 aggressiveness of, 63 China and, 143 cyber surveillance by, 142 nuclear and chemical weapons program of, 142 Russia and, 143 South Korea and, 142 US and, 142–43 Obama, Barack, 18, 82, 229, 240 oil and gas: Asian imports of, 9, 62, 82–83, 84–85, 96, 102, 106, 107–8, 152, 175, 176, 207 Gulf states’ exports of, 62, 74, 100–103, 176 Iranian exports of, 50, 94, 106, 107–8, 118, 176 Iraqi exports of, 55, 96 OPEC embargo on, 57 price of, 61 Russian exports of, 82–83, 84, 87–88, 175, 176 Saudi exports of, 58, 87–88, 102, 103 US exports of, 16, 207 West Asian exports of, 9, 23, 57, 62, 152 Okakura Tenshin, 48 oligarchies, 294–95 Olympic Games, 245 Oman, East Asia and, 104 ONE Championship (MMA series), 341 OPEC (Organization of Petroleum Exporting Countries), 57 Operation Mekong (film), 123 opium, 47, 123 Organization for Security and Co-operation in Europe (OSCE), 241 Oslo Accords, 59 Osman I, Ottoman Sultan, 41 Ottoman Empire, 40–41, 43, 45, 46–47, 48, 73, 91 partitioning of, 49–50 religious tolerance in, 70–71 Out of Eden Walk, 4 Overseas Private Investment Company (OPEC), 111 Pacific Alliance, 272 Pacific Islands, 181–82 US territories in, 48 Pacific Rim, see East Asia Pakistan, 52–53, 58, 62, 72, 95, 102, 105 AI research in, 200 Asianization of, 81, 113–18 as Central Asia’s conduit to Arabian Sea, 113–14 China and, 20, 114–16, 117–18 corruption in, 161 failure of democracy in, 302 finance industry in, 168–69 foreign investment in, 115 GDP per capita in, 184 India and, 55, 61–62, 117–18 intra-Asian migration from, 334 logistics industry in, 185 as market for Western products and services, 207 US and, 114–15 Pakistan Tehreek-e-Insaf (PTI), 307 Palestine, Palestinians, 49, 54, 99 Palestine Liberation Organization (PLO), 59 Palestinian-Israeli conflict, 59, 62, 97, 100 Pan-Asianism, 48, 351–52 paper, invention of, 72 Paris climate agreement, 178, 240 Paris Peace Conference (1918), 49 Park Chung-hee, 56 Park Geun-hye, 313 parliamentary democracy, 295 Parthians, 33, 76 Pawar, Rajendra, 205 Pearl Harbor, Japanese attack on, 50 peer-to-peer (P2P) lending, 169 People’s Action Party (PAP), Singapore, 294 People’s Bank of China (PBOC), 110, 188 Pepper (robot), 134 per capita income, 5, 150, 183, 186 Persia, Persian Empire, 29, 30, 42, 45, 47, 50, 68, 75 see also Iran Persian Gulf War, 61, 101, 217 Peru: Asian immigrants in, 275, 276 Asian trade with, 272 Peshawar, 32 Peter I, Tsar of Russia, 45, 90 pharmaceutical companies, 209–10 Philippines, 61, 157, 165 alternative energy programs in, 180 Asian migrants in, 333 China and, 123–24 Christianity in, 74 in Cold War era, 53–54 eco-tourism in, 340 foreign investment in, 124 illiberal policies of, 306 inclusive policies in, 304 as market for Western products and services, 207 Muslims in, 71 privatization in, 170 technocracy in, 304–5 urban development in, 190 US acquisition of, 48 US and, 123–24 philosophy, Asian vs.


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The Autonomous Revolution: Reclaiming the Future We’ve Sold to Machines by William Davidow, Michael Malone

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, agricultural Revolution, Airbnb, American Society of Civil Engineers: Report Card, Automated Insights, autonomous vehicles, basic income, bitcoin, blockchain, blue-collar work, Bob Noyce, business process, call centre, cashless society, citizen journalism, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, cryptocurrency, disintermediation, disruptive innovation, distributed ledger, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Francis Fukuyama: the end of history, Geoffrey West, Santa Fe Institute, gig economy, Gini coefficient, Hyperloop, income inequality, industrial robot, Internet of things, invention of agriculture, invention of movable type, invention of the printing press, invisible hand, Jane Jacobs, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, license plate recognition, Lyft, Mark Zuckerberg, mass immigration, Network effects, new economy, peer-to-peer lending, QWERTY keyboard, ransomware, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Simon Kuznets, Snapchat, speech recognition, Stuxnet, TaskRabbit, The Death and Life of Great American Cities, The Rise and Fall of American Growth, the scientific method, trade route, Turing test, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, urban planning, zero day, zero-sum game, Zipcar

Shoaib Iqbal, “Global Peer to Peer Market by End-User and Business Model Type,” Allied Market Research, March 2017, https://www.alliedmarketresearch.com/peer-to-peer-lending-market (accessed June 27, 2019). 38. “Peer Pressure,” PWC, February 2015, https://www.pwc.com/us/en/consumer-finance/publications/assets/peer-to-peer-lending.pdf (accessed June 27, 2019); and Cloud Lending, 2018, https://www.cloudlendinginc.com/about-us/. 39. Jon Henley, “Sweden Leads the Race to Become Cashless Society,” The Guardian,, June 4, 2016, https://www.theguardian.com/business/2016/jun/04/sweden-cashless-society-cards-phone-apps-leading-europe (accessed June 27, 2019). 40. “Sharing Economy,” Wikipedia, https://en.wikipedia.org/wiki/Sharing_economy (accessed June 27, 2019). 41. Arun Sundararajan, The Sharing Economy (Cambridge, Mass.: The MIT Press, 2016), 27. 42. Paul Barter, “‘Cars Are Parked 95% of the Time.’ Let’s Check!,” Reinventing Parking, February 22, 2013, http://www.reinventingparking.org/2013/02/cars-are-parked-95-of-time-lets-check.html (accessed June 27, 2019). 43.

Those integrated services will run on mobile computing platforms; eventually they will do to cash, credit cards, payment systems, credit facilities, loyalty and gift cards, coupons, boarding passes, and event tickets what the smartphone did to the iPod. We are beginning to see early signs of this integration. Only 2 percent of transactions in Sweden are made with cash. Nine hundred of its 1,600 banks keep no cash on hand and do not take cash deposits. Many are getting rid of ATMs.39 Half of the country’s population has used Swish, a mobile phone application, to make payments. The country is well on its way to becoming a cashless society. The banks of the future will be bits floating in cyberspace, their only real-world avatars the mobile payment systems that reside on customers’ smartphones. Customers will get their financial advice from a robot whose software is maintained in one of the world’s financial centers—London, New York, Tokyo. If they need a loan, there will be seamless interfaces to peer-to-peer lenders. They might choose to have their assets denominated in some form of cyber-currency.


pages: 230 words: 76,655

Choose Yourself! by James Altucher

Airbnb, Albert Einstein, Bernie Madoff, bitcoin, cashless society, cognitive bias, dark matter, Elon Musk, estate planning, Mark Zuckerberg, money market fund, Network effects, new economy, PageRank, passive income, pattern recognition, payday loans, Peter Thiel, Ponzi scheme, Rodney Brooks, rolodex, Saturday Night Live, sharing economy, short selling, side project, Silicon Valley, Skype, software as a service, Steve Jobs, superconnector, Uber for X, Vanguard fund, Y2K, Zipcar

* * * Trend #7: Financial Technology When I did my podcast with entrepreneur and venture capitalist Peter Thiel, he was an hour late. This wasn’t a problem. He let me know he was running late. It actually made the podcast more interesting to me, because it gave me the perfect starting question: What were you doing during the past hour? Thiel’s answer: “We were looking at new innovations in financial technology.” There are many things happening in the financial technology world. For starters, the rise of the cashless economy. What Thiel started when he cofounded PayPal is ongoing. Can I go to a hotel, pick up my key at a kiosk, go to my room, stay overnight, and then walk out, without having to pay or deal with a line and tips and a desk clerk and so on? Yes, I can. And this is only one example of the sort of thing that will begin to happen in every service industry. The global economy has always been subject to policies that are restrictive of money exchange.

He therefore concludes that competition is anti-capitalist. Thiel isn’t suggesting price manipulation or anything like that. He just suggests doing the following: find your niche, then find a small or a nonexistent market where you can enter and dominate 80 percent of the market, as if you were a monopoly. Two examples that immediately come to mind are companies he’s either started or invested in: PayPal and Facebook. Peter had a vision of a cashless economy. He wanted people to be able to e-mail payments back and forth to each other over the Internet rather than exchange cash or (worse) private credit card information. Although the service was available to every retailer and consumer, he found a niche market where many online transactions were occurring and he decided to build his monopoly there: eBay customers. Why shouldn’t every eBay customer use PayPal to settle their transactions?


pages: 258 words: 73,109

The (Honest) Truth About Dishonesty: How We Lie to Everyone, Especially Ourselves by Dan Ariely

accounting loophole / creative accounting, Albert Einstein, Bernie Madoff, Broken windows theory, cashless society, clean water, cognitive dissonance, Credit Default Swap, Donald Trump, fudge factor, new economy, Richard Feynman, Schrödinger's Cat, Shai Danziger, shareholder value, Steve Jobs, Walter Mischel

As it turns out, people are more apt to be dishonest in the presence of nonmonetary objects—such as pencils and tokens—than actual money. From all the research I have done over the years, the idea that worries me the most is that the more cashless our society becomes, the more our moral compass slips. If being just one step removed from money can increase cheating to such a degree, just imagine what can happen as we become an increasingly cashless society. Could it be that stealing a credit card number is much less difficult from a moral perspective than stealing cash from someone’s wallet? Of course, digital money (such as a debit or credit card) has many advantages, but it might also separate us from the reality of our actions to some degree. If being one step removed from money liberates people from their moral shackles, what will happen as more and more banking is done online?

