Archive for January 5th, 2018

Alternative local currencies are the future and why they matter for local development…

January 5, 2018

Lorenzo Fioramonti (Professor of Political Economy at University of Pretoria) writes on the importance of cryptocurrencies and local currencies:

When I began to teach in 2012, I decided to start my course with an analysis of how money affects social order. What my students found particularly fascinating was the then-nascent world of cryptocurrencies, which I described at length as a crucial feature in the future of money.

Some colleagues criticised my approach. They accused me of indirectly encouraging students to invest in what they saw as a shady, crime-ridden financial underworld. But I was simply exposing young minds to a fast-evolving, complex phenomenon that in my view would have a major impact on power distribution in the global economy.

Behind most cryptocurrencies is a simple technology known as “blockchain”, a system residing in multiple computers that allows for peer-to-peer financial ledger recording of all transactions occurring in a network.

This results in a transparent open-access registry of monetary flows which makes the intermediation of banking authorities unnecessary. Thus it challenges the conventional belief that money can only work through central planning.

Impressive to note he has been teaching about cryptocurrencies since 2012. Though, historically money worked in a more  decentralised way without the current technology earlier and then it was centralised by governments.

He says there are around 6000 complementary currencies:

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How many intellectuals do we have in Pakistan?

January 5, 2018

Zubeida Mustafa has a hard hitting piece in Dawn:

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