Money as the mechanism for exchanging value from one form to another, is an everyday essential for practically all the world’s citizens, whether you live in a remote part of a large undeveloped country or in the centre of an urban metropolis. Money in this sense has many forms from simple barter through to digital contactless transfers.
Most commentators reflect on the recent, and often disruptive, changes in the form and use of money but most also agree that we are only at the start of the next revolution where the representation of money will have fewer and fewer physical attributes and will be more closely linked to the source of value as it was originally.
This seminar series reviews a few key areas of interest:
- History – this section starts with the development of money from its early stages and tracks its development up until the common usage we see today. Looking at the history sets money in context and allows us to focus on the driving principles around the use of money.
- The end of cash – this section looks at the social, technical and cultural impacts that the removal of cash will have on people around the world. What impact will it have on crime, on confidence, on secrecy and ultimately on those on the wrong side of the digital divide?
- Open banking – This section looks at the rise of technologies like AI and blockchain and how when linked to the opening of regulations around banking they are set to drive a whole new set of products, technologies and challenges. These innovations should enable our needs to be predicted, affordability checked, and savings optimised. What and who will we trust?
- Currency and international trade – This section looks at the impact of new attitudes and technologies on the nature of international trade and the role of currencies in exchanging value across borders. The rise of Monzo, Revolut and others has removed barriers for many but how will countries cope without managing money at a national level?
- Identity and value – This section looks at the most controversial issues for the future of money, specifically how do we identify ourselves when trading and how are we linked to our sources of value. When the ancients traded meat for fur the value exchange was clear and tangible. What happens when I use my fingerprint or simply my thoughts to trade?
Learning outcomes
- Understanding of the principles that underpin any system of value transfer;
- Developing a view of the potential societal changes that will either occur or will be enforced;
- How do we determine the value of an individual and link that value to a transaction?
