Cryptocurrencies, Evolution of Means of Payments and Validity of Monetary Principles

2021 ◽  
Vol 54 (3) ◽  
pp. 469-498
Author(s):  
Edoardo Beretta
Keyword(s):  
21St Century ◽  
Economic History ◽  
Analytical Approach ◽  
Statistical Evidence ◽  
Blockchain Technology ◽  
Financial Bubble ◽  
Excess Liquidity ◽  
Real Value ◽  
Evolving Context

The paper explores the role, evolution and ruling principles of the concept of “money” in the 21st Century. In this continuously evolving context, cryptocurrencies and Blockchain technology are widely considered the most relevant monetary innovations of the last decades. By means of a macro-founded logical-analytical approach combined with statistical evidence, the paper provides arguments: 1. dismissing the “innovation myth” behind cryptocurrencies because of de facto representing a comeback of the private issue of means of payments and, more problematically, seigniorage at its best; 2. confirming that crypto-tokens do not comply with basic, still ruling monetary principles; 3. suggesting that excess liquidity is already invested in crypto-markets (which are themselves “inflationary”, namely not backed by real value (i.e. GDP). The concrete risk is, once again in economic history, represented by facing a financial bubble.

The Effects of Digitalization on Social Entrepreneurship and Social Value

2021 ◽  
pp. 102-119
Author(s):  
Hale Cide Demir
Keyword(s):  
Social Capital ◽  
21St Century ◽  
Social Entrepreneurship ◽  
Social Impact ◽  
Business Models ◽  
Social Enterprises ◽  
Social Value ◽  
New Order ◽  
Social Entrepreneurs ◽  
Blockchain Technology

The intense competition and change by globalization and digitalization in the 21st century have made organizations and people face opportunities, threats, and uncertainty. Digitalization allows new and original business models and thus, presenting changes as a service or benefit to the consumer has become more important. A network is the most powerful instrument of social entrepreneurs or other employees to adapt to the new order. A very important tool of the new order is the blockchain technology which allows more secure, efficient, and trustworthy social enterprises. Social entrepreneurship is the process of establishing social enterprises to create social benefits and the relevant social value is general non-financial effects of programs, organizations, and interferences that include the wellbeing of people and communities, social capital, and the environment. This study tries to define and theorize that the results of digitalization can be managed by increasing social entrepreneurship and the resulting social impact and networking have an easing effect on this method.

The Brazilian Economy in the 20th Century

2019 ◽  
Author(s):  
Herbert S. Klein ◽  
Francisco Vidal Luna
Keyword(s):  
20Th Century ◽  
21St Century ◽  
Economic History ◽  
Service Sector ◽  
Industrial Sector ◽  
Economic Transformation ◽  
Asian Immigrants ◽  
Social Changes ◽  
Brazilian Society ◽  
The World

The 20th century represents a crucial period in Brazil’s economic history, when an agrarian, rural-dominated society became an urban, industrialized country with a complex financial sector and a large service sector. This economic transformation fueled by coffee exports led to profound demographic and social changes as millions of European and Asian immigrants were integrated into Brazilian society, followed by a massive shift of native-born migrants from the northeast to the dynamic southeast of Brazil, particularly for the state of São Paulo, which became the richest, most industrialized, and most populous state of the nation. The second half of the 20th century saw the creation of a modern industrial sector and the modernization of national agriculture, which in the 21st century made Brazil one of the most important producers of grain and animal protein in the world.

The Decline of Primary Producer Power

1987 ◽  
Vol 121 ◽  
pp. 40-45
Author(s):  
G.F. Ray
Keyword(s):  
Economic History ◽  
Weather Conditions ◽  
Middle Years ◽  
Adverse Weather Conditions ◽  
Primary Products ◽  
General Decline ◽  
Adverse Weather ◽  
Primary Producer ◽  
Real Value ◽  
Industrial Materials

The middle years of this decade will go down in economic history as a period when primary products hit rock bottom, whatever method is used to illustrate their real value or purchasing power. There have been hardly any exceptions to this general decline. Petroleum (by far the most important primary product), foodstuffs, agricultural industrial materials, minerals and metals all shared the same fate, though the extent of their losses differed. The only exception has been coffee, owing to unusually adverse weather conditions.

scholarly journals Design of Blockchain Based Smart Contract for Tendering

2021 ◽  
Vol 10 (10) ◽  
pp. 222-225
Author(s):  
Denies Kiyeng ◽  
Simon Maina Karume ◽  
Nelson Masese
Keyword(s):  
Information Technology ◽  
Competitive Advantage ◽  
Customer Service ◽  
21St Century ◽  
Financial Services ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Challenges And Opportunities ◽  
Block Chain

Information technology is the backbone for all 21st century organizations that are looking forward to offer better customer service and gain competitive advantage. Today, blockchain technology is being adopted by a number of organizations such as financial services, healthcare, agriculture and even government. . However, the tendering sector have not been able to take advantage of the new blockchain technology, owing to the absence of blockchain based frameworks and a model for secure tendering. This study focuses on block-chain with its BYOE (Bring Your Own Encryption) concept in the procurement sector. The research comes up with a design of a blockchain based smart contract model for organizations in Kenya following ASD approach. In addition a discussion of challenges and opportunities of Blockchain based tendering is also presented.

