A Post-Industrial Economy Needs Post-Industrial Money.
Digital Currency Means Pennies For People, Bills For Banks and… Moolah For Machines.
When the industrial revolution caused an explosion in population and commerce in Georgian England, the lack of money for transactions (coins, basically) shifted from being an annoyance to being a major national problem. There had been money for the wealthy (bank notes and gold and silver coins) but no money for the masses.
You couldn’t buy a loaf of bread or pint of beer with a gold coin, so private industry stepped in to mint token money (ie, base metals and alloys worth a fraction of the face value), and this token money circulated to (very successfully) facilitate wage payments and retail spending. The private sector delivered the new money for the new economy. For a while, at least… Image from The “Illustrated London News” in 1851. Birmingham’s rise to prosperity during the Factories had no coins to pay their workers, workers had no coins to buy their essentials and the economy was suffering. While the government did nothing, the private sector responded. The innovators responsible were those at the centre of the industrialisation storm, largely from the centre of England around Birmingham, and they used […]