With the publishing of French economist Thomas Piketty's seminal work, Capital in the Twenty-First Century, many have begun to contemplate the effects of economic inequality and the potential for a "post-capitalist" world. This essay outlines the fundamental flaw of the capitalist system and attempts the daunting challenge of conceptualizing a system that could viably replace it.
Presented with no charts and almost zero math, this essay provides plain language explanations for some of the most relevant economic concepts affecting our world today. For instance, it tells why, despite being a potentially game changing innovation, Bitcoin and other “crypto-currencies” are not likely to disrupt the existing fiat currency system. You’ll also discover the fundamental paradox of fiat currency and why it leads to shocks in Capitalism that are impossible to resolve as well as the basics of money creation and why debt exists in every aspect of your life even if you are supposedly debt-free. The Currency Paradox also explores the true meaning of “wealth” and the psychology behind the “hate” expressed towards the rich by the less fortunate.
Most importantly, you’ll learn why Capitalism, after centuries of creating growth and prosperity, is likely now obsolete. This essay clearly explains why we have likely reached the useful end of Capitalism and introduces a truly realistic economic system that could replace it with minimal shock, a system with the potential to completely change our world within a single generation.
While this essay is about answers, it is also about a simple question: What’s next? By the end, you will understand exactly why it is direly important that we question the continued validity of Capitalism and whether the time has come to replace it. You may not agree with the remedy presented, but by the end of The Currency Paradox, you’ll likely have developed a greater understanding and appreciation for why the endeavor itself is worthwhile.