scholarly journals The influence of media on investment decisions. The case of bubbles

2017 ◽  
Vol 11 (22) ◽  
Author(s):  
Joaquim Perramon Ayza
Keyword(s):  
Market Price ◽  
Investment Decisions ◽  
Financial Asset ◽  
Sources Of Information ◽  
Third Place ◽  
Financial Bubble ◽  
Real Value ◽  
The Media ◽  
Medios De Comunicacion ◽  
Financial Press

Keywords: bubbles, financial press, investment, mediaAbstract. We analyzed how information in the financial press influences investment decisions and the specific case of economic bubbles. We found considerable flaws in the information market due to several factors: demand, the predominance of what are termed “irrational investors” (herding), and supply, which has the problem that the sources of information are biased and feeds back. A financial bubble is a deviation between real value of a financial asset and its persistent market price in time, which also has a speculative origin fed back by the illusion of the owners of these financial values, who will take benefits because of the future prices, which must be higher than the previous ones. In this context, the economical information in the media is submitting three problems. First of all, it is information generated by companies. In second place, the information circuit is fed back. A problem of informative independence becomes created, particularly serious in the case of the banks, which are at the same time creditors. And in a third place, some informative biases are manifested for the companies of regulated sectors which are starring the economical information in the media.Palabras clave: burbujas, inversiones, medios de comunicación, prensa financieraResumen. El artículo trata como la información en la prensa económica inluencia las decisiones de inversión y del caso específico de las burbujas financieras. Econtramos considerables fallos en el mercado de la información causados por diversos factores: una demanda en la que predomina la denominada inversión irracional (herding) y una oferta en la que las fuentes de información estan sesgadas y se retroalimentan.Una burbuja financiera es una desviación entre el valor real de un activo financiero y su cotización bursátil que tiene un origen especulativo retroalimentado por la ilusión de los propietarios de dichos activos financieros de obtener beneficios esperando que los precios futuros serán mayores a los presentes. En este contexto, la información económica en los medios de comunicación presenta tres problemas.La primera és que la información la generan las propias sociedades. En segundo lugar, el circuito de la información se retroalimenta. Se crea un problema de independencia de la información que resulta particularmente grave en el caso de los bancos que son al mismo tiempo acreedores de las sociedades. Y en tercer lugar algunos sesgos informativos corresponden a empresas de sectores regulados que manifiestan una tendencia a protagonizar la información económica en los medios.

Textiles: 1400 to 1700

2020 ◽  
Author(s):  
Katherine Anne Wilson
Keyword(s):  
19Th Century ◽  
21St Century ◽  
Economic History ◽  
Decorative Arts ◽  
Multiple Forms ◽  
Important Work ◽  
Historical Approach ◽  
Cultural Importance ◽  
History Approach

The global production, use, and circulation of textiles were of great economic and cultural importance throughout the period 1400–1700, a span of time generally characterized as the Renaissance. In the period 1400–1700 the types and varieties of textiles proliferated and were frequently traded and gifted over large distances. For their users, textiles, in their multiple forms, were markers of distinction as well as functional everyday items. Traditionally, writing on textiles in the Renaissance has been influenced by two trends. First, the distinction of 19th-century scholars between “fine” and “decorative arts” tended to prioritize painting, sculpture, and architecture rather than textiles. Second, a divide between the art historical approach and the economic history approach has characterized the study of textile history. Since the turn of the 21st century, the range of approaches to the study of Renaissance textiles has widened considerably to attempt to bring together and, indeed, challenge and extend these approaches. In particular, a focus has emerged on examining the global role of textiles as objects in trade and diplomacy, recognizing their roles as objects that moved across boundaries and their role in shaping market economies and merchant strategies. In addition, important work has been undertaken on the ways textiles functioned as consumer items and on the ways they shaped spaces in homes and residences. Textiles have also been considered as performative actors that shaped emotions and actions.

Executive Compensation in American Economic History

2018 ◽  
pp. 288-308
Author(s):  
Carola Frydman
Keyword(s):  
World War Ii ◽  
Executive Compensation ◽  
Economic History ◽  
Past Century ◽  
Executive Pay ◽  
Rent Extraction ◽  
Role Of Government ◽  
Government Interventions ◽  
Long Run ◽  
Real Value

This chapter documents the evolution of executive compensation in large, publicly traded American corporations over the past century. Executive pay followed a J-shaped pattern. The real value of median total pay declined sharply during World War II, then fell slowly in the late 1940s. From the 1950s to the mid-1970s, executive pay increased at about 0.8 percent annually, but it accelerated quickly from the mid-1970s to the early 2000s, reaching rates of 10 percent in the 1990s. The structure of pay also underwent an important transformation. Until the mid-1980s, the compensation of executives was primarily composed of salaries and bonuses. Since then, the use of equity-based pay has become increasingly widespread. The chapter reviews theories for the long-run changes in executive pay, including rent extraction, returns to talent, and the role of government interventions. None of these alone can account for the patterns in executive compensation over time.

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