No 2, 2011 - MONEY IS DEAD. LONG LIVE MONEY - On the change in currencies and values

Once money became dissociated from the gold standard, it became a question of confidence. Whether today’s paper money really corresponds to an equivalent value is something its owner can hope for. The progressive decoupling of the money supply from real economic growth increased the efficiency of financial markets and laid the foundations for creating wealth. But at the same time it has led to greater risks for the networked economy.

The financial crisis of 2009 and the present shakeup in the Eurozone have forced the global village to embrace a common fate, faced with the challenge of adapting the money system to the environmental conditions of the future. Is the era money drawing to a close? Unlikely. Because money is much more than a means of payment. It is a cultural asset that shapes not only global trade but also our social structures and norms – whether as a basis of trade or a status symbol. But for it to be embedded sustainably in the world of tomorrow, a reconsideration of its form and function is inevitable. Money is dead. Long live money. With contributions from sociologist Eva Illouz, “Happy Planet Index” developer Nic Marks, technology journalist Duncan Jefferies and economist Mathias Binswanger.

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