., 243 banks: small misbehaviors of, 240 see also financial services industry Barkan, Racheli, 21, 23, 262 Barlow, John Perry, 1, 2 baseball, steroids in, 156 Bateson, Melissa, 224 Baumeister, Roy, 100, 104, 262–63 Baylor College of Medicine, 75–77 Bazerman, Max, 45, 260 Becker, Gary, 3–4, 14, 26 Be’er Sheva, Israel, farmer’s market in, 23–24 being caught, probability of, 4–5, 13, 14, 27 varying, in matrix task, 20–22 benevolent behavior, 23–24 Bible, as moral reminder, 40, 41, 42 billable hours, overstating of, 35–37 blind customers, benevolent behavior toward, 23–26 brain: higher connectivity in, 170 left-right split in, 164–65 of pathological liars, 169–70 Broken Windows Theory, 214–15, 249 businesspeople, self-monitoring of, 56–57 business schools, 248 group-based projects in, 217–18 cab drivers, benevolent behavior of, toward blind customer, 25–26 CAD/CAM equipment, in dentistry, 67–71 Cain, Daylian, 89 Canada, cheating in, 242 care for customers, in illegal businesses, 138–39 car mechanics, 93 Carnegie Mellon University, 197–207 car recommendation software, “fixing” answers in, 166–67 Cary, Apoth E., 246 cashless society, implications for dishonesty in, 34 Catch Me If You Can (Abagnale), 173 certificates for (false) achievements, 153–54 Chance, Zoë, 145, 264 charitable behavior, 23–24 cheating: aggressive cheaters and, 239 altruistic, 222–23, 225–26, 227–28, 232 being made blatantly aware of, 156–57 being watched and, 223–25, 227 collaborative, see collaborative cheating desire to benefit from, 12–14, 27, 29, 237 ego depletion, 104–6, 111–12 fake products’ impact on, 125–31 in golf, 55–65 honor codes and, 41–45 increasing creativity to increase level of, 184–87 as infection, 191–216; see also infectious nature of cheating infidelity and, 244–45 on IQ-like tests, self-deception and, 145–49, 151, 153–54, 156–57 reducing amount of, 39–51, 248–54 removing oneself from tempting situation and, 108–11 signing forms at top and, 46–51 Ten Commandments and, 39–40, 41, 44 what-the-hell effect and, 127–31, 136 see also dishonesty China, cheating in, 241–42 Chloé accessories, studies with, 123–34 Civil War veterans, 152 classes, infectious nature of cheating in, 195–97 Coca-Cola, stealing money vs., 32–33 cognitive dissonance, 81 cognitive load: ability to resist temptation and, 99–100 judges’ parole rulings and, 102–3 Cognitive Reflection Test (CRT), 173–74 coin logic, 167–68 collaborative cheating, 217–35 altruism and, 222–23, 225–26, 227–28, 232 being watched or monitored and, 223–25, 227–28, 234–35 emphasis on working as group or team and, 217–18 infectious nature of cheating in relation to, 221–22 social utility and, 222–23 companies: being one step removed from money and, 34–37 irrationality of, 51 see also corporate dishonesty compliments, insincere, 159 conflicts of interest, 67–95, 238, 248 in academia, 82, 84–85 in dentistry, 67–71, 93, 94, 230 disclosure and, 88–92 dots task and, 129 eradication of, 92–95 exclusion of experimental data and, 86–88 expert witnesses and, 85–86 in financial services industry, 83–85, 93, 94 governmental lobbyists and, 77–78, 94 honesty threshold and, 130–31 inherent inclination to return favors and, 74–75 medical procedures and, 71–74, 92–94, 229 pharmaceutical companies’ influence in academia and, 82 pharma reps and, 78–82 what-the-hell effect and, 129–31 congressional staffers, cheating among, 243 Congress members, PAC money misused by, 208–10 contractors, 93 Conway, Alan, 150–51 Cooper, Cynthia, 215 Cornell University, 250–51 corpora callosa, 164–65 corporate dishonesty: cheating a little bit and, 239–40 Enron collapse and, 1–3, 192, 207, 215, 234 recent spread of, 192, 207–8 cost-benefit analysis, 4–5, 26–27, 237, 239 infectious nature of cheating and, 201–3, 205 see also Simple Model of Rational Crime counterfeits, see fake products creativity, 88, 163–89, 238 brain structure and, 164–65 dark side of, 187–89 fooling oneself and, 165–67 increasing, to increase level of cheating, 184–87 infidelity and, 244 intelligence vs., as predictor of dishonesty, 172–77 link between dishonesty and, 170–72, 186–89 logical-sounding rationales for choices and, 163–64 measures of, 171 moral flexibility and, 186–87 pathological liars and, 168–70 revenge and, 177–84 credit card companies, 239–40 crime, reducing, 52 cultural differences, 240–43 Danziger, Shai, 102 decision making: creating efficient process for, 167–68 effectiveness of group work in, 217–18 rationalization process and, 163–67 Denfield, George, 75 dentists: continuity of care and, 228–31 treating patients using equipment that they own, 67–68, 93–94 unnecessary work and, 67–71 depletion, see ego depletion dieting, 98, 109, 112–13, 114–15 what-the-hell effect and, 127, 130 “dine-and-dash,” 79 diplomas, lying about, 135–36, 153, 154 disabled person, author’s adoption of role of, 143–44 disclosure, 88–92, 248 study on impact of, 89–92 discounting, fixed vs. probabilistic, 194 dishonesty: causes of, 3–4, 5 collaborative, see collaborative cheating cultural differences and, 240–43 discouraging small and ubiquitous forms of, 239–40 importance of first act of, 137 infectious nature of, 191–216; see also infectious nature of cheating intelligence vs. creativity as predictor of, 172–77 link between creativity and, 170–72, 186–89 opportunities for, passed up by vast majority, 238 of others, fake products and assessing of, 131–34 rational and irrational forces in, 254 reducing amount of, 39–51, 248–54 society’s means for dealing with, 4–5 summary of forces that shape (figure), 245 when traveling, 183n see also cheating dissertation proposals and defenses, 101 distance factors, 238 in golf, 58–59 stealing Coca-Cola vs. money and, 32–33 token experiment and, 33–34 doctors: consulting for or investing in drug companies, 82, 93 continuity of care and, 228–29 lecturing about drugs, 81 pharma reps and, 78–82 treating or testing patients with equipment that they own, 92–94 Dodd-Frank Wall Street Reform and Consumer Protection Act, 234 dots task: conflict of interest and, 129 description of, 127–29 link between creativity and dishonesty and, 171–72, 185–86 what-the-hell effect and, 129–31 downloads, illegal, 137–39 dressing above one’s station, 120–21 Ebbers, Bernie, 13 ego depletion, 100–116, 238, 249 basic idea behind, 101 cheating and, 104–6 in everyday life, 112–16 removing oneself from tempting situations and, 108–11, 115–16 of Sex and the City’s Samantha Jones, 103 sometimes succumbing to temptation and, 114–15 sudden deaths among students’ grandmothers at exam time and, 106–8 ego motivation, 27 England, cheating in, 242 Enron, 1–3, 192, 207, 215, 234 essay mills, 210–13 exams, sudden deaths among students’ grandmothers and, 106–8 exhaustion, 249 consumption of junk food and, 97–98 judges’ parole rulings and, 102–3 see also ego depletion experimental data, exclusion of, 86–88 expert witnesses, 85–86 explanations, logical-sounding, creation of, 163–65 external signaling, 120–22 dressing above one’s station and, 120–21 fake products and, 121–22 failures, tendency to turn blind eye to, 151 “fair,” determination of what is, 57 fake products, 119, 121–40, 238 illegal downloads and, 137–39 misrepresentation of academic credentials and, 135–36 rationalizations and, 134–35 self-signaling and, 123–26, 135 signaling value of authentic version diluted by, 121–22 suspiciousness of others and, 131–34 what-the-hell effect and, 127–31, 135 farmer’s market, benevolent behavior toward blind customer in, 23–24 fashion, 117–26 counterfeit goods and, 119, 121–22, 121–40, 123–26; see also fake products dressing above one’s station and, 120–21 external signaling and, 120–22 self-signaling and, 122–26 Fastow, Andrew, 2 favors, 74–82 aesthetic preferences and, 75–77 governmental lobbyists and, 77–78 inherent inclination to return, 74–75 pharma reps and, 78–82 see also conflicts of interest Fawal-Farah, Freeda, 117, 118 FBI, 215 Fedorikhin, Sasha, 99–100 Feynman, Richard, 165 financial crisis of 2008, 83–85, 192, 207, 234, 246–47 financial favors, aesthetic preferences and, 77 financial services industry: anonymous monitoring and, 234–35 cheating among politicians vs., 243 conflicts of interest in, 83–85, 93, 94 government regulation of, 234 fishing, lying about, 28 Frederick, Shane, 173 friends, invited to join in questionable behavior, 195 fudge factor theory, 27–29, 237 acceptable rate of lying and, 28–29, 91 distance between actions and money and, 34–37 getting people to cheat less and, 39–51 infidelity and, 244 rationalization of selfish desires and, 53 stealing Coca-Cola vs. money and, 32–33 Gazzaniga, Michael, 164–65 Generally Accepted Accounting Principles (GAAP), 219–20 generous behavior, 23–24 Get Rich Cheating (Kreisler), 14 Gilovich, Tom, 250, 263–64 Gino, Francesca, 45, 104, 123, 127, 131, 145, 170, 184, 197, 225, 234–35, 242, 258–59 Glass, Ira, 6 Gneezy, Ayelet, 177, 257–58 golf, 55–65 cheating by “average golfer” vs. study participants and, 63–64 mistallying score in, 61–64 moving location of ball in, 58–59, 63 mulligans in, 60–61, 63–64 self-monitoring in, 56–57 survey on cheating in, 57–64 government regulations, 234 grandmothers, sudden deaths of, at exam time, 106–8 gray matter, 169–70 Green, Jennifer Wideman, 117 grocery shopping, ego depletion and, 109, 112–13 group or team work, 220–23 performance unaffected by, 233 possible benefits of, 223 predominance of, in professional lives, 217–18, 235 social utility and, 222–23 see also collaborative cheating Grüneisen, Aline, 210–11, 257 guilt, self-inflicted pain and, 250–52 Harford, Tim, 3–4 Harper’s Bazaar, 117–18 Harvard Medical School, 82 Harvey, Ann, 75 Henn, Steve, 209 heretics, external signaling of, 120 Hinduism, 25 honesty threshold, 130–31 honor codes, 41–45, 204 ideological organizations, 232n “I knew it all along” feeling, 149 illegal businesses, loyalty and care for customers in, 138–39 impulsive (or emotional) vs. rational (or deliberative) parts of ourselves, 97–106 cognitive load and, 99–100 ego depletion and, 100–106 exhaustion and, 97–98 Inbar, Yoel, 250, 264 infectious nature of cheating, 191–216, 249 bacterial infections compared to, 192–93 in class, 195–97 collaborative cheating in relation to, 221–22 Congress members’ misuse of PAC money and, 208–10 corporate dishonesty and, 192, 207–8 cost-benefit analysis and, 201–3, 205 essay mills and, 210–13 matrix task and, 197–204 positive side of moral contagion and, 215–16 regaining ethical health and, 214–15 slow and subtle process of accretion in, 193–94, 214–15 social norms and, 195, 201–3, 205–7, 209 social outsiders and, 205–7 vending machine experiment and, 194–95 infidelity, 244–45 “in good faith” notion, 219–20 Inside Job, 84–85 insurance claims, 49–51 intelligence: creativity vs., as predictor of dishonesty, 172–77 measures of, 173–75 IQ-like tests, cheating and self-deception on, 145–49 certificates emphasizing (false) achievement and, 153–54 increasing awareness of cheating and, 156–57 individuals’ tendency to turn a blind eye to their own failures and, 151 IRS, 47–49 Islam, 249 Israel, cheating in, 241 Italy, cheating in, 242 Jerome, Jerome K., 28 Jobs, Steve, 184 Jones, Bobby, 56 Jones, Marilee, 136 Judaism, 45, 249 judges, exhausted, parole decisions and, 102–3 junk food, exhaustion and consumption of, 97–98 Keiser, Kenneth, 135 Kelling, George, 214–15 John F.


pages: 299 words: 91,839

What Would Google Do? by Jeff Jarvis

23andMe, Amazon Mechanical Turk, Amazon Web Services, Anne Wojcicki, barriers to entry, Berlin Wall, business process, call centre, cashless society, citizen journalism, clean water, commoditize, connected car, credit crunch, crowdsourcing, death of newspapers, different worldview, disintermediation, diversified portfolio, don't be evil, fear of failure, Firefox, future of journalism, G4S, Google Earth, Googley, Howard Rheingold, informal economy, inventory management, Jeff Bezos, jimmy wales, Kevin Kelly, Mark Zuckerberg, moral hazard, Network effects, new economy, Nicholas Carr, old-boy network, PageRank, peer-to-peer lending, post scarcity, prediction markets, pre–internet, Ronald Coase, search inside the book, Silicon Valley, Skype, social graph, social software, social web, spectrum auction, speech recognition, Steve Jobs, the medium is the message, The Nature of the Firm, the payments system, The Wisdom of Crowds, transaction costs, web of trust, WikiLeaks, Y Combinator, Zipcar

Why are banks still in the business of building so many retail outlets out of bricks and filling them with staff? When the internet arrived, so did some online-only banks, but they never flourished and many were bought up: in the U.K., Egg was acquired by Citi, First Direct by HSBC. They didn’t offer us enough incentive to change our habits. If online banks had passed savings onto us—the internet dividend in cash—maybe we’d have been motivated to go virtual. The cashless society will probably come to the U.S. a day after the paperless office does—that is, never. We keep hearing about people in Finland and Japan buying Cokes and paying for parking with their mobile phones, but we haven’t seen that happen in the States. Microsoft wanted to become the cash register of the web with its Passport service, but I think no one trusted Microsoft to handle our money. Google’s Checkout service has not caught on.

See application programming interfaces Apple, 14–15, 93–94, 226–28 advertising and, 150 honesty and, 96 application programming interfaces (APIs), 127 Aptera Motors, 175, 193 Arnold, Bonnie, 84 Arrington, Michael, 107 attention, 240 "&" Worldnet, 30 auction marketplace, 69 automobile industry, 110, 172–77 The Baby Name Wizard (Wattenberg), 233 Baker, Stephen, 159 Ball, James, 205–6 banking, 195–98 Barlow, John Perry, 239 Barton, Rich, 80 Bebo, 49–50 Benioff, Marc, 62 beta versions, 93–95 Betaworks, 193 Bezos, Jeff, 4, 71–72 Biggs, Peter, 146 BlogAds, 50 Blogger, 24–25, 43 Bloglines, 15 Blogpulse, 20 blogs, 22–23 advertising and, 149–50 collaboration and, 25, 99 Comcast and, 168 Dell and, 12–19 interacting with, 23 lawyers and, 222–23 listening to, 15–16 9/11 and, 24–25 profit from, 55–56 restaurants and, 155 search engines, 20 VC and, 190 video, 157 Blurb.com, 73 BMW, 174 Bono, 163 book publishing, 73–74, 104 136–43 Bowling Alone (Putnam), 50 Bracconot, Paula, 142 branding, 45, 149 Brilliant, Larry, 163 Brin, Sergey, 85 on energy, 163–65 on evil, 99 Gore v., 217 Bruzzo, Chris, 61–62 Bubblegeneration.com, 64 Buckmaster, Jim, 116–17 Burda, 29–30, 128, 180 Burnham, Brad, 47 Bush, George W., 92 BusinessWeek, 14 Butterfield, Stewart, 45, 89 Buzzmachine, 55–56 CafePress.com, 180 Calacanis, Jason, 60 Caravan Project, 140 Carlin, George, 70 Carr, Nicholas, 235 cash flow, innovation v., 110 cashless society, 198 censorship, 99–100, 219, 237 centralization, 27–28 Cerf, Vint, 232 certification, 214 Chicago Tribune, 124 China, 99–100, 105–6 Chowhound.com, 155 Chrome browser, 140, 169 CleverCommute, 188 Clickable, 190 clicks, 28, 66 The Cluetrain Manifesto (Locke Searls & Weinberger), 3, 82, 96–97, 149 c, mm, n hydrogen car, 175 CNN, 105, 134–35 Coase, Ronald, 151 Coelho, Paulo, 121, 141–43, 240 colas, 178 The Colbert Report, 96 Colbert, Stephen, 96, 136 Cole, Jeffrey, 125 collaboration, 98–99 Apple and, 226 blogging and, 25 with customers, 3–4 entertainment and, 135 with government, 219 links and, 27 newspapers and, 127–28 ownership v., 28 Comcast, 107, 167–68 Comedy Central, 136 commodification, 67–68 communication, 217 customers with, 16–17 direct, 25 communities on airlines, 183 automobile industry and, 173–74 elegant organization and, 48–53 health care and, 200 restaurants and, 155–56 complaints, 236–37 construction, 225 consumer products, 177–81 consumers focus on, 146 input of, 87–88 content commodification of, 67–68 free, 76–80 Glam and, 29–30 control Apple and, 226 customer, 3, 11–12 trust v., 82–83 conversations, 96–97 Cork’d, 159 corporate value, 27–28 corrections, 91 Covestor, 197 craigslist, 31, 38–39, 116–18 newspaper ads v., 148 Cramer, Jim, 36, 79, 157–58 Cranley, Chris, 205 Crawford, Colin, 70–71 creation, 239–40 credibility, 91 credit crisis, 197 CRM.


