Linked inTwitter

A Mundane Comedy is Dom Kelleher's new book, which will be published in late 2024. The introduction is available here and further extracts will appear on this site and on social media in the coming months.

The 52:52:52 project, launching on this site and on social media later in 2024, will help you address 52 issues with 52 responses over 52 weeks.

This site addresses what's changing, at the personal, organisational and societal levels. You'll learn about key changes across more than 150 elements of life, from ageing and time, through nature and animals, to kindness and love...and much more besides, which will help you better prepare for related change in your own life.

Halcyon In Kaleidoscope features irregular and fragmentary writings - on ideas and values, places and people - which evolve over time into mini essais, paying humble homage to the peerless founder of the genre. The kaleidoscope is Halcyon's prime metaphor, viewing the world through ever-moving lenses.

What's Changing? - Money

Money

 

Please see below selected recent basic income-related change.

 

See also:

 

July 2024

  • When it comes to a person’s motives for earning and having money, research has found that people vary on (at least) two dimensions. First, there are money motives related to personal growth, such as seeing money as a way to feel pride, to be compensated fairly, to facilitate freedom, and to enrich leisure activities. A contrasting group of money motives has largely to do with addressing personal shortcomings: it includes seeing money as a means to feel better than others, to suppress self-doubt, and to be able to spend impulsively without requiring forethought. While both sorts of money motives occur across income levels, the growth-oriented motives have been associated with greater life satisfaction, whereas the shortcoming-related ones have been linked to lower wellbeing.

 

March 2024

  • People save for a variety of reasons: to put money by for unforeseen contingencies; for retirement; for holidays or other expensive purchases; to leave money for a spouse or children after death; to avoid debt. Others save only because they think it is a good idea or that they ‘ought to’. Whatever the motive, saving not only has financial benefits, it can also improve psychological wellbeing and emotional health.

 

December 2023

 

November 2023

  • Trendwatching noted that money-saving habits are in. As the ongoing cost-of-living crisis is showing no signs of slowing down, consumers expect businesses to help them economise by embedding savings by design. Smart AI solutions are emerging to address the challenges: e.g. Praxis's DIY app analyses room photos to provide personalised energy-saving tips, Google Flights pinpoints the cheapest booking times for travellers and the Inflation Cookbook employs AI to track grocery prices.

 

July 2023

  • Bolivia announced that 10% of its trade in mid-2023 was done in yuan, rather than the American dollar. Following in the footsteps of Argentina and Brazil, Bolivia became the third South American nation to begin to pivot from the dollar to the yuan.
  • Modelling funded by the National Institute for Health and Social Care Research assessed the potential health impacts of UBI. It suggested that a £75 per week UBI could prevent up to one million cases of depression annually, plus up to one million more “physical health symptoms”, saving the health service billions.  The team behind the work previously modelled three UBI schemes costing the government between £274bn-£675bn a year. Their scenarios included tax and benefit reforms, resulting in a near-zero cost to the public purse. 

 

May 2023

  • Global debt has ballooned over the past two decades to US$300 trillion due to years of low interest rates and cheap goods that made money easy to borrow. Then, along came the pandemic which stalled growth and a war in Ukraine that shot up food and energy prices, leading to runaway global inflation. Rich countries reacted by injecting trillions of dollars of stimulus money into their economies, borrowing huge sums in order to do so. "So much more of the world's capital is going just to pay off the debt of the advanced economies. That leaves less for everybody else, and I think that's a grave concern", warned David Malpass, former president of the World bank.

 

April 2023

 

March 2023

 

February 2023

  • According to estimates by Unbanx, the market for financial data sold by banks is already worth up to US$5bn. Unbanx was created as an app hoping to give individuals the opportunity to share in those gains. Once users have connected the app to their bank accounts via open banking, Unbanx aggregates and anonymises their data and sells it to ethical buyers in search of consumer data that's 100% opt-in. Unbanx then claimed to return 70% of profits from data sales to its users in the form of points that can be redeemed with retail partners.
  • Rising interest rates make it more expensive to borrow money - and pay it back. In 2022, a group of 58 rich and emerging economies accounting for over 90% of the world's GDP surveyed by The Economist paid US$13 trillion in interest payments on their debt, up from US$10.4 trillion in 2021.

 

December 2022

 

November 2022

  • China’s ultra-rich reportedly saw their biggest drop in wealth in over two decades. Almost 300 members of the Hurun China Rich List fell from the billionaire ranks in 2022, feeling the effects of the country’s economic downturn.

 

October 2022

  • GZERO explained that the pandemic was a boon for the digital payment industry as many businesses in developed economies increasingly turned down cash:
    • In Scandinavia, for instance, cash transactions accounted for just 1% of Sweden's GDP in 2018, and cash withdrawals have been declining by about 10% per year. 
    • Kenya emerged as a fintech leader after the country’s largest mobile network, Safaricom, launched a branchless banking system in 2019.
    • However, some societies still love cash. Cash culture is rife in Japan, for example, where despite being a hub for tech innovation, digital payment systems have been spurned by much of the population. More than 90% of those surveyed in Japan say cash is their primary payment method, citing security and privacy concerns.
    • Critics meanwhile claim there are proven downsides to digital payment systems, including increased risk of cybercrime and inequality. Indeed, some research suggests that some consumers who had mostly been paying in cash before COVID are returning to cash again now.
  • The value of digital payments in China was forecast to reach US$3.5 trillion by the end of 2022, almost double the figure in the US. China is fast becoming a mobile-first economy, in part because sellers are allowed to make their own QR codes.

 

September 2022

  • The tool to address most of the world’s challenges is not innovative, nor complicated, noted economic Nobel laureate Abhijit Banerjee during a 2022 session of the Clinton Global Initiative. Asked what is needed to solve the world’s most pressing challenges, Banerjee simply said, “I think money. Everything else is second order.", adding that money transfers are proven to be the most effective solution for poverty alleviation.

 

April 2022

  • Debt held by national governments accounted for almost 40% of total money owed in 2022, the most in six decades. Although the rise in public borrowing was led by Western economies and China, many developing countries were the ones deepest in the red because they took on a lot of debt to pay for pandemic stimulus in 2020.
  • Researchers and philosophers identify two types of psychological wellbeing, which can be summarised as the purposeful and the pleasurable. Previous research established that, on average, wealthy people experience happier, more meaningful lives. A more recent study asked a more nuanced question: does meaning predict happiness, regardless of wealth? The results suggested that meaning is less important to happiness for wealthy people. More importantly, meaning may be extra important for people without much money.

 

December 2021

  • The world's wealthiest people have been slowly breaking away from their countries of citizenship, with gradual increases in asset offshoring and international travel. But the pandemic and rising geopolitical risks are pushing more people than ever to establish residency abroad or pick up additional citizenships. This shift will probably intensify as more of the world’s billionaires seek to shield their wealth from taxes or set up shop in countries with less regulation than the US and the EU.

 

November 2021

 

October 2021

  • Even with innovations in fintech and digital payments, roadblocks related to basic infrastructure like electricity and internet connectivity still prevent many migrant workers from being able to transfer money to their families back home with a truly digital end-to-end flow. While more workers can send money digitally today, the majority of people still receive funds in cash, according to experts at the Visa Economic Empowerment Institute.
  • OpenAI shared plans for a global universal basic income. Lots of people didn’t like what they heard. The new project is a cryptocurrency called Worldcoin, plus an innovative plan for rapid worldwide adoption: the currency is intended to be ‘collectively owned’, and everyone on Earth can claim a share, but to claim Worldcoins, people would have to first to stare into a metal sphere called the Orb, which will scan their eyes. Having registered their unique human identity,  they’d then be allotted their coins.

 

August 2021

  • Following the onset of COVID-19, there was a global surge in support for UBI. In the USA, Los Angeles launched an experiment, and there were trials in Canada, South Korea and Kenya. In Europe, a poll in 2020, covering France, Germany, Italy, Poland, Portugal and Spain, found that more than two-thirds of people were in favour of a basic income. In Wales, a survey showed 69% of people supported a UBI trial, and a letter asking the British government to consider similar plans was signed by over 500 cross-party politicians from across the UK.

 

May 2021

 

March 2021

 

February 2021

  • China carried out further tests of the digital yuan. The government handