What Comes After Money?

The question of what comes after money isn’t about a literal replacement of physical currency or digital ledgers overnight. It’s about the evolution of how we value, exchange, and allocate resources. After money, we see a future where value is multifaceted, encompassing not just monetary worth but also factors like social impact, environmental sustainability, and individual contribution. Think of it as moving from a solely profit-driven system to one that prioritizes holistic well-being and acknowledges the limitations of purely financial metrics. This future involves a blend of technological advancements, shifting societal values, and innovative economic models that challenge the dominance of traditional money.

The Cracks in the Foundation: Why We Need to Rethink Money

For centuries, money has served as the lubricant of our economies. It simplifies exchange, facilitates specialization, and enables us to measure economic activity. However, its inherent flaws are becoming increasingly apparent:

• Inequality: The concentration of wealth in the hands of a few creates vast disparities and undermines social cohesion.
• Environmental Degradation: The relentless pursuit of economic growth, measured primarily in monetary terms, often comes at the expense of the environment.
• Financial Instability: The boom-and-bust cycles of capitalism, driven by speculation and unchecked financial innovation, can lead to devastating consequences.
• Limited Scope: Money struggles to accurately represent the value of non-market activities like care work, community building, and artistic expression.

These shortcomings call for a re-evaluation of our economic paradigm. The future “after money” is not about abolishing currency altogether but about creating systems that address these flaws and promote a more equitable and sustainable world.

Elements of a Post-Money Future

This future won’t emerge fully formed overnight but rather will be built incrementally through various innovations and shifts in perspective. Key elements include:

Decentralized Autonomous Organizations (DAOs) and Token Economies

DAOs represent a new form of organization governed by code and owned by their members. They can facilitate collective decision-making and resource allocation in a transparent and democratic manner. Token economies leverage blockchain technology to create digital assets (tokens) that represent value within a specific community or ecosystem. These tokens can be used to incentivize desired behaviors, reward contributions, and facilitate exchange within the network, often supplementing or even replacing traditional monetary systems within that specific context. Think of a community that rewards residents with tokens for volunteering, which they can then use to access local services.

Universal Basic Income (UBI)

UBI is a regular, unconditional cash payment provided to all citizens, regardless of their income or employment status. It addresses economic insecurity and empowers individuals to pursue education, entrepreneurship, or creative endeavors without the constant pressure of earning a living. UBI acts as a safety net in an era of increasing automation and job displacement.

The Rise of Bartering and Skill-Sharing Platforms

While money simplifies exchange, it can also create barriers. Bartering and skill-sharing platforms facilitate direct exchange of goods and services between individuals and communities, bypassing the need for money altogether. These platforms are often built on principles of reciprocity and trust, fostering stronger social connections and promoting resourcefulness. From online platforms facilitating global trade to local community swaps, the power of direct exchange is making a comeback.

Impact Investing and Socially Responsible Businesses

Impact investing prioritizes investments that generate both financial returns and positive social or environmental outcomes. Socially responsible businesses embed ethical and sustainable practices into their core operations, measuring their success not just by profit but also by their contribution to society and the planet. These approaches redirect capital towards projects and organizations that align with values beyond pure financial gain.

Alternative Currencies and Community Currencies

Alternative currencies, like time banks and local exchange trading systems (LETS), offer a complement to traditional money by facilitating exchange within specific communities. Community currencies aim to promote local economies, strengthen social bonds, and foster a sense of collective identity. Time banks, where individuals earn credits for providing services to others, based on time spent, demonstrate the inherent value of everyone’s skills.

Prioritizing Non-Monetary Forms of Value

This involves recognizing and valuing contributions that often go unrewarded in traditional economic systems. This could include care work, volunteering, artistic creation, or environmental stewardship. Finding ways to measure and acknowledge these contributions is crucial for building a more balanced and equitable society. Perhaps developing new metrics that include societal contribution alongside financial gain could offer a richer view of overall value.

Redefining “Work” and “Success”

Our current definitions of work and success are often tied to monetary compensation and career advancement. A post-money future requires a broader understanding of work as any activity that contributes to the well-being of individuals, communities, or the planet. Success should be measured not just by wealth accumulation but also by personal fulfillment, social impact, and environmental sustainability.

The Challenges Ahead

The transition to a post-money future won’t be without its challenges:

• Resistance to Change: Entrenched interests and deeply ingrained beliefs can make it difficult to challenge the status quo.
• Scalability: Many alternative economic models struggle to scale beyond local communities or niche markets.
• Regulation: Existing regulatory frameworks may not be well-suited to accommodate new forms of value exchange.
• Trust and Security: Decentralized systems require robust mechanisms for ensuring trust and preventing fraud.

Despite these challenges, the potential benefits of a post-money future are too significant to ignore. By embracing innovation, fostering collaboration, and prioritizing values beyond pure profit, we can create a more just, sustainable, and fulfilling world for all.

The Future is Now

The transition “after money” isn’t a distant dream; it’s happening now. We see it in the burgeoning sharing economy, the growing interest in impact investing, and the rise of decentralized technologies. By understanding the limitations of traditional money and exploring alternative models, we can actively shape a future where value is multifaceted and prosperity is shared by all.

Frequently Asked Questions (FAQs)

1. Does “after money” mean eliminating currency altogether?

No, it doesn’t necessarily mean eliminating currency. It’s about creating systems that supplement or even replace traditional money in certain contexts, while addressing its inherent flaws. This could include using alternative currencies, token economies, or bartering systems.

2. How would UBI be funded?

There are several potential funding models for UBI, including taxes on wealth, income, or consumption; reducing existing welfare programs; or even printing new money (although this carries the risk of inflation). The specific funding mechanism would depend on the political and economic context.

3. What is the difference between alternative currencies and cryptocurrencies?

Alternative currencies are typically used within specific communities or regions and aim to promote local economies. Cryptocurrencies, like Bitcoin, are digital currencies that operate independently of central banks and can be used globally. While both challenge traditional monetary systems, they serve different purposes and operate on different scales.

4. How can we ensure that decentralized systems are secure and trustworthy?

Decentralized systems rely on cryptography, consensus mechanisms, and smart contracts to ensure security and trustworthiness. However, they are not foolproof. Robust governance structures, community oversight, and ongoing audits are crucial for preventing fraud and maintaining trust.

5. How can we measure the value of non-monetary contributions, such as care work?

This is a complex challenge. Potential solutions include time-use surveys, qualitative assessments, and the development of new metrics that capture the social and economic value of these contributions. It may require shifting our mindset and recognizing that these contributions are essential for a healthy society, regardless of whether they are paid for in traditional money.

6. Will AI and automation exacerbate economic inequality in a post-money future?

AI and automation have the potential to both exacerbate and alleviate economic inequality. If these technologies are used solely to increase profits for a few, they could lead to further job displacement and wealth concentration. However, if they are used to enhance productivity, reduce costs, and create new opportunities for all, they could help to create a more equitable society. Policies like UBI, retraining programs, and regulations to ensure fair labor practices will be essential.

7. How can we transition from a profit-driven economy to one that prioritizes social and environmental well-being?

This requires a fundamental shift in values and priorities. It involves promoting impact investing, supporting socially responsible businesses, implementing policies that incentivize sustainable practices, and educating people about the importance of social and environmental well-being.

8. What role does education play in preparing for a post-money future?

Education plays a crucial role in equipping individuals with the skills and knowledge they need to thrive in a rapidly changing world. This includes promoting critical thinking, creativity, adaptability, and digital literacy. It also involves educating people about alternative economic models, social and environmental issues, and the importance of ethical decision-making.

9. How can we prevent alternative currencies from being used for illicit activities?

While alternative currencies can offer benefits, they can also be used for illicit activities like money laundering or tax evasion. It’s critical to implement appropriate regulations and oversight mechanisms to prevent these abuses. This may involve requiring identity verification, monitoring transactions, and cooperating with law enforcement agencies.

10. What are some examples of successful DAOs or token economies?

Examples include MakerDAO (a decentralized lending platform), Gitcoin (a platform for funding open-source software), and various community-owned cooperatives that use tokens to reward members and facilitate decision-making.

11. Is the idea of a “post-money” society utopian or realistic?

The concept of a completely “post-money” society might be utopian. However, the ideas and innovations that are driving the movement towards a more equitable and sustainable economy are very realistic. We’re already seeing the emergence of alternative economic models, decentralized technologies, and a growing awareness of the limitations of traditional money.

12. What can individuals do to contribute to a post-money future?

Individuals can contribute by supporting socially responsible businesses, investing in impact funds, participating in local community initiatives, advocating for policies like UBI, and educating themselves and others about alternative economic models. Every conscious choice we make can contribute to a more just and sustainable future.