pages: 252 words: 75,349

Spam Nation: The Inside Story of Organized Cybercrime-From Global Epidemic to Your Front Door by Brian Krebs

barriers to entry, bitcoin, Brian Krebs, cashless society, defense in depth, Donald Trump, employer provided health coverage, John Markoff, mutually assured destruction, offshore financial centre, payday loans, pirate software, placebo effect, ransomware, Silicon Valley, Stuxnet, the payments system, transaction costs, web application

Local Russian newspapers suggested that he’d been sprung from jail because his government needed him. In response to U.S. sanctions against Russia for funding and organizing pro-Russian separatists who were causing unrest and armed conflict in Ukraine, Visa and MasterCard in March 2014 stopped servicing payments for clients of at least two top Russian banks. Russian President Vladimir Putin responded by signing into law a bill that required the creation of a homegrown, cashless national payments system to route around the credit card companies. The law also imposed stiff new requirements on international payments providers operating in Russia. In a telephone interview shortly after his release, Vrublevsky told me that his lawyers had strictly forbidden him from discussing his case. He said he had no idea why he was released early, but that he didn’t think it had anything to do with the national payments system.


Pocket Stockholm Travel Guide by Lonely Planet

active transport: walking or cycling, cashless society, Kickstarter, ride hailing / ride sharing, sexual politics, urban decay, walkable city

. (%08-658 63 50; www.debaser.se; Hornstulls Strand 4; hrestaurant 5-11pm Tue-Thu, to 1am Fri & Sat, 11am-4pm Sun, bar Fri & Sat 4pm-3am; dHornstull) 6NadaBAR MAP GOOGLE MAP With its soft orange glow, mini chandelier and decadent black-toned back bar, this cosy establishment pulls Söder’s 20- and 30-something party people. Nightly, DJs play everything from alternative pop to ’80s retro, while behind the bar mixologists sling elaborate summery cocktails. (%08-644 70 20; Åsögatan 140; h5pm-1am Mon-Sat; dMedborgarplatsen) UnderstandCashless Society In typical ahead-of-the-curve Swedish style, Stockholm today is fast becoming a cashless society. Many businesses in the city, including several museums and major hotels, no longer accept payment by cash; debit or credit cards are considered safer. Payments by SMS are increasingly common too. Entertainment 3Södra TeaternTHEATRE, LIVE MUSIC MAP GOOGLE MAP Accessible from Mosebacketorg and adjoining Mosebacke Etablissement, up the winding streets of old Södermalm, Södra Teatern is the original multifunctional event space, with its assortment of bars, stages and a restaurant.


pages: 159 words: 42,401

Snowden's Box: Trust in the Age of Surveillance by Jessica Bruder, Dale Maharidge

anti-communist, Bay Area Rapid Transit, Berlin Wall, blockchain, Broken windows theory, Burning Man, cashless society, Chelsea Manning, citizen journalism, computer vision, crowdsourcing, Donald Trump, Edward Snowden, Elon Musk, Ferguson, Missouri, Filter Bubble, Firefox, Internet of things, Jeff Bezos, Julian Assange, license plate recognition, Mark Zuckerberg, mass incarceration, medical malpractice, Occupy movement, off grid, pattern recognition, Peter Thiel, Robert Bork, Shoshana Zuboff, Silicon Valley, Skype, social graph, Steven Levy, Tim Cook: Apple, web of trust, WikiLeaks

The spread of networked devices — the so-called internet of things — could someday give police easy access to the most private parts of our lives. Law enforcement already has a formidable array of surveillance technologies, ranging from license plate readers to the cell site simulators nicknamed “stingrays” that mimic mobile phone towers to facial recognition and access to credit card transactions — an area of data that is mushrooming as some areas of the country move towards a cashless economy. Meanwhile, Amazon has quietly been licensing its own facial recognition software, called Rekognition, to law enforcement agencies. In November 2018, alarmed members of Congress wrote a letter to Jeff Bezos, demanding to know more about how Rekognition was being used. Weeks later, a new Amazon patent application went public. It described a neighborhood surveillance system, made up of networked doorbell cameras that recognize “suspicious” people and call the police.


pages: 178 words: 52,637

Quality Investing: Owning the Best Companies for the Long Term by Torkell T. Eide, Lawrence A. Cunningham, Patrick Hargreaves

air freight, Albert Einstein, backtesting, barriers to entry, buy and hold, cashless society, cloud computing, commoditize, Credit Default Swap, discounted cash flows, discovery of penicillin, endowment effect, global pandemic, haute couture, hindsight bias, low cost airline, mass affluent, Network effects, oil shale / tar sands, pattern recognition, shareholder value, smart grid, sovereign wealth fund, supply-chain management

In the UK, the foundation was Britain’s largest retailer and consumer creditor, Great Universal Stores (GUS). It computerized its data in the 1960s and added vast information from electoral rolls and court records, and began commercializing the product in 1980. In 1996, GUS acquired the leading US credit rating agency, owned by TRW, whose founders include Dr. Si Ramo, the rocket scientist. Among Ramo’s prescient prophecies (besides his 1961 vision of a cashless society) were automating credit reporting, predicting payment patterns, and scoring credit quality. Ramo and TRW spent decades vindicating those prophesies, as they collected and standardized volumes of consumer credit information. In 2007, Experian (as the combined UK and US business was then known) acquired Serasa, Brazil’s market leader in the field, founded in 1968 by a consortium of regional banks.


pages: 533

Future Politics: Living Together in a World Transformed by Tech by Jamie Susskind

3D printing, additive manufacturing, affirmative action, agricultural Revolution, Airbnb, airport security, Andrew Keen, artificial general intelligence, augmented reality, automated trading system, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, bitcoin, blockchain, brain emulation, British Empire, business process, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Cass Sunstein, cellular automata, cloud computing, computer age, computer vision, continuation of politics by other means, correlation does not imply causation, crowdsourcing, cryptocurrency, digital map, distributed ledger, Donald Trump, easy for humans, difficult for computers, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ethereum, ethereum blockchain, Filter Bubble, future of work, Google bus, Google X / Alphabet X, Googley, industrial robot, informal economy, intangible asset, Internet of things, invention of the printing press, invention of writing, Isaac Newton, Jaron Lanier, John Markoff, Joseph Schumpeter, Kevin Kelly, knowledge economy, lifelogging, Metcalfe’s law, mittelstand, more computing power than Apollo, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, night-watchman state, Oculus Rift, Panopticon Jeremy Bentham, pattern recognition, payday loans, price discrimination, price mechanism, RAND corporation, ransomware, Ray Kurzweil, Richard Stallman, ride hailing / ride sharing, road to serfdom, Robert Mercer, Satoshi Nakamoto, Second Machine Age, selection bias, self-driving car, sexual politics, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, Snapchat, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, technological singularity, the built environment, The Structural Transformation of the Public Sphere, The Wisdom of Crowds, Thomas L Friedman, universal basic income, urban planning, Watson beat the top human players on Jeopardy!, working-age population

Turning first to whom, it seems clear that most of us will become subject to technology’s power in two main ways. The first is when we engage technology for a particular purpose. That might be when we use a social media, communications, or shopping platform, or ride in a self-driving car. Almost everything we do will be mediated or facilitated by digital platforms and systems of one sort or another. Most of the time we won’t have a choice in the matter: in a fully cashless economy, for example, we’ll have no option but to use the digital payment platform or platforms. The second is as passive subjects—when, for instance, surveillance cameras track our progress down a street. Just going about our lives we’ll necessarily, and often unconsciously, engage with technology. Even when we try to avoid OUP CORRECTED PROOF – FINAL, 28/05/18, SPi РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS 154 FUTURE POLITICS it by switching off our personal devices, then technology integrated into the world around us will often act on us in the background.

And even if we could and did read the terms and conditions, ticking a box once a decade is not a satisfactory means of surrendering important rights and freedoms. Another difficulty with the consent principle is that often we won’t have a choice whether or not to engage with a particular technology. This might be because of ubiquity (like public surveillance systems) or equally necessity (in a cashless economy, we’ll have no choice but to use the standard payment technology). To confer legitimacy, consent must be free and informed. Necessary consent is not really consent at all. Finally, to return to the Google example, the consent principle doesn’t protect us at a systemic level from abuses, even if it can justify an ad hoc exercise of power over a single search. Consent alone—at least consent of the kind given in the market economy—may not be enough.


pages: 352 words: 80,030

The New Silk Roads: The Present and Future of the World by Peter Frankopan

active measures, Berlin Wall, bitcoin, blockchain, Boris Johnson, cashless society, clean water, cryptocurrency, Deng Xiaoping, don't be evil, Donald Trump, Ethereum, ethereum blockchain, F. W. de Klerk, failed state, Fall of the Berlin Wall, global supply chain, illegal immigration, income inequality, invisible hand, land reform, Mark Zuckerberg, mass incarceration, Nelson Mandela, purchasing power parity, ransomware, Rubik’s Cube, smart cities, South China Sea, sovereign wealth fund, trade route, trickle-down economics, UNCLOS, urban planning, WikiLeaks, zero-sum game

It is perhaps hard to believe that one of the most vibrant centres for tech start-ups in the world today is Iran, where one unexpected side effect of being distanced from western competition has been a surge in new businesses and incubators for start-up companies, like Sarava, that help fledgling concepts off the ground.59 Among those selected to appear at the appropriately named Silk Road Startup in Kish in the spring of 2018 were a marketplace for water-friendly food and agriculture products, an eco-friendly and online fashion marketplace for women to buy and sell pre-owned wearables, and a handheld device that measures the level of blood glucose with infrared spectroscopy and artificial intelligence.60 Such successes do not scratch the surface of what is going on India and China, whose adoption rates of new financial technologies (FinTech) for money transfers and payments, savings and investments and borrowing are far higher than any other country in the world – including the US.61 In both countries, the scope for growth seems to be almost limitless. Ant Financial, hived off from the e-commerce giant Alibaba before the latter floated in the world’s largest initial public offering (or IPO) in history in 2014, is itself preparing to undertake a fundraising round that will value the cashless payment business at a jaw-dropping $150bn.62 This makes the valuation of India’s Paytm (in which Alibaba is a shareholder) of just $10bn look conservative – not bad for a company only founded a few months before Prince William and Kate Middleton got engaged in autumn 2010.63 This all sounds impressive – because it is. But the success of new businesses should not mask the fact that in most sectors and most industries, the west still leads the way.


pages: 229 words: 72,431

Shadow Work: The Unpaid, Unseen Jobs That Fill Your Day by Craig Lambert

airline deregulation, Asperger Syndrome, banking crisis, Barry Marshall: ulcers, big-box store, business cycle, carbon footprint, cashless society, Clayton Christensen, cognitive dissonance, collective bargaining, Community Supported Agriculture, corporate governance, crowdsourcing, disintermediation, disruptive innovation, financial independence, Galaxy Zoo, ghettoisation, gig economy, global village, helicopter parent, IKEA effect, industrial robot, informal economy, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Mark Zuckerberg, new economy, pattern recognition, plutocrats, Plutocrats, recommendation engine, Schrödinger's Cat, Silicon Valley, single-payer health, statistical model, Thorstein Veblen, Turing test, unpaid internship, Vanguard fund, Vilfredo Pareto, zero-sum game, Zipcar

The high-tech industry naturally led the way in Internet food gathering. In 1994, a Pizza Hut franchise in Santa Cruz, California, tested the possibility, and nearby Silicon Valley got it established as techies ordered their pizzas delivered for dinner without budging from their screens. (In Sydney, Australia, Pompei’s Pizza has rolled out a Pizza Gio kiosk at a shopping center. It cooks an eleven-inch pizza in three minutes, and its touchscreen accepts cashless payments. Pizza Gio holds eighty-four refrigerated pizzas that are about halfway cooked. The customer completes the baking process.) With web ordering, “I can do it at my own pace, and stare at the menu as long as I like,” says Melanie, a marketing specialist in St. Paul, Minnesota. “And I never get put on hold.” Furthermore, seeing the entire menu on a web page seems to increase orders by as much as 40 percent, as hungry customers add on salads, drinks, and side dishes.


pages: 491 words: 77,650

Humans as a Service: The Promise and Perils of Work in the Gig Economy by Jeremias Prassl

3D printing, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, Andrei Shleifer, autonomous vehicles, barriers to entry, call centre, cashless society, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, Donald Trump, Erik Brynjolfsson, full employment, future of work, George Akerlof, gig economy, global supply chain, hiring and firing, income inequality, information asymmetry, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, low skilled workers, Lyft, Mahatma Gandhi, Mark Zuckerberg, market friction, means of production, moral hazard, Network effects, new economy, obamacare, pattern recognition, platform as a service, Productivity paradox, race to the bottom, regulatory arbitrage, remote working, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Rosa Parks, Second Machine Age, secular stagnation, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Singh, software as a service, Steve Jobs, TaskRabbit, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, transaction costs, transportation-network company, Travis Kalanick, two tier labour market, two-sided market, Uber and Lyft, Uber for X, uber lyft, union organizing, working-age population

Magdalen College, Oxford Hilary Term MMXVIII * * * * * * Index Aasmäe, Mailin 183 automata 1 Adams, Abi 111, 178 automation 89, 135, 136 ‘additional income’ 81–2 limits of 137–9 airbnb 143 robots 136–7 Airtasker 114 autonomous vehicles 89, 137 Akerlof, George 158 autonomy 53–5 (see also Albin, Einat 175, 176 self-determination) algorithms 2, 5, 7, 8, 12, 13, 84 algorithmic control and 55–8 control mechanisms 55–8 sanctions and 61–3 limitations 138, 139 wages and 58–61 rating algorithms 54, 55, 87–8 Autor, David 138–9, 185, 186 discrimination 113 Avent, Ryan 89, 171 Amazon ‘artificial artificial intelligence’ 6, 139 Badger, Emily 182 CEO 1–2, 3, 6 Balaram, Brhmie 38, 149, 150, 153, ‘humans as a service’ 3 155, 158, 180 MTurk 2, 3, 4, 11, 12, 24–5, 76, 139, Balkin, Jack 170 161–2, 163 bargaining power 9, 48, 65, 66, 82, 107, algorithmic control mechanisms 56 110, 111, 113, 116 (see also business model 100, 101, 103, 104 collective bargaining) commission deductions 63 Barry, Erin 166 digital work intermediation 14, 15 Benjamin, Robert 73 matching 19 Bertram, Jo 115 payment in gift vouchers 105 Berwick, Barbara Ann 99 quality control 120 Bevin, Ernest 86 TurkOpticon 114, 162, 163, 179 Bezos, Jeff 1–2, 3, 6, 72 wage rates 59, 60, 61 Bhuiyan, Johana 162 termination of agreements 63 Biewald, Lukas 4 ‘web services’ 1–2 bilateral relationships 100 Andersen, Hans Christian 71, 166 BlaBlaCar 43 Apple 35 BlancRide 43 apps 5 Blasio, Bill de 36 arbitration clauses 67, 165 Bonaparte, Napoleon 1 Arlidge, John 163 Booth, Robert 182 ‘artificial artificial intelligence’ 6, 139 Boswell, Josh 182 Ashley, Mike 40 Bradshaw, Tim 151 associated costs 60 Brazil, Noli 133, 184 asymmetric information 32, 54, 87, 131 Bruckner, Caroline 126–7, 183 Australia 109, 110–11, 114, 121, 176, 177 Brynjolfsson, Erik 137, 138, 185 * * * 192 Index Burger King 60 consumer satisfaction 25 business models 12–13, 44, 100, 101, 102 contracts of employment 94 structural imbalances 130–2 bilateral relationships 100 Busque, Leah 46, 51 contractual agreements 8 Butler, Sarah 155 contractual prohibitions 66–7 Bythell, Duncan 89, 166, 167, 168, control mechanisms 54, 55–7 169, 172 ‘cost of switching’ 165 Craigslist 20 Cala, Ryan 123, 131, 182, 184 Croft, Jane 173, 182, 186 Callaway, Andrew 58, 161 ‘crowd-based capitalism’ 40, 73 capitalism 2, 3, 40, 73 CrowdFlower 4, 58 Carr, Paul Bradley 39, 154 wage rates 59 Carson, Biz 173 crowdsourcing 7, 11 Case, Steve 73, 166 classification and differentiation 13 cash burn 22–3 crowdwork 2, 54 cashless payment 5 classification and differentiation 13 ‘casual earners’ 29 Crump, W. B. 169 casual loading 109, 110–11 Curran, Hannah 167 casual task platforms 2 ‘cyber-proletariat’ 27 Chartered Institute of Personnel and Development 115–16 Dal Bó, Ernesto 151 Chassany, Anne-Sylvaine 167 dangerous working conditions 57 cheap labour 89, 90 data portability 112 Chen, Adrian 161 Davies, A. C.


pages: 612 words: 179,328

Buffett by Roger Lowenstein

asset allocation, Bretton Woods, buy and hold, cashless society, collective bargaining, computerized trading, corporate raider, credit crunch, cuban missile crisis, Eugene Fama: efficient market hypothesis, index card, index fund, interest rate derivative, invisible hand, Jeffrey Epstein, John Meriwether, Long Term Capital Management, moral hazard, Paul Samuelson, random walk, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, The Predators' Ball, traveling salesman, Works Progress Administration, Yogi Berra, young professional, zero-coupon bond

(“Checks That Never Bounce,” Reader’s Digest gushed.)2 Half a billion dollars of the company’s scrip was in circulation, accepted as readily as money itself. Of equal import, by 1963 one million people carried the American Express card, introduced, merely five years earlier, in the innocent era in which citizens thought it necessary to travel about with hard coin. Time heralded the advent of the “cashless society.”3 A revolution was at hand, and American Express was its beacon. And then the bottom fell out. The trouble began, as it often will, in a remote and seemingly minor colony of the corporate empire—in this case, a warehouse in Bayonne, New Jersey, that was owned by an American Express subsidiary. The warehouse, in the normal course of its less than glamorous trade, accepted tank loads, supposedly of vegetable oil, from an outfit known by the unwieldy moniker Allied Crude Vegetable Oil Refining.

Warren Buffett, letter to partners, January 18, 1963. 39. Ibid. 40. Dorr, “Investor at 11.” 41. Bob Billig; Ed Anderson. 42. Warren Buffett, appendix to letter to partners, 1964. 43. Warren Buffett, letter to partners, January 18, 1963. Chapter 5. PARTNERS 1. Warren Buffett, letter to partners, January 20, 1966. 2. Frederic Sondern, Jr., “Checks That Never Bounce,” Reader’s Digest, August 1963. 3. “Credit: Toward a Cashless Society,” Time, November 5, 1965. 4. American Express Co., 2963 Annual Report, 22. 5. Howard Clark. 6. See the Pulitzer-prize-winning account of Norman C. Miller in the Wall Street Journal, “How Phantom Salad Oil Was Used to Engineer $100 Million Swindle,” December 2, 1963; Murray Kempton, “The Salad Oil Mystery,” New Republic, July 24, 1965. 7. Josephine Lorella [owner of Ross’s]. 8. “How Omaha Beats Wall Street.” 9.


pages: 269 words: 70,543

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global by Rebecca Fannin

Airbnb, augmented reality, autonomous vehicles, blockchain, call centre, cashless society, Chuck Templeton: OpenTable:, cloud computing, computer vision, connected car, corporate governance, cryptocurrency, data is the new oil, Deng Xiaoping, digital map, disruptive innovation, Donald Trump, El Camino Real, Elon Musk, family office, fear of failure, glass ceiling, global supply chain, income inequality, industrial robot, Internet of things, invention of movable type, Jeff Bezos, Kickstarter, knowledge worker, Lyft, Mark Zuckerberg, megacity, Menlo Park, money market fund, Network effects, new economy, peer-to-peer lending, personalized medicine, Peter Thiel, QR code, RFID, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart transportation, Snapchat, social graph, software as a service, South China Sea, sovereign wealth fund, speech recognition, stealth mode startup, Steve Jobs, supply-chain management, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, urban planning, winner-take-all economy, Y Combinator, young professional

•New retail commerce: Alibaba and JD.com have pioneered cashless and cashier-free stores and are digitalizing China’s retailing and logistics with efficiencies in merchandising, pricing, and marketing. They are also transforming deliveries with white-glove service and super-speedy scooters. Alibaba’s futuristic Freshippo grocery stores employ robots and are more advanced and extensive than Amazon Go’s limited number of automated convenience stores in the United States. •Mobile payments: China today is a cashless society. China’s mobile payments market led by WeChat Pay and Alipay already exceeds US credit and debit card usage. •Fintech: Alibaba affiliate Ant Financial is a one-stop financial services giant that uses big data and machine learning to dominate in money market funds, lending, insurance, mobile payments, wealth management, and blockchain services. •Social credit: China’s new, controversial social credit system judges a citizen’s trustworthiness through technological surveillance and encourages compliance by giving ratings that can determine access to loans, jobs, schools, and travel.


pages: 309 words: 81,975

Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan

"side hustle", activist fund / activist shareholder / activist investor, Airbnb, Albert Einstein, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, bitcoin, Black Swan, blockchain, Buckminster Fuller, Burning Man, butterfly effect, cashless society, Clayton Christensen, clean water, cognitive bias, cognitive dissonance, corporate governance, corporate social responsibility, correlation does not imply causation, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, David Heinemeier Hansson, deliberate practice, DevOps, disruptive innovation, don't be evil, Elon Musk, endowment effect, Ethereum, ethereum blockchain, Frederick Winslow Taylor, future of work, gender pay gap, Geoffrey West, Santa Fe Institute, gig economy, Google X / Alphabet X, hiring and firing, hive mind, income inequality, information asymmetry, Internet of things, Jeff Bezos, job satisfaction, Kevin Kelly, Kickstarter, Lean Startup, loose coupling, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, minimum viable product, new economy, Paul Graham, race to the bottom, remote working, Richard Thaler, shareholder value, Silicon Valley, six sigma, smart contracts, Social Responsibility of Business Is to Increase Its Profits, software is eating the world, source of truth, Stanford marshmallow experiment, Steve Jobs, TaskRabbit, the High Line, too big to fail, Toyota Production System, uber lyft, universal basic income, Y Combinator, zero-sum game

Joining a camp is like joining a team, and you’ll be taking on duties and contributing to the camp’s vision, whatever that might be. The experiences and entertainment that participants bring to life are almost beyond comprehension. Massive art installations, mutant vehicles, and elaborate parties celebrate the ideals and values of the community. You may find yourself. You may find God. You may run into Elon Musk (no relation). And the total cost to participate in this cashless economy where you’ll be totally reliant on the people around you? It could be $2,000 or more. Tickets for last year’s event sold out in just thirty-five minutes. This isn’t Lollapalooza. It’s not a few hours in the sun with your friends. This is a way of life. Burning Man is a classic example of membership done well. When it comes to membership, it’s helpful to think of an organization as a set of membranes—cells within cells within cells.


pages: 282 words: 81,873

Live Work Work Work Die: A Journey Into the Savage Heart of Silicon Valley by Corey Pein

23andMe, 4chan, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, Anne Wojcicki, artificial general intelligence, bank run, barriers to entry, Benevolent Dictator For Life (BDFL), Bernie Sanders, bitcoin, Build a better mousetrap, California gold rush, cashless society, colonial rule, computer age, cryptocurrency, data is the new oil, disruptive innovation, Donald Trump, Douglas Hofstadter, Elon Musk, Extropian, gig economy, Google bus, Google Glasses, Google X / Alphabet X, hacker house, hive mind, illegal immigration, immigration reform, Internet of things, invisible hand, Isaac Newton, Jeff Bezos, job automation, Kevin Kelly, Khan Academy, Law of Accelerating Returns, Lean Startup, life extension, Lyft, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, Menlo Park, minimum viable product, move fast and break things, move fast and break things, mutually assured destruction, obamacare, passive income, patent troll, Paul Graham, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, Peter Thiel, platform as a service, plutocrats, Plutocrats, Ponzi scheme, post-work, Ray Kurzweil, regulatory arbitrage, rent control, RFID, Robert Mercer, rolodex, Ronald Reagan, Ross Ulbricht, Ruby on Rails, Sam Altman, Sand Hill Road, Scientific racism, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, Singularitarianism, Skype, Snapchat, social software, software as a service, source of truth, South of Market, San Francisco, Startup school, stealth mode startup, Steve Jobs, Steve Wozniak, TaskRabbit, technological singularity, technoutopianism, telepresence, too big to fail, Travis Kalanick, tulip mania, Uber for X, uber lyft, ubercab, upwardly mobile, Vernor Vinge, X Prize, Y Combinator

Responding to criticism of the policy, the government offered up various, often contradictory rationales: rebalancing the cash supply, boosting the economy, and fighting corruption (it’s much harder to bribe someone or avoid taxes with an app that records every transaction than it is with cash). But there was one justification the government never backed away from: demonetization, it said, was modernization. India was leapfrogging toward a “digital and cashless economy,” with a big assist from some well-connected tech startups. The sudden announcement was accompanied by a tremendous marketing campaign for government-approved mobile payment apps. These included full-page ads that took over the front pages of all the major newspapers showing Modi’s smiling face along with his endorsement for a new smartphone payments app called Paytm, which had arrived just in time to capitalize on the government-mandated disruption of the national currency.


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, blockchain, borderless world, Bretton Woods, BRICs, business cycle, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, eurozone crisis, fiat currency, financial exclusion, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kickstarter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liberal capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, negative equity, new economy, Nixon shock, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer, peer-to-peer lending, Ponzi scheme, post scarcity, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Veblen good, Wave and Pay, Westphalian system, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

“Feel like a regular every time you pay,” the advertising says, conveying a combination of speed and Gemeinschaft that Simmel would surely have found compelling. What we gain in convenience with transactions like this, we lose in the discount the merchant has to pay to the provider of the payment service in question. This is the “cut”—usually between 1 and 4 percent—that is sliced from an increasing number of everyday transactions: not just those involving credit and debit cards but virtually all cashless forms of payment that we make. Those forms of payments that seem to liberate us from the clutches of banks and large corporations base their attractiveness on an underlying sense that they are enabling us to escape from the old vested interests that were present—somewhere in the background—whenever we used money. The classic expression of such interests, of course, is seigniorage, which used to be the difference between the value of money and what it cost to produce.

Buckingham, U.K., Open University Press: 28–40. Wittgenstein, L. (2007). Zettel, Berkeley and Los Angeles, University of California Press. Wolf, M. (2010). Fixing Global Finance, New Haven, CT/London, Yale University Press. Wolff, K. H., Ed. (1950). The Sociology of Georg Simmel, New York, The Free Press. Wolman, D. (2012). The End of Money: Counterfeiters, Preachers, Techies, Dreamers—and the Coming Cashless Society, Philadelphia, Da Capo Press. Wray, L. R. (1998). “Modern Money.” Jerome Levy Economics Institute, Working Paper No. 74, Annandale-on-Hudson, NY, Levy Economics Institute of Bard College. www.levyinstitute.org/pubs/wp252.pdf. Wray, L. R. (2004a). “Conclusion: The Credit Money and State Money Approaches.” Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Cheltenham, U.K., Edward Elgar Publishing: 223–62.


pages: 251 words: 76,128

Borrow: The American Way of Debt by Louis Hyman

asset-backed security, barriers to entry, big-box store, business cycle, cashless society, collateralized debt obligation, credit crunch, deindustrialization, deskilling, diversified portfolio, financial innovation, Ford paid five dollars a day, Home mortgage interest deduction, housing crisis, income inequality, market bubble, McMansion, mortgage debt, mortgage tax deduction, Network effects, new economy, Paul Samuelson, plutocrats, Plutocrats, price stability, Ronald Reagan, statistical model, technology bubble, transaction costs, women in the workforce

Only places that catered to the expense account crowd took American Express, and for everything else there was cash. Yet while Joe could spend $10,000 to live like a millionaire, it would have been nearly impossible for him to spend $10,000 to live like a middle-class person—much less a working-class guy from a Lower East Side tenement. The way we use credit cards today—to pay for groceries, fast food, and coffee—was heralded as futuristic in the 1960s—a hallmark of a wondrous cashless world of tomorrow! It would be a distributed landscape of credit where cards would replace cash. One of the reasons this vision of the future seemed so impossible was because of the very real technological limits on where credit could be used and the moral limits on where it should be. Joe’s story reflected those limits, and the story we are about to examine shows how those limits disappeared. How the credit card changed from a plaything for the rich into an everyday accessory explains a great deal about why so much credit suddenly became available for the average American in the 1980s.


pages: 372 words: 92,477

The Fourth Revolution: The Global Race to Reinvent the State by John Micklethwait, Adrian Wooldridge

Admiral Zheng, affirmative action, Affordable Care Act / Obamacare, Asian financial crisis, assortative mating, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bernie Madoff, Boris Johnson, Bretton Woods, British Empire, cashless society, central bank independence, Chelsea Manning, circulation of elites, Clayton Christensen, Corn Laws, corporate governance, credit crunch, crony capitalism, Deng Xiaoping, Detroit bankruptcy, disintermediation, Edward Snowden, Etonian, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, income inequality, Khan Academy, Kickstarter, knowledge economy, Kodak vs Instagram, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, Martin Wolf, means of production, minimum wage unemployment, mittelstand, mobile money, Mont Pelerin Society, Nelson Mandela, night-watchman state, Norman Macrae, obamacare, oil shale / tar sands, old age dependency ratio, open economy, Parag Khanna, Peace of Westphalia, pension reform, pensions crisis, personalized medicine, Peter Thiel, plutocrats, Plutocrats, popular capitalism, profit maximization, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Coase, Ronald Reagan, school choice, school vouchers, Silicon Valley, Skype, special economic zone, too big to fail, total factor productivity, War on Poverty, Washington Consensus, Winter of Discontent, working-age population, zero-sum game

It also has added a useful twist to education reform, allowing parents to “top up” public vouchers with (limited) cash of their own. This is creating a flourishing market, particularly in Copenhagen, ranging from academic schools for traditionalists to religious ones for Muslims to experimental ones for children of aging hippies. And it has also become a leader in what some call the intelligent state. The Danes are ahead in the transition to both e-government and the cashless economy. Locals boast that they pay their taxes by SMS. Instead of ordering wheelchairs from the same old provider, Denmark is now asking companies to come up with broader “mobility solutions” in the hope that this will spawn a new industry. Not all these innovations work: A fat tax, which was supposed to “nudge” people into leading healthier lives, had to be withdrawn. But like the Swedes (and the Singaporeans), the Danes are experimenting—attempting to preserve what is best about their welfare state while trying new ways of delivering services.


pages: 383 words: 81,118

Matchmakers: The New Economics of Multisided Platforms by David S. Evans, Richard Schmalensee

Airbnb, Alvin Roth, big-box store, business process, cashless society, Chuck Templeton: OpenTable:, creative destruction, Deng Xiaoping, disruptive innovation, if you build it, they will come, information asymmetry, Internet Archive, invention of movable type, invention of the printing press, invention of the telegraph, invention of the telephone, Jean Tirole, John Markoff, Lyft, M-Pesa, market friction, market microstructure, mobile money, multi-sided market, Network effects, Productivity paradox, profit maximization, purchasing power parity, QR code, ride hailing / ride sharing, sharing economy, Silicon Valley, Snapchat, Steve Jobs, Tim Cook: Apple, transaction costs, two-sided market, Uber for X, uber lyft, ubercab, Victor Gruen, winner-take-all economy

The ancient Athenian emporion probably was, too, at least in its part of the world. So, when you look at the turbocharged matchmakers of today, whether sharing ones or others, don’t fall into the end-of-history illusion that all the good stuff has already happened. It almost certainly hasn’t. Shortly after the credit card became popular in the late 1950s, pundits started predicting the death of cash. The Economist wrote about “The Cashless Society” on July 9, 1966. A half century later, Americans use cash for about 26 percent of transactions. Many of these are small, so cash accounts for only 10 percent of the money people spend on the sorts of things they could pay for with a card.16 Yet, while cash use has indeed declined over time, even in developed countries, it accounts for a large fraction of transactions.17 Pundits also predicted that e-commerce would kill brick-and-mortar stores.


pages: 335 words: 95,549

Confessions of a Bookseller by Shaun Bythell

Airbnb, British Empire, cashless society, credit crunch, Donald Trump, mail merge, period drama, Skype, zero day

Up until recently – and in line with many other businesses – we refused to accept credit cards for purchases under £10. This was in part because it is a bit of a pain, and also because we incur a small charge from the bank, but since Transport for London introduced contactless payment on the Tube in 2014 an increasing number of people seem to find it acceptable to pay for even the smallest of transactions this way. I suppose we will have to adapt to the inevitability of the cashless society. By closing there was still no sign of the man who said he’d collect his wildfowling books today, so I went for a pint with Callum and Tracy, who has finally managed to get a job interview. She’s going to Turnberry to apply for a receptionist’s job. Despite his best efforts, most of the people of south-west Scotland refuse to refer to the hotel and golf course as the egomaniacally renamed ‘Trump Turnberry’.


pages: 363 words: 107,817

Modernising Money: Why Our Monetary System Is Broken and How It Can Be Fixed by Andrew Jackson (economist), Ben Dyson (economist)

bank run, banking crisis, banks create money, Basel III, Bretton Woods, business cycle, call centre, capital controls, cashless society, central bank independence, credit crunch, David Graeber, debt deflation, double entry bookkeeping, eurozone crisis, financial exclusion, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, informal economy, information asymmetry, intangible asset, land reform, London Interbank Offered Rate, market bubble, market clearing, Martin Wolf, means of production, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, negative equity, Northern Rock, price stability, profit motive, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, risk-adjusted returns, seigniorage, shareholder value, short selling, South Sea Bubble, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, unorthodox policies

Deposit banking was only able to resume in Western Europe in the 12th century following improvements in numeracy, literacy, and financial and trade innovations4 that came about after an increase in available coinage5 led to a resurgence in international trade (Spufford, 2002). In this environment the moneychangers prospered, and adopted the merchant companies' practice of accepting deposits. By also holding deposits with each other, their customers were able to make cashless payments between each other (even when this took accounts into overdraft) (Spufford, 2002). Deposit banking, as it had been practised by the Athenians, was thus rediscovered. Banking in England In mediaeval England, there were no private moneychangers for banks to develop out of, since this was a royal monopoly associated with the mints (Spufford, 2002). The monopoly had however become eroded over time, as Charles I attempted to revive it in 1627, but was left to “fume in vain against the growing power of the goldsmiths who had ‘left off their proper trade and turned [into] exchangers of plate and foreign coins for our English coins, though they had no right.’”


Future Files: A Brief History of the Next 50 Years by Richard Watson

Albert Einstein, bank run, banking crisis, battle of ideas, Black Swan, call centre, carbon footprint, cashless society, citizen journalism, commoditize, computer age, computer vision, congestion charging, corporate governance, corporate social responsibility, deglobalization, digital Maoism, disintermediation, epigenetics, failed state, financial innovation, Firefox, food miles, future of work, global pandemic, global supply chain, global village, hive mind, industrial robot, invention of the telegraph, Jaron Lanier, Jeff Bezos, knowledge economy, lateral thinking, linked data, low cost airline, low skilled workers, M-Pesa, mass immigration, Northern Rock, peak oil, pensions crisis, precision agriculture, prediction markets, Ralph Nader, Ray Kurzweil, rent control, RFID, Richard Florida, self-driving car, speech recognition, telepresence, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Turing test, Victor Gruen, white flight, women in the workforce, Zipcar

The rest will be digital, a mixture of micro-payments, contactless payments, storedvalue cards and plastic. This will be good news for governments, because about 25% of all cash in circulation worldwide is used for illegal purposes, so any restriction on its availability will be benefi126 Money and Financial Services 127 cial. Cash is anonymous and difficult to trace; e-payments are not. Equally, a cashless society will appeal to business because it will speed up transactions, saving banks and other organizations a bundle of money. Indeed, the only people who will be against the idea of a cash-free society will be some ordinary, law-abiding citizens who rather like the look and feel of paper money — much in the same way that many people prefer real newspapers and books to their online equivalents. This, in a nutshell, is the future of money.


pages: 324 words: 93,606

No Such Thing as a Free Gift: The Gates Foundation and the Price of Philanthropy by Linsey McGoey

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, agricultural Revolution, American Legislative Exchange Council, bitcoin, Bob Geldof, cashless society, clean water, cognitive dissonance, collapse of Lehman Brothers, colonial rule, corporate governance, corporate social responsibility, crony capitalism, effective altruism, Etonian, financial innovation, Food sovereignty, Ford paid five dollars a day, germ theory of disease, hiring and firing, Howard Zinn, income inequality, income per capita, invisible hand, Jane Jacobs, Joseph Schumpeter, liquidationism / Banker’s doctrine / the Treasury view, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, meta analysis, meta-analysis, microcredit, Mitch Kapor, Mont Pelerin Society, Naomi Klein, obamacare, Peter Singer: altruism, Peter Thiel, plutocrats, Plutocrats, price mechanism, profit motive, Ralph Waldo Emerson, rent-seeking, road to serfdom, Ronald Reagan, school choice, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Slavoj Žižek, Steve Jobs, strikebreaker, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, urban planning, wealth creators

Which was lucky for Vodafone, because a company rep has gone on record stating that without the £1 million from DFID, he could never have persuaded Vodafone executives to invest in the venture.33 Most popular press articles on M-PESA celebrate the entrepreneurial acumen of Vodafone and Safaricom. They don’t mention DFID. A recent article in Wired, for example, hails M-PESA as a ‘non-governmental, cashless system’, calling it a ‘rare example of Africa successfully leapfrogging the developed world’s legacy infrastructure and moving straight into a mobile system’.34 Despite the fact that private companies are often remarkably risk-averse, begging governments for a leg-up on innovation ladders, there’s a widespread belief among the public and economists that private actors are inherently more innovative and entrepreneurial than governments.


pages: 424 words: 121,425

How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy by Mehrsa Baradaran

access to a mobile phone, affirmative action, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, cashless society, credit crunch, David Graeber, disintermediation, disruptive innovation, diversification, failed state, fiat currency, financial innovation, financial intermediation, Goldman Sachs: Vampire Squid, housing crisis, income inequality, Internet Archive, invisible hand, Kickstarter, M-Pesa, McMansion, microcredit, mobile money, moral hazard, mortgage debt, new economy, Own Your Own Home, payday loans, peer-to-peer lending, price discrimination, profit maximization, profit motive, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, Ronald Reagan: Tear down this wall, savings glut, the built environment, the payments system, too big to fail, trade route, transaction costs, unbanked and underbanked, underbanked, union organizing, white flight, working poor

The major contenders so far are prepaid cards, retail banking, mobile banking, and peer-to-peer loans. Others, like virtual currencies, are still in their infancy. PREPAID CARDS One of the most recognizable products on the market, prepaid cards allow the user to load money onto a card and then use the card as if it were a debit card. This provides the unbanked an alternative to checking accounts, with the ability to avoid the threat of overdraft fees and to make cashless payments for goods and services, including online purchases. Unlike a bank account, the funds on the card are not FDIC insured.63 Some banks, as well as companies like Target, Wal-Mart, Western Union, American Express, and H&R Block, offer prepaid cards. MasterCard even issues Suze Orman, Magic Johnson, and Russell Simmons prepaid cards. Fees can vary from $5 to $10 per month to up to $500 per year, with the celebrity-backed cards being the most expensive.64 The average fees are $300 per year.65 Most have an activation fee, and many have monthly maintenance fees, automated teller machine (ATM) fees, and reloading fees.


pages: 380 words: 109,724

Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US by Rana Foroohar

"side hustle", accounting loophole / creative accounting, Airbnb, AltaVista, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, Bernie Sanders, bitcoin, book scanning, Brewster Kahle, Burning Man, call centre, cashless society, cleantech, cloud computing, cognitive dissonance, Colonization of Mars, computer age, corporate governance, creative destruction, Credit Default Swap, cryptocurrency, data is the new oil, death of newspapers, Deng Xiaoping, disintermediation, don't be evil, Donald Trump, drone strike, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Etonian, Filter Bubble, future of work, game design, gig economy, global supply chain, Gordon Gekko, greed is good, income inequality, informal economy, information asymmetry, intangible asset, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Kenneth Rogoff, life extension, light touch regulation, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Menlo Park, move fast and break things, move fast and break things, Network effects, new economy, offshore financial centre, PageRank, patent troll, paypal mafia, Peter Thiel, pets.com, price discrimination, profit maximization, race to the bottom, recommendation engine, ride hailing / ride sharing, Robert Bork, Sand Hill Road, search engine result page, self-driving car, shareholder value, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, South China Sea, sovereign wealth fund, Steve Jobs, Steven Levy, subscription business, supply-chain management, TaskRabbit, Telecommunications Act of 1996, The Chicago School, the new new thing, Tim Cook: Apple, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, WikiLeaks, zero-sum game

Pointing to already dominant Chinese brands like Xiaomi, which now sells more mobile phones in China than Apple, he said, “The question in the future will be, ‘Why buy a Western brand?’ I think you’ll see China owning the digital ecosystem not only at home, but also in ASEAN [Association of Southeast Asian Nations] and many Middle Eastern countries.” It’s easy to make that argument. There are vastly more Internet users in China—some 800 million—than in America. The country has become a largely cashless society in which the majority of the population use locally developed apps for everything from mobile banking to food delivery to bicycle rental. As big as American Big Tech firms are, the Chinese giants Alibaba, Tencent, and Baidu are even bigger in relative terms. The Chinese, who’ve come of age in a system with no assumptions of Western-style personal freedom, seem happy to give up personal privacy in exchange for the many conveniences of Big Data.


pages: 898 words: 266,274

The Irrational Bundle by Dan Ariely

accounting loophole / creative accounting, air freight, Albert Einstein, Alvin Roth, assortative mating, banking crisis, Bernie Madoff, Black Swan, Broken windows theory, Burning Man, business process, cashless society, Cass Sunstein, clean water, cognitive dissonance, computer vision, corporate governance, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, delayed gratification, Donald Trump, end world poverty, endowment effect, Exxon Valdez, first-price auction, Frederick Winslow Taylor, fudge factor, George Akerlof, Gordon Gekko, greed is good, happiness index / gross national happiness, hedonic treadmill, IKEA effect, Jean Tirole, job satisfaction, Kenneth Arrow, knowledge economy, knowledge worker, lake wobegon effect, late fees, loss aversion, Murray Gell-Mann, new economy, Peter Singer: altruism, placebo effect, price anchoring, Richard Feynman, Richard Thaler, Saturday Night Live, Schrödinger's Cat, second-price auction, Shai Danziger, shareholder value, Silicon Valley, Skype, software as a service, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, ultimatum game, Upton Sinclair, Walter Mischel, young professional

As it turns out, people are more apt to be dishonest in the presence of nonmonetary objects—such as pencils and tokens—than actual money. From all the research I have done over the years, the idea that worries me the most is that the more cashless our society becomes, the more our moral compass slips. If being just one step removed from money can increase cheating to such a degree, just imagine what can happen as we become an increasingly cashless society. Could it be that stealing a credit card number is much less difficult from a moral perspective than stealing cash from someone’s wallet? Of course, digital money (such as a debit or credit card) has many advantages, but it might also separate us from the reality of our actions to some degree. If being one step removed from money liberates people from their moral shackles, what will happen as more and more banking is done online?

., 243 banks: small misbehaviors of, 240 see also financial services industry Barkan, Racheli, 21, 23, 262 Barlow, John Perry, 1, 2 baseball, steroids in, 156 Bateson, Melissa, 224 Baumeister, Roy, 100, 104, 262–63 Baylor College of Medicine, 75–77 Bazerman, Max, 45, 260 Becker, Gary, 3–4, 14, 26 Be’er Sheva, Israel, farmer’s market in, 23–24 being caught, probability of, 4–5, 13, 14, 27 varying, in matrix task, 20–22 benevolent behavior, 23–24 Bible, as moral reminder, 40, 41, 42 billable hours, overstating of, 35–37 blind customers, benevolent behavior toward, 23–26 brain: higher connectivity in, 170 left-right split in, 164–65 of pathological liars, 169–70 Broken Windows Theory, 214–15, 249 businesspeople, self-monitoring of, 56–57 business schools, 248 group-based projects in, 217–18 cab drivers, benevolent behavior of, toward blind customer, 25–26 CAD/CAM equipment, in dentistry, 67–71 Cain, Daylian, 89 Canada, cheating in, 242 care for customers, in illegal businesses, 138–39 car mechanics, 93 Carnegie Mellon University, 197–207 car recommendation software, “fixing” answers in, 166–67 Cary, Apoth E., 246 cashless society, implications for dishonesty in, 34 Catch Me If You Can (Abagnale), 173 certificates for (false) achievements, 153–54 Chance, Zoë, 145, 264 charitable behavior, 23–24 cheating: aggressive cheaters and, 239 altruistic, 222–23, 225–26, 227–28, 232 being made blatantly aware of, 156–57 being watched and, 223–25, 227 collaborative, see collaborative cheating desire to benefit from, 12–14, 27, 29, 237 ego depletion, 104–6, 111–12 fake products’ impact on, 125–31 in golf, 55–65 honor codes and, 41–45 increasing creativity to increase level of, 184–87 as infection, 191–216; see also infectious nature of cheating infidelity and, 244–45 on IQ-like tests, self-deception and, 145–49, 151, 153–54, 156–57 reducing amount of, 39–51, 248–54 removing oneself from tempting situation and, 108–11 signing forms at top and, 46–51 Ten Commandments and, 39–40, 41, 44 what-the-hell effect and, 127–31, 136 see also dishonesty China, cheating in, 241–42 Chloé accessories, studies with, 123–34 Civil War veterans, 152 classes, infectious nature of cheating in, 195–97 Coca-Cola, stealing money vs., 32–33 cognitive dissonance, 81 cognitive load: ability to resist temptation and, 99–100 judges’ parole rulings and, 102–3 Cognitive Reflection Test (CRT), 173–74 coin logic, 167–68 collaborative cheating, 217–35 altruism and, 222–23, 225–26, 227–28, 232 being watched or monitored and, 223–25, 227–28, 234–35 emphasis on working as group or team and, 217–18 infectious nature of cheating in relation to, 221–22 social utility and, 222–23 companies: being one step removed from money and, 34–37 irrationality of, 51 see also corporate dishonesty compliments, insincere, 159 conflicts of interest, 67–95, 238, 248 in academia, 82, 84–85 in dentistry, 67–71, 93, 94, 230 disclosure and, 88–92 dots task and, 129 eradication of, 92–95 exclusion of experimental data and, 86–88 expert witnesses and, 85–86 in financial services industry, 83–85, 93, 94 governmental lobbyists and, 77–78, 94 honesty threshold and, 130–31 inherent inclination to return favors and, 74–75 medical procedures and, 71–74, 92–94, 229 pharmaceutical companies’ influence in academia and, 82 pharma reps and, 78–82 what-the-hell effect and, 129–31 congressional staffers, cheating among, 243 Congress members, PAC money misused by, 208–10 contractors, 93 Conway, Alan, 150–51 Cooper, Cynthia, 215 Cornell University, 250–51 corpora callosa, 164–65 corporate dishonesty: cheating a little bit and, 239–40 Enron collapse and, 1–3, 192, 207, 215, 234 recent spread of, 192, 207–8 cost-benefit analysis, 4–5, 26–27, 237, 239 infectious nature of cheating and, 201–3, 205 see also Simple Model of Rational Crime counterfeits, see fake products creativity, 88, 163–89, 238 brain structure and, 164–65 dark side of, 187–89 fooling oneself and, 165–67 increasing, to increase level of cheating, 184–87 infidelity and, 244 intelligence vs., as predictor of dishonesty, 172–77 link between dishonesty and, 170–72, 186–89 logical-sounding rationales for choices and, 163–64 measures of, 171 moral flexibility and, 186–87 pathological liars and, 168–70 revenge and, 177–84 credit card companies, 239–40 crime, reducing, 52 cultural differences, 240–43 Danziger, Shai, 102 decision making: creating efficient process for, 167–68 effectiveness of group work in, 217–18 rationalization process and, 163–67 Denfield, George, 75 dentists: continuity of care and, 228–31 treating patients using equipment that they own, 67–68, 93–94 unnecessary work and, 67–71 depletion, see ego depletion dieting, 98, 109, 112–13, 114–15 what-the-hell effect and, 127, 130 “dine-and-dash,” 79 diplomas, lying about, 135–36, 153, 154 disabled person, author’s adoption of role of, 143–44 disclosure, 88–92, 248 study on impact of, 89–92 discounting, fixed vs. probabilistic, 194 dishonesty: causes of, 3–4, 5 collaborative, see collaborative cheating cultural differences and, 240–43 discouraging small and ubiquitous forms of, 239–40 importance of first act of, 137 infectious nature of, 191–216; see also infectious nature of cheating intelligence vs. creativity as predictor of, 172–77 link between creativity and, 170–72, 186–89 opportunities for, passed up by vast majority, 238 of others, fake products and assessing of, 131–34 rational and irrational forces in, 254 reducing amount of, 39–51, 248–54 society’s means for dealing with, 4–5 summary of forces that shape (figure), 245 when traveling, 183n see also cheating dissertation proposals and defenses, 101 distance factors, 238 in golf, 58–59 stealing Coca-Cola vs. money and, 32–33 token experiment and, 33–34 doctors: consulting for or investing in drug companies, 82, 93 continuity of care and, 228–29 lecturing about drugs, 81 pharma reps and, 78–82 treating or testing patients with equipment that they own, 92–94 Dodd-Frank Wall Street Reform and Consumer Protection Act, 234 dots task: conflict of interest and, 129 description of, 127–29 link between creativity and dishonesty and, 171–72, 185–86 what-the-hell effect and, 129–31 downloads, illegal, 137–39 dressing above one’s station, 120–21 Ebbers, Bernie, 13 ego depletion, 100–116, 238, 249 basic idea behind, 101 cheating and, 104–6 in everyday life, 112–16 removing oneself from tempting situations and, 108–11, 115–16 of Sex and the City’s Samantha Jones, 103 sometimes succumbing to temptation and, 114–15 sudden deaths among students’ grandmothers at exam time and, 106–8 ego motivation, 27 England, cheating in, 242 Enron, 1–3, 192, 207, 215, 234 essay mills, 210–13 exams, sudden deaths among students’ grandmothers and, 106–8 exhaustion, 249 consumption of junk food and, 97–98 judges’ parole rulings and, 102–3 see also ego depletion experimental data, exclusion of, 86–88 expert witnesses, 85–86 explanations, logical-sounding, creation of, 163–65 external signaling, 120–22 dressing above one’s station and, 120–21 fake products and, 121–22 failures, tendency to turn blind eye to, 151 “fair,” determination of what is, 57 fake products, 119, 121–40, 238 illegal downloads and, 137–39 misrepresentation of academic credentials and, 135–36 rationalizations and, 134–35 self-signaling and, 123–26, 135 signaling value of authentic version diluted by, 121–22 suspiciousness of others and, 131–34 what-the-hell effect and, 127–31, 135 farmer’s market, benevolent behavior toward blind customer in, 23–24 fashion, 117–26 counterfeit goods and, 119, 121–22, 121–40, 123–26; see also fake products dressing above one’s station and, 120–21 external signaling and, 120–22 self-signaling and, 122–26 Fastow, Andrew, 2 favors, 74–82 aesthetic preferences and, 75–77 governmental lobbyists and, 77–78 inherent inclination to return, 74–75 pharma reps and, 78–82 see also conflicts of interest Fawal-Farah, Freeda, 117, 118 FBI, 215 Fedorikhin, Sasha, 99–100 Feynman, Richard, 165 financial crisis of 2008, 83–85, 192, 207, 234, 246–47 financial favors, aesthetic preferences and, 77 financial services industry: anonymous monitoring and, 234–35 cheating among politicians vs., 243 conflicts of interest in, 83–85, 93, 94 government regulation of, 234 fishing, lying about, 28 Frederick, Shane, 173 friends, invited to join in questionable behavior, 195 fudge factor theory, 27–29, 237 acceptable rate of lying and, 28–29, 91 distance between actions and money and, 34–37 getting people to cheat less and, 39–51 infidelity and, 244 rationalization of selfish desires and, 53 stealing Coca-Cola vs. money and, 32–33 Gazzaniga, Michael, 164–65 Generally Accepted Accounting Principles (GAAP), 219–20 generous behavior, 23–24 Get Rich Cheating (Kreisler), 14 Gilovich, Tom, 250, 263–64 Gino, Francesca, 45, 104, 123, 127, 131, 145, 170, 184, 197, 225, 234–35, 242, 258–59 Glass, Ira, 6 Gneezy, Ayelet, 177, 257–58 golf, 55–65 cheating by “average golfer” vs. study participants and, 63–64 mistallying score in, 61–64 moving location of ball in, 58–59, 63 mulligans in, 60–61, 63–64 self-monitoring in, 56–57 survey on cheating in, 57–64 government regulations, 234 grandmothers, sudden deaths of, at exam time, 106–8 gray matter, 169–70 Green, Jennifer Wideman, 117 grocery shopping, ego depletion and, 109, 112–13 group or team work, 220–23 performance unaffected by, 233 possible benefits of, 223 predominance of, in professional lives, 217–18, 235 social utility and, 222–23 see also collaborative cheating Grüneisen, Aline, 210–11, 257 guilt, self-inflicted pain and, 250–52 Harford, Tim, 3–4 Harper’s Bazaar, 117–18 Harvard Medical School, 82 Harvey, Ann, 75 Henn, Steve, 209 heretics, external signaling of, 120 Hinduism, 25 honesty threshold, 130–31 honor codes, 41–45, 204 ideological organizations, 232n “I knew it all along” feeling, 149 illegal businesses, loyalty and care for customers in, 138–39 impulsive (or emotional) vs. rational (or deliberative) parts of ourselves, 97–106 cognitive load and, 99–100 ego depletion and, 100–106 exhaustion and, 97–98 Inbar, Yoel, 250, 264 infectious nature of cheating, 191–216, 249 bacterial infections compared to, 192–93 in class, 195–97 collaborative cheating in relation to, 221–22 Congress members’ misuse of PAC money and, 208–10 corporate dishonesty and, 192, 207–8 cost-benefit analysis and, 201–3, 205 essay mills and, 210–13 matrix task and, 197–204 positive side of moral contagion and, 215–16 regaining ethical health and, 214–15 slow and subtle process of accretion in, 193–94, 214–15 social norms and, 195, 201–3, 205–7, 209 social outsiders and, 205–7 vending machine experiment and, 194–95 infidelity, 244–45 “in good faith” notion, 219–20 Inside Job, 84–85 insurance claims, 49–51 intelligence: creativity vs., as predictor of dishonesty, 172–77 measures of, 173–75 IQ-like tests, cheating and self-deception on, 145–49 certificates emphasizing (false) achievement and, 153–54 increasing awareness of cheating and, 156–57 individuals’ tendency to turn a blind eye to their own failures and, 151 IRS, 47–49 Islam, 249 Israel, cheating in, 241 Italy, cheating in, 242 Jerome, Jerome K., 28 Jobs, Steve, 184 Jones, Bobby, 56 Jones, Marilee, 136 Judaism, 45, 249 judges, exhausted, parole decisions and, 102–3 junk food, exhaustion and consumption of, 97–98 Keiser, Kenneth, 135 Kelling, George, 214–15 John F.


