On the 75th anniversary of the Bretton Woods Agreement, a new financial era is dawning. Call it Money 3.0
MONEY IS ONE OF THE WORLD’S MOST WIDELY used but least understood technologies.
We often wonder how human society could have evolved—or even existed—without language. But could we have cooperated without money? Language enables us to share information, our inner worlds. With collaboration and trade, later improved upon by money, we share our value, in the form of our goods and services. Without people to use it with, money is powerless—and yet we live with the feeling that money holds a tremendous amount of power over us.
As we commemorate the historic Bretton Woods Agreement, which took place 75 years ago last month and ushered in the modern era of money, the world is on the verge of a new financial age— one potentially driven by people rather than financiers. It’s an appropriate juncture to take stock of how our system of money began, what it’s evolved into and where we go from here.
This much has been true throughout: Money functions as a collective accounting system, to help us keep track of who has given what to others, and thus who is entitled to how much from others. That’s it. That’s all money is supposed to do. But as we know, it’s far from that simple. What makes money work as intended is the shared willingness of many people to receive it in exchange for their time, things or knowledge. This network effect of belief in a particular money is the only actual condition for anything that we use as money to have value.
Diese Geschichte stammt aus der August 09,2019-Ausgabe von Newsweek.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der August 09,2019-Ausgabe von Newsweek.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
'I Don't Live My Life With the Cameras On'
Canada's first lady Sophie Grégoire Trudeau talks working through trauma, relationships in the public eye and her new book exploring mental health
We're Struggling to Afford Our Furry Friends
The cost of caring for our four-legged companions has risen for nearly threequarters of Americans, leaving many owners concerned about financially supporting them
A Life of Crime: America's Migrant-Smuggling Teens
Money-motivated children as young as 14 are being targeted by cartels on social media to traffic people illegally into the US and it's just the start of their criminal journey
'I am always in the moment'
India's prime minister on his goals, his critics and his 'god-gifted' ability to listen
JAPAN'S CALL TO ARMS
As the 'peace-loving nation' doubles its defense spending, Prime Minister FUMIO KISHIDA explains why it needs to take an assertive stance to counter China and North Korea
The States Keeping Their Children Hungry
The Summer Electronic Benefit Transfer could help feed millions of children in households experiencing food insecurity, yet 13 states have declined to participate in the program
Fertility Clinics 2024
FOR THOSE LOOKING TO EXPAN D THEIR FAMILIES, FERTILITY CLINICS CAN BE A VITAL OPTION
Who Rules Gaza When the Fighting Stops?
With no clear leader coming to the fore, questions remain about how the devastated territory will be managed
Gillian Anderson
IF THERE'S ONE THING THAT'S TRUE ABOUT GILLIAN ANDERSON, IT'S THAT she isn't afraid of a challenge.
Alex Edelman
A JEW ACCIDENTALLY STUMBLES UPON A gathering of white nationalists. For most, this would be a cause for concern, but for Alex Edelman it's an opportunity for a hit one-man comedy show.