Innovative models, some of which we have not yet conceived of, will emerge and provide creative solutions to local and global economic needs in the years, and decades, ahead. Such solutions are likely to emerge from the periphery; from what are known as ‘disruptive technologies.’ That is, creative financial alternatives (such as digital currencies) that appear as anomalies yet gradually develop to become serious new economic models. Such emerging alternative forms of economics and finance will characterize the age inhabited by the Phoenix Generation. These may include the following:
A mixture of both localized and global economic systems will emerge that operate together. The localized models will be based on alternative forms of exchange (city currencies; barter systems; digital payments) that support regional businesses and projects. Various forms of similar micro-currencies will pop up in communities around the world. The global systems are likely to be based upon fewer currencies (or credits) that are agreed upon by the international community – rather than being pegged to a particular currency favoring specific nations. Digital currencies are likely to become a major global player for local, global, and online transactions.
Governments will learn that a new form of economics must take into account not perpetual growth but sustainable limits and domestic well-being. It will be abundantly clear that the perpetual growth paradigm of 20th century economics is no longer a viable option for maintaining a coherent and stable economic framework. The new economics will be more tangibly connected to value and worth, rather than to virtual hoarding and unsustainable speculating. Following the footsteps of Bhutan’s Gross National Happiness index, different regions will consider their wealth based on the well-being of its peoples. Regional and international economics will value people and their unique contributions. The true wealth of a region will be measured by its local resources and services. Gross National Happiness will become more significant in a world where new minds are looking to create a sustainable, long term future for the planet.
Debt will no longer be the principle economic driver. This will release people from debt bondage and other forms of forced social indenture. A new economics will once again be seen as a force for creativity, innovation, and development; rather than as a commodity that burdens and restricts people. A new economics will be seen as a medium and energy of circulation. This will include a new array of innovative funding options that will emerge to help small, local projects and needs across the globe.
Individuals the world over will contribute in funding the projects they relate to and agree with. In a system that develops from the previous crowd-funding model, people everywhere will act as the shareholders, receiving a shared value in profits. Global economics will no longer need to rely on top-down funding, as it develops a strong and reliable decentralized model. This will not neglect the role of larger corporations as younger innovative minds will increasingly take on major roles in businesses of the future. Many corporations and businesses will have to undergo considerable re-structuring in order to survive the transition into the new era. This re-structuring will ensure that they are more responsive to peoples’ needs, as well as the need to invest in the new thinking for a viable future.
Off-shoring and tax havens will be monitored and, in most cases, dismantled. A newly formulated international financial-credit system will be created that is based on transparent transactions rather than opaque, offshore accounts run by private individuals/organizations. The corrupt international economic system of the early 21st century will be no more.
The new economics will shrug off the old image of being a source of inequality and a major cause of injustice. Finance will re-brand itself as a means for implementing solid and positive change in the world. It will embrace the decentralized, connected culture and begin to circulate more freely between people in a way that is not restricted solely to financial exchange. An economics of welfare and well-being based on the exchange of services and assistance will also be prominent among the new generations: altruism will replace austerity.
In the age of the Phoenix Generation, new paradigm business plans will catalyze creative forms of leadership and inspiring role models. New financial models will be based on a future that is further decentralized and cooperative.
A mixture of both localized and global economic systems will emerge that operate together.
Governments will learn that a new form of economics must take into account not perpetual growth but sustainable limits and domestic well-being.
Debt will no longer be the principle economic driver.
Individuals the world over will contribute in funding the projects they relate to and agree with.
Off-shoring and tax havens will be monitored and, in most cases, dismantled.
The new economics will shrug off the old image of being a source of inequality and a major cause of injustice.