Examine what would happen if we were to deploy blockchain technology at the sovereign level and use it to create a decentralized cashless economy. This book explains how finance and economics work today, and how the convergence of various technologies related to the financial sector can help us find solutions to problems, such as excessive debt creation, banks getting too big to fail, and shadow banking. The Blockchain Alternative offers sensible corrections to outdated and incorrect dogmas, such as the efficient markets hypothesis and rational expectations theory. You’ll also be introduced to universal basic income, the consequences of going cashless, why complexity economics needs to be understood and what kinds of tools and theories you'll need to redefine the existing definition of capitalism. While the book does discuss technologies and methods that are primed for our future, a number of references are made to economic history and the works of great thinkers from a different era. You’ll see how the blockchain can be used to deploy solutions that were devised in the past, but which can serve as the antidote to our current economic malaises. You'll discover that what is required today is not an adaptation of the old theories, but a new methodology that is suited to this new era. Without undertaking such an endeavor, one will always be burdened with a definition of capitalism that is out of kilter with the evolution of our digital humanity. What would this mean to monetary and fiscal policy, market structure and our current understanding of economics? More importantly would we need to change our current understanding of capitalism? And if we were to change our perceptions, what would the future version look like? This book answers these questions, and analyses some of the most pertinent issues of our generation. What You’ll Learn Examine fractional banking, debt, and the financialization of assets Gain a firm understanding of the “too big to fail” theory, smart contracts, and Fintech Review economics and agent-based modelling Use the blockchain and complexity economics to rethink economics and capitalistic systems Who This Book Is For The primary audience is bankers and other finance professionals, policy makers, and students of finance and economics. The secondary audience is anyone seeking a deeper understanding of the current financial system, the blockchain, and the future of capitalism. Praise for The Blockchain Alternative “...a bold and pioneering effort to make sense of how emerging digital technologies might be used to reshape public policies, including macroeconomic and social policies, in basic ways. Everyone interested in this very important emerging question should read this book." - Dr. Sanjay G. Reddy, Associate Professor of Economics at The New School for Social Research and Research Associate of the Initiative for Policy Dialogue at Columbia University. “Writing on blockchain today is analogous to writing about the internet, before it became massively distributed. The book pushes us to think about the quantum leap that this technology may infer to our capitalist model, if scaled at the pace described by the book. Written with the support of strong empirical models but also with an open mind towards the future, this is a must read for anyone interested in becoming part of the new economic infrastructure” - Dr. Mark Esposito, Harvard University’s Division of Continuing Education & Judge Business School, University of Cambridge “With a rigorously balanced dosage of versatility and rationale we are allured into a multifaceted trajectory across ingrained yet functionally arcane economic models, only to plunge into a conceptually revolutionary realm which irreversibly stimulates us into envisaging a fascinating novel scheme of world order”. - Ioana Surpateanu, Political Adviser to the European Parliament “If there is only one book that I am reading on how blockchain is going to change our lives, it will have to be "The Blockchain Alternative." - Dr. Terence Tse, Associate Professor of Finance, ESCP Europe Business School
This book shows how distributed ledger technologies, especially the blockchain, are transforming the finance sector in the wake of the financial crisis of 2008. It surveys the measures, tools, and theories being developed to create a new framework of monetary economics and capitalism. Kariappa Bheemaiah, a technology strategy consultant, analyzes and compares the traditional and emergent paradigms of finance and monetary economics. Blockchain: Rethinking Macroeconomic Policy and Economic Theory reviews the workings and failings of the current dominant system of fractional-reserve banking and examines the emerging technologies that are convergently challenging the status quo by defragmenting the financial sector. Readers learn how the new tools and models of econophysics and complexity economics can be applied to cashless systems to control excessive debt, systemic risk, and economic pollution. What you will learn • What is fractional banking• How to explore debt and monetary policy• What is blockchain• What is complexity economics and what it means Who is this book for The primary audience is bankers and other finance professionals, policy makers, and students of finance and economics. The secondary audience is anyone seeking a deeper understanding of the current financial system, the blockchain, and the future of capitalism.div
Author: George Gilder
Publisher: Regnery Publishing
Release Date: 2013-06-10
Genre: Political Science
Ronald Reagan’s most-quoted living author—George Gilder—is back with an all-new paradigm-shifting theory of capitalism that will upturn conventional wisdom, just when our economy desperately needs a new direction. America’s struggling economy needs a better philosophy than the college student's lament: "I can't be out of money, I still have checks in my checkbook!" We’ve tried a government spending spree, and we’ve learned it doesn’t work. Now is the time to rededicate our country to the pursuit of free market capitalism, before we’re buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that's too big to sustain and financial institutions that are "too big to fail?" In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and its growth. Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, and the blunt power of government on the other. The knowledge of entrepreneurs, and their freedom to share and use that knowledge, are the sparks that light up the economy and set its gears in motion. The power of government to regulate, stifle, manipulate, subsidize or suppress knowledge and ideas is the inertia that slows those gears down, or keeps them from turning at all. One of the twentieth century’s defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America’s economy to future success.