pages: 412 words: 128,042

Extreme Economies: Survival, Failure, Future – Lessons From the World’s Limits by Richard Davies

agricultural Revolution, air freight, Anton Chekhov, artificial general intelligence, autonomous vehicles, barriers to entry, big-box store, cashless society, clean water, complexity theory, deindustrialization, eurozone crisis, failed state, financial innovation, illegal immigration, income inequality, informal economy, James Hargreaves, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, large denomination, Livingstone, I presume, Malacca Straits, mandatory minimum, manufacturing employment, means of production, megacity, meta analysis, meta-analysis, new economy, off grid, oil shale / tar sands, pension reform, profit motive, randomized controlled trial, school choice, school vouchers, Scramble for Africa, side project, Silicon Valley, Simon Kuznets, Skype, spinning jenny, The Chicago School, the payments system, trade route, Travis Kalanick, uranium enrichment, urban planning, wealth creators, white picket fence, working-age population, Y Combinator, young professional

With other camps opening to relieve population pressures in Zaatari, by 2016 the population fell to 80,000. Atef’s screen shows 73,000 beneficiaries for credit, and that this month the cards will be loaded with a total of 1.4 million dinars. The WFP then reimburses Tazweed and Safeway in respect of the credit spent in each store. The system is designed so that money flows directly from the donors to the supermarket owners, without passing through the refugees’ hands. Zaatari is intended to be a cashless economy. Atef explains that each month a family’s card is reloaded with 20 dinars per person. This includes kids, so that a couple with three children will receive 100 dinars per month. When Tazweed first opened there were huge queues, crushes and arguments. He explains how everyone arrived at the same time, as soon as the credit was granted: ‘Just imagine what it is like when everyone has been waiting for one month to get food.’


pages: 372 words: 152

The End of Work by Jeremy Rifkin

banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, collective bargaining, computer age, deskilling, Dissolution of the Soviet Union, employer provided health coverage, Erik Brynjolfsson, full employment, future of work, general-purpose programming language, George Gilder, global village, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, knowledge economy, knowledge worker, land reform, low skilled workers, means of production, new economy, New Urbanism, Paul Samuelson, pink-collar, post-industrial society, Productivity paradox, Richard Florida, Ronald Reagan, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, women in the workforce, working poor, working-age population, Works Progress Administration

Over 100 million pages of addenda and updates costing 4.5 cents a sheet are no longer sent out. Less paperwork means fewer employees. Aetna closed up its warehouse facility where employees "did nothing but update manuals."21 Loewenberg says that Aetna is moving quickly toward a paperless office "because its a more efficient way of delivering and maintaining information."22 Many in the computer software industry compare the paperless office to the cashless society and predict that most companies will convert to the new way of doing business well before the second decade of the next century. Nirex, a UK company, already processes its mail electronically. When paper-based correspondence arrives in the 148 THE DECLINE OF THE GLOBAL LABOR FORCE mailroom, an electronic image of the letter appears on a screen. The postal clerk enters key information about the letter-author, date of delivery, address-into an on-line database.


pages: 423 words: 149,033

The fortune at the bottom of the pyramid by C. K. Prahalad

barriers to entry, business cycle, business process, call centre, cashless society, clean water, collective bargaining, corporate social responsibility, deskilling, disintermediation, farmers can use mobile phones to check market prices, financial intermediation, Hernando de Soto, hiring and firing, income inequality, information asymmetry, late fees, Mahatma Gandhi, market fragmentation, microcredit, new economy, profit motive, purchasing power parity, rent-seeking, shareholder value, The Fortune at the Bottom of the Pyramid, time value of money, transaction costs, wealth creators, working poor

“By combining the features of a handy credit/debit card with the advantages of . . . storage capacity . . . the smart card provides secure identification, a store of value and an ability to function off line while maintaining an audit trail of all the transactions.”35 Smart cards were launched in October 2000 by ICICI at the Infosys Campus in Bangalore and at Manipal Academy of Higher Education (MAHE) to create a cashless economy. However, many problems exist with smart cards, such as high cost and lack of technological infrastructure for widespread adoption. The high cost is especially amplified at the rural level. However, ICICI is watching closely what BASIX is doing currently with smart card technology to see if it is cost-effective and viable. Figure 9 shows how the smart card system would work with Farmer Service Centers or MFIs.


pages: 477 words: 144,329

How Money Became Dangerous by Christopher Varelas

activist fund / activist shareholder / activist investor, Airbnb, airport security, barriers to entry, basic income, bitcoin, blockchain, Bonfire of the Vanities, California gold rush, cashless society, corporate raider, crack epidemic, cryptocurrency, discounted cash flows, disintermediation, diversification, diversified portfolio, Donald Trump, dumpster diving, fiat currency, fixed income, friendly fire, full employment, Gordon Gekko, greed is good, interest rate derivative, John Meriwether, Kickstarter, Long Term Capital Management, mandatory minimum, mobile money, mortgage debt, pensions crisis, pets.com, pre–internet, profit motive, risk tolerance, Saturday Night Live, shareholder value, side project, Silicon Valley, Steve Jobs, technology bubble, The Predators' Ball, too big to fail, universal basic income, zero day

He knew how to tell a good story, and he convinced Wall Street that he was onto something hot. SmarTalk grew into the biggest prepaid calling card company in the nation. SmarTalk and Bob Lorsch are already forgotten, especially in the age of unlimited mobile phone minutes, and so prepaid calling cards might now seem like an insignificant thing, but nearly all evolutionary developments are made up of a series of incremental changes. As we shifted from a cash to a cashless society, people became increasingly comfortable with monetary value existing in forms besides dollars and coins. We no longer needed to stuff bills into our wallets or carry quarters for the pay phone. The popularity of credit cards helped push this change along, as consumers started thinking about money differently. But since credit cards are not stored money, prepaid calling cards were the first meaningful vehicle to package everyday currency in a different form.


pages: 391 words: 71,600

Hit Refresh: The Quest to Rediscover Microsoft's Soul and Imagine a Better Future for Everyone by Satya Nadella, Greg Shaw, Jill Tracie Nichols

"Robert Solow", 3D printing, Amazon Web Services, anti-globalists, artificial general intelligence, augmented reality, autonomous vehicles, basic income, Bretton Woods, business process, cashless society, charter city, cloud computing, complexity theory, computer age, computer vision, corporate social responsibility, crowdsourcing, Deng Xiaoping, Donald Trump, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, equal pay for equal work, everywhere but in the productivity statistics, fault tolerance, Gini coefficient, global supply chain, Google Glasses, Grace Hopper, industrial robot, Internet of things, Jeff Bezos, job automation, John Markoff, John von Neumann, knowledge worker, Mars Rover, Minecraft, Mother of all demos, NP-complete, Oculus Rift, pattern recognition, place-making, Richard Feynman, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, side project, Silicon Valley, Skype, Snapchat, special economic zone, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, telepresence, telerobotics, The Rise and Fall of American Growth, Tim Cook: Apple, trade liberalization, two-sided market, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, young professional, zero-sum game

The combination of industrial policy, public sector investment, and entrepreneurial energy is what many other countries will also look to replicate from China’s success. I see the beginnings of this in India with the creation of the new digital ecosystem known as IndiaStack. India is leapfrogging from once being an infrastructure-poor country to now leading in digital technology. IndiaStack ushers in a presence-less, cashless, paperless economy for all its citizens. On a trip to Bengaluru I engaged in a conversation with Nandan Nilekani about IndiaStack and its future road map. Nandan is the legendary founder of Infosys, who went on to create a new startup working with the Indian Government—Aadhaar—the identity system that is at the center of IndiaStack. Aadhaar now has scaled to over 1 billion people, rivaling the growth of other platform innovations such as Windows, Android, or Facebook.


pages: 280 words: 74,559

Fully Automated Luxury Communism by Aaron Bastani

"Robert Solow", autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Bretton Woods, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, David Ricardo: comparative advantage, decarbonisation, dematerialisation, Donald Trump, double helix, Elon Musk, energy transition, Erik Brynjolfsson, financial independence, Francis Fukuyama: the end of history, future of work, G4S, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, liberal capitalism, low earth orbit, low skilled workers, M-Pesa, market fundamentalism, means of production, mobile money, more computing power than Apollo, new economy, off grid, pattern recognition, Peter H. Diamandis: Planetary Resources, post scarcity, post-work, price mechanism, price stability, private space industry, Productivity paradox, profit motive, race to the bottom, RFID, rising living standards, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, stem cell, Stewart Brand, technoutopianism, the built environment, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transatlantic slave trade, Travis Kalanick, universal basic income, V2 rocket, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, working-age population

The company’s model is straightforward and, perhaps rather predictably, resembles the kind of contract associated with mobile phones. Customers pay a deposit of KES 3,500 (approximately $35) to take the system home and then a further KES 50 ($0.50) a day for a year before owning the system outright. Daily payments are made through M-Pesa, a mobile phone–based money system. Consumer renewable energy paid for by cashless, digital payments – the reality of African energy in the early twenty-first century. Offering their products through a network of licensed dealers across Kenya, Tanzania and Uganda, the company’s latest ‘M-Kopa 4’ package offers an eight-watt solar panel that charges appliances through USB ports, as well as two LED bulbs with light switches, a rechargeable LED torch and a radio. One of M-Kopa’s competitors is d.light, who boast offices in California, Kenya, China and India.


pages: 632 words: 166,729

Addiction by Design: Machine Gambling in Las Vegas by Natasha Dow Schüll

airport security, Albert Einstein, Build a better mousetrap, business intelligence, capital controls, cashless society, commoditize, corporate social responsibility, deindustrialization, dematerialisation, deskilling, game design, impulse control, information asymmetry, inventory management, iterative process, jitney, large denomination, late capitalism, late fees, longitudinal study, means of production, meta analysis, meta-analysis, Nash equilibrium, Panopticon Jeremy Bentham, post-industrial society, postindustrial economy, profit motive, RFID, Silicon Valley, Slavoj Žižek, statistical model, the built environment, yield curve, zero-sum game

Ticket-in/ticket-out (TITO) technology, which debuted in 1999 and now runs in most casinos, made coin payouts obsolete even for gamblers without player loyalty cards by paying out credits in the form of bar-coded slips of paper printed instantly at the machine, redeemable at self-service kiosks or immediately reusable at another machine.54 TITO quickly proved its revenue-generating power by reducing “downtime” on machines (i.e., the time wasted acquiring and handling coins or waiting for payoffs) and increasing the overall speed and magnitude of play by an impressive 20 percent.55 Upon its introduction, this fully “cashless” system was promoted to gamblers as one of “unprecedented player convenience—they no longer need to wait for change or hand-paid jackpots, nor lug around heavy plastic cups and dirty their hands by handling coins.”56 For casinos the system did more than increase gambling revenue; it increased cost efficiencies as well, by eliminating the need for staff to fix coin jams, supply coins to players, or transport coins across the casino floor and feed them through coin-counting machines.


Lonely Planet Iceland (Travel Guide) by Lonely Planet, Carolyn Bain, Alexis Averbuck

Airbnb, banking crisis, car-free, carbon footprint, cashless society, centre right, European colonialism, food miles, Kickstarter, low cost airline, low cost carrier, Mikhail Gorbachev, New Urbanism, post-work, presumed consent, ride hailing / ride sharing, Ronald Reagan, undersea cable

There are also 31 highly detailed topographic maps at a scale of 1:100,000, covering the entire country and ideal for hikers, plus themed maps (for example on sagas, geology or birdwatching). Serious hikers can ask for maps at local tourist information centres or at national park visitor centres, both of which often stock inexpensive maps detailing regional walks and hikes. Money Iceland is an almost cashless society where credit is king. Locals use plastic for even small purchases. As long as you’re carrying a valid card, you’ll have no need for travellers cheques and will need to withdraw only a limited amount of cash from ATMs. Contact your financial institution to make sure that your card is approved for overseas use. If you prefer more traditional methods of carrying money, travellers cheques and banknotes can be exchanged for Icelandic currency at all major banks.


pages: 725 words: 221,514

Debt: The First 5,000 Years by David Graeber

Admiral Zheng, anti-communist, back-to-the-land, banks create money, Bretton Woods, British Empire, carried interest, cashless society, central bank independence, colonial rule, commoditize, corporate governance, David Graeber, delayed gratification, dematerialisation, double entry bookkeeping, financial innovation, fixed income, full employment, George Gilder, informal economy, invention of writing, invisible hand, Isaac Newton, joint-stock company, means of production, microcredit, money: store of value / unit of account / medium of exchange, moral hazard, oil shock, Panopticon Jeremy Bentham, Paul Samuelson, payday loans, place-making, Ponzi scheme, price stability, profit motive, reserve currency, Right to Buy, Ronald Reagan, seigniorage, sexual politics, short selling, Silicon Valley, South Sea Bubble, Thales of Miletus, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transatlantic slave trade, tulip mania, upwardly mobile, urban decay, working poor, zero-sum game

Neither has the return to virtual money led to a great return to relations of honor and trust: quite the contrary. By 1971, the change had only just begun. The American Express card, the first general-purpose credit card, had been invented a mere thirteen years before, and the modern national credit-card system had only really come into being with the advent of Visa and MasterCard in 1968. Debit cards were later, creatures of the 1970s, and the current, largely cashless economy only came into being in the 1990s. All of these new credit arrangements were mediated not by interpersonal relations of trust but by profit-seeking corporations, and one of the earliest and greatest political victories of the U.S. credit-card industry was the elimination of all legal restrictions on what they could charge as interest. If history holds true, an age of virtual money should mean a movement away from war, empire-building, slavery, and debt peonage (waged or otherwise), and toward the creation of some sort of overarching institutions, global in scale, to protect debtors.


Lonely Planet Iceland by Lonely Planet

Airbnb, banking crisis, capital controls, car-free, carbon footprint, cashless society, centre right, European colonialism, food miles, Kickstarter, low cost airline, low cost carrier, Lyft, Mikhail Gorbachev, New Urbanism, presumed consent, ride hailing / ride sharing, Ronald Reagan, Uber and Lyft, uber lyft

Colonies of puffins are poised and ready for their close-up at numerous coastal cliffs and offshore isles, including Heimaey, Grímsey, Drangey, Látrabjarg and Borgarfjörður Eystri. Puffins | Patrick Dieudonne / robertharding/Getty Images © Need to Know Currency Icelandic króna (kr or ISK) Language Icelandic; English widely spoken Visas Generally not required for stays of up to 90 days. Money Iceland is an almost cashless society where credit cards reign supreme, even in the most rural reaches. PIN required for purchases. ATMs available in all towns. Mobile Phones Mobile (cell) coverage is widespread. Visitors with GSM phones can make roaming calls; purchase a local SIM card if you’re staying a while. Time Western European Time Zone (equal to GMT) When to Go High Season (Jun–Aug) AVisitors descend en masse, especially to Reykjavík and the south.


The Tube: Station to Station on the London Underground by Oliver Green

British Empire, cashless society

The Docklands Light Railway (DLR) has also developed over the last twenty-five years from a cheap substitute for a new Tube into an essential adjunct to the Underground in serving and regenerating east and southeast London. Modern art at a heritage station. A Platform for Art exhibition by Japanese pop artist Chiho Aoshima in 2006 on the walls of Gloucester Road station, built in 1868. All three of these systems are now managed for the Mayor of London by TfL as part of an integrated multi-modal transport system for the capital. They all appear on the Tube map and use the same cashless Oyster card ticketing system. By 2018 new deep tunnels for Crossrail will be carrying mainline services from east to west below London. Technically Crossrail will not be part of the Underground, but all the new stations will have direct interchange with the Tube, and feel seamlessly integrated into London’s familiar underground travelling environment. Contrasting Edwardian styles at South Kensington, 2012.


Lonely Planet Norway by Lonely Planet

carbon footprint, cashless society, centre right, energy security, G4S, illegal immigration, Kickstarter, low cost airline, mass immigration, North Sea oil, place-making, trade route, urban renewal, white picket fence

Check with your bank before leaving about which banks charge the lowest withdrawal fees. Changing Money Don't assume that all banks will change money: in some places you may need to shop around to find one that does. Rates at post offices and tourist offices are generally poorer than at banks, but can be convenient for small amounts outside banking hours. Credit & Debit Cards Norway is well on its way to becoming a cashless society – you'll find the vast majority of transactions these days are by card. Visa, Eurocard, MasterCard, Diners Club and American Express cards are widely accepted throughout Norway. If your card is lost or stolen, report it immediately. American Express (%22 96 08 00) Diners Club (%21 01 53 00) MasterCard (%80 01 26 97) Visa (%80 01 20 52) Currency The Norwegian krone is most often represented either as Nkr (preceding the number), NOK (preceding the number) or simply kr (following the amount).


pages: 515 words: 142,354

The Euro: How a Common Currency Threatens the Future of Europe by Joseph E. Stiglitz, Alex Hyde-White

bank run, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, cashless society, central bank independence, centre right, cognitive dissonance, collapse of Lehman Brothers, collective bargaining, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, currency peg, dark matter, David Ricardo: comparative advantage, disintermediation, diversified portfolio, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial innovation, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, housing crisis, income inequality, incomplete markets, inflation targeting, information asymmetry, investor state dispute settlement, invisible hand, Kenneth Arrow, Kenneth Rogoff, knowledge economy, light touch regulation, manufacturing employment, market bubble, market friction, market fundamentalism, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, neoliberal agenda, new economy, open economy, paradox of thrift, pension reform, pensions crisis, price stability, profit maximization, purchasing power parity, quantitative easing, race to the bottom, risk-adjusted returns, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, sovereign wealth fund, the payments system, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transfer pricing, trickle-down economics, Washington Consensus, working-age population

The advantages of electronic transactions are, nonetheless, overwhelming, which is why even with monopoly pricing, there has been a shift toward this system. 8 The major exception, for the purchase of goods and services from abroad, is discussed later in this chapter. 9 Indeed, European authorities effectively encouraged the creation of such a system when they imposed restrictions on how much money people in Greece and Cyprus could take out of their accounts. This system goes just a little further: rather than limiting the amount that can be taken out of one’s bank account to a very little amount—say, €50 a day—it puts the limit at zero, forcing the economy to move to a cashless electronic economy. 10 In the preface, we noted the role that this issue played in America’s election in 1896. 11 There are several other “slips between the cup and the lips.” Central banks in Europe, the United States, and Japan have increased their own balance sheet, providing more liquidity to their banks; but their banks have simply put much of the money back in deposit at the central bank, not even creating more private credit.


pages: 343 words: 91,080

Uberland: How Algorithms Are Rewriting the Rules of Work by Alex Rosenblat

"side hustle", Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, big-box store, call centre, cashless society, Cass Sunstein, choice architecture, collaborative economy, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, don't be evil, Donald Trump, en.wikipedia.org, future of work, gender pay gap, gig economy, Google Chrome, income inequality, information asymmetry, Jaron Lanier, job automation, job satisfaction, Lyft, marginal employment, Mark Zuckerberg, move fast and break things, Network effects, new economy, obamacare, performance metric, Peter Thiel, price discrimination, Ralph Waldo Emerson, regulatory arbitrage, ride hailing / ride sharing, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, social software, stealth mode startup, Steve Jobs, strikebreaker, TaskRabbit, Tim Cook: Apple, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, urban planning, Wolfgang Streeck, Zipcar

For Jin Deng, who formerly worked as a food delivery driver for a restaurant in New Jersey, driving for Uber and Lyft in New York City is a step up, although he’s quick to note that he drives because he didn’t go to school here and doesn’t have enough education to get a better job. Jin Deng was robbed twice in his last job, once with pepper spray that stung his eyes. As we talk, he reaches for the pocket on his cargo shorts, indicating that the thieves missed his wallet when they grabbed his bag of food and the cash he carried to make change for food deliveries. Now he’s driving a large Suburban for Uber and Lyft in New York City, and he finds that the cashless exchange of payments facilitated by the apps gives a huge boost to his perceived sense of safety on the job. He invested in a larger vehicle to accommodate his big and growing family: his new baby is five months old, and his wife will go back to work at her job in a nail salon once her parents arrive from China to stay at home with their baby. The safety benefits for Jin Deng outweigh the workplace considerations that cause other drivers to chafe, in part because his alternatives are limited.


pages: 470 words: 144,455

Secrets and Lies: Digital Security in a Networked World by Bruce Schneier

Ayatollah Khomeini, barriers to entry, business process, butterfly effect, cashless society, Columbine, defense in depth, double entry bookkeeping, fault tolerance, game design, IFF: identification friend or foe, John von Neumann, knapsack problem, MITM: man-in-the-middle, moral panic, mutually assured destruction, pez dispenser, pirate software, profit motive, Richard Feynman, risk tolerance, Silicon Valley, Simon Singh, slashdot, statistical model, Steve Ballmer, Steven Levy, the payments system, Y2K, Yogi Berra

It’s easier to design a secure pay-for-parking system if you assume that crooks can’t empty the parking meters into their pockets. It’s easier to design a secure library if you assume that people can’t sneak books out of the building inside their overcoats. And it’s easier to design an electronic wallet if you assume that people can’t arbitrarily modify the amount of money they have. Here’s a perfect cashless monetary system: Everyone carries around a piece of paper with a number on it representing the number of ducats in his wallet. When someone spends money, he crosses out the number and writes the lower number. When he receives money, he does the opposite. If everyone is honest, this system works. As soon as someone notices that he can write whatever number he wants on the paper, the system falls apart.


pages: 665 words: 146,542