Last time I discussed perils of current economics system and why in my view a fundamental change is required within fifty years.
So here are my further thoughts on the subject…
I do watch Sci fi movies and read futuristic books. My current influences are Michio Kaku’s books including Physics of the Future, The Future of the Mind and movies about futuristic world (not the Avengers that is fantasy…but I do watch them as well). Recent movie interest was Lucy which brings to life possibility about how much brain power we could use in the future. Central hypotheses of these books and movie is that humans will be able to use more of the brain power within 60 to 70 years and human race will have mental powers currently appear unrealistic, such as self healing, and controlling the matter particles around us.
what it means for the economic system
Humans would have evolved from the current system of governance which essentially means a single world governance authority. Nothing like the present inept and inefficient government structure we have. Communities will a have major say in their well being and governance will only be limited to essential issues of global standards of living, human rights, environment and currency.
Monetary and economic system
There will be a Single global currency, however this would be very different from the current system of interest rates, deficit financing and currency backed up by global government. In my view at that time due to high awareness state of humankind most of current economic system would be irrelevant. Each human colony would be self sufficient in most of day to day requirements. However there would be need to exchange knowledge and materials or human effort. Since such effort needs to be measured in some form of unit, a global monetary value instrument would be required and that will be defined by the global government.
In a way the above would be more like the barter trade of the old when one community or person’s effort would be compared to work or knowledge of another human being in a different trade and then exchanged most systematically by valuing such effort into a global coinage.
This means perhaps growing crops for human sustenance could be considered more valuable than analysis power. BY 2200 I can see end of banking system, stock market, legal profession, accountancy, foreign services and a host of currently highly lucrative professions and industries since society would not see any value in those while new professions such as data banks, knowledge exchanges, life sciences and genome processing, interplanetary voyages perhaps more prevalent.
Similarly lots of commodities may not be sellable, fossil fuels losing it value due to global use of natural forces to power up most of highly efficient organic systems and our energy consumption would be lower than ever.
Bring on the critics…
I can almost see all of you disagreeing with my analysis. I perhaps will not live the day when this may or may not become true. However the roots of human advancement are already here. We are living in the future with our global inter connectivity and free flow of information. Genome project was a resounding success and now entered in our everyday life and it will not take long before results of Brain Project will also be part of daily routine within few decades.
Are our children ready..
The question is whether we recognise such seismic shift and reduce focus from our trading terminals and unending quest for making more and more money. Whether we are providing the right guidance to our next generation so that they are ready for such change in the way of living or earning a living. Are we nurturing the right generation who could deal with challenges of the new future dawning soon….