Author: Mervyn King
Publisher: W. W. Norton & Company
Release Date: 2016-03-21
Genre: Business & Economics
“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.
Author: Paul Vigna
Release Date: 2015-01-27
Genre: Business & Economics
Two tech journalists describe the financial system known as cryptocurrency, made famous in recent headlines by Bitcoin, discussing the system's origins, the differences between cyber money and paper money and offering tips on becoming part of this new global economy.
Author: Ruth Catlow
Release Date: 2017
Genre: Art and technology
The blockchain is widely heralded as the new internet - another dimension in an ever-faster, ever-more-powerful interlocking of ideas, actions and values. Principally the blockchain is a ledger distributed across a large array of machines that enables digital ownership and exchange without a central administering body. Within the arts it has profound implications as both a means of organising and distributing material, and as a new subject and medium for artistic exploration. This landmark publication will bring together a diverse array of artists and researchers engaged with the blockchain, unpacking, critiquing and marking the arrival of it on the cultural landscape for a broad readership across the arts and humanities. Contributors: Cesar Escudero Andaluz, Jaya Klara Brekke, Theodoros Chiotis, Ami Clarke, Simon Denny, The Design Informatics Research Centre (Edinburgh), Max Dovey, Mat Dryhurst, Primavera De Filippi, Peter Gomes, Elias Haase, Juhee Hahm, Max Hampshire, Kimberley ter Heerdt, Holly Herndon, Helen Kaplinsky, Paul Kolling, Elli Kurus, Nikki Loef, Bjorn Magnhildoen, Rob Myers, Martin Nadal, Rachel O'Dwyer, Edward Picot, Paul Seidler, Hito Steyerl, Surfatial, Lina Theodorou, Pablo Velasco, Ben Vickers, Mark Waugh, Cecilia Wee, and Martin Zeilinger.
Author: Morgan Ricks
Publisher: University of Chicago Press
Release Date: 2016-03-09
Genre: Business & Economics
Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
Author: James A. Dorn
Publisher: Cato Institute
Release Date: 2017-03-21
Genre: Business & Economics
What monetary system best serves society? The current system of pure government fiat monies, managed by discretionary central banks, is inefficient and unstable. Monetary Alternatives explores fundamental and controversial ideas that move our monetary system and economy beyond repeated crises to sustainable stability and prosperity. The contributors to this volume energetically question the status quo and provide compelling arguments for moving to a monetary system based on freedom and the rule of law.
In 25 concise steps, you will learn the basics of blockchain technology. No mathematical formulas, program code, or computer science jargon are used. No previous knowledge in computer science, mathematics, programming, or cryptography is required. Terminology is explained through pictures, analogies, and metaphors. This book bridges the gap that exists between purely technical books about the blockchain and purely business-focused books. It does so by explaining both the technical concepts that make up the blockchain and their role in business-relevant applications. What You'll Learn What the blockchain is Why it is needed and what problem it solves Why there is so much excitement about the blockchain and its potential Major components and their purpose How various components of the blockchain work and interact Limitations, why they exist, and what has been done to overcome them Major application scenarios Who This Book Is For Everyone who wants to get a general idea of what blockchain technology is, how it works, and how it will potentially change the financial system as we know it
Since the launch of Bitcoin in 2009 several hundred different ‘cryptocurrencies’ have been developed and become accepted for a wide variety of transactions in leading online commercial marketplaces and the ‘sharing economy’, as well as by more traditional retailers, manufacturers, and even by charities and political parties. Bitcoin and its competitors have also garnered attention for their wildly fluctuating values as well as implication in international money laundering, Ponzi schemes and online trade in illicit goods and services across borders. These and other controversies surrounding cryptocurrencies have induced varying governance responses by central banks, government ministries, international organizations, and industry regulators worldwide. Besides formal attempts to ban Bitcoin, there have been multifaceted efforts to incorporate elements of blockchains, the peer-to-peer technology underlying cryptocurrencies, in the wider exchange, recording, and broadcasting of digital transactions. Blockchains are being mobilized to support and extend an array of governance activities. The novelty and breadth of growing blockchain-based activities have fuelled both utopian promises and dystopian fears regarding applications of the emergent technology to Bitcoin and beyond. This volume brings scholars of anthropology, economics, Science and Technology Studies, and sociology together with GPE scholars in assessing the actual implications posed by Bitcoin and blockchains for contemporary global governance. Its interdisciplinary contributions provide academics, policymakers, industry practitioners and the general public with more nuanced understandings of technological change in the changing character of governance within and across the borders of nation-states.
We may not often think of our clothes as having a function beyond covering our naked bodies and keeping us a little safer from the elements. But to discount the enormous influence of clothing on anything from economic cycles to the future of water scarcity is to ignore the greater meaning of the garments we put on our backs. Disrobed vividly considers the role that clothing plays in everything from natural disasters to climate change to terrorism to geopolitics to agribusiness. Chapter by chapter, Tang takes the reader on an unusual journey, telling stories and asking questions that most consumers have never considered about their clothing. Why do banker’s wives sell off their clothes and how does that presage a recession? How is clothing linked to ethanol and starvation on the African continent? Could RFID in clothing save the lives of millions of people in earthquakes around the world? This book takes an everyday item and considers it in a way that readers may not have previously thought possible. It tackles topics relevant to today, everything from fakes in the museums to farm-to-table eating, and answers questions about how we can anticipate and change our world in areas as far-reaching as the environment, politics, and the clash of civilizations occurring between countries. Much like other pop economics books have done before, the stories are easily retold in water-cooler style, allowing them to be thoughtfully considered, argued, and discussed.
Work with blockchain and understand its potential application beyond cryptocurrencies in the domains of healthcare, Internet of Things, finance, decentralized organizations, and open science. Featuring case studies and practical insights generated from a start-up spun off from the author’s own lab, this book covers a unique mix of topics not found in others and offers insight into how to overcome real hurdles that arise as the market and consumers grow accustomed to blockchain based start-ups. You'll start with a review of the historical origins of blockchain and explore the basic cryptography needed to make the blockchain work for Bitcoin. You will then learn about the technical advancements made in the surrounded ecosystem: the Ethereum virtual machine, Solidity, Colored Coins, the Hyperledger Project, Blockchain-as-a-service offered through IBM, Microsoft and more. This book looks at the consequences of machine-to-machine transactions using the blockchain socially, technologically, economically and politically. Blockchain Enabled Applications provides you with a clear perspective of the ecosystem that has developed around the blockchain and the various industries it has penetrated. What You’ll Learn Implement the code-base from Fabric and Sawtooth, two open source blockchain-efforts being developed under the Hyperledger Project Evaluate the benefits of integrating blockchain with emerging technologies, such as machine learning and artificial intelligence in the cloud Use the practical insights provided by the case studies to your own projects or start-up ideas Set up a development environment to compile and manage projects Who This Book Is For Developers who are interested in learning about the blockchain as a data-structure, the recent advancements being made and how to implement the code-base. Decision makers within large corporations (product managers, directors or CIO level executives) interested in implementing the blockchain who need more practical insights and not just theory.
Bitcoin is starting to come into its own as a digital currency, but the blockchain technology behind it could prove to be much more significant. This book takes you beyond the currency ("Blockchain 1.0") and smart contracts ("Blockchain 2.0") to demonstrate how the blockchain is in position to become the fifth disruptive computing paradigm after mainframes, PCs, the Internet, and mobile/social networking. Author Melanie Swan, Founder of the Institute for Blockchain Studies, explains that the blockchain is essentially a public ledger with potential as a worldwide, decentralized record for the registration, inventory, and transfer of all assets—not just finances, but property and intangible assets such as votes, software, health data, and ideas. Topics include: Concepts, features, and functionality of Bitcoin and the blockchain Using the blockchain for automated tracking of all digital endeavors Enabling censorship?resistant organizational models Creating a decentralized digital repository to verify identity Possibility of cheaper, more efficient services traditionally provided by nations Blockchain for science: making better use of the data-mining network Personal health record storage, including access to one’s own genomic data Open access academic publishing on the blockchain This book is part of an ongoing O’Reilly series. Mastering Bitcoin: Unlocking Digital Crypto-Currencies introduces Bitcoin and describes the technology behind Bitcoin and the blockchain. Blockchain: Blueprint for a New Economy considers theoretical, philosophical, and societal impact of cryptocurrencies and blockchain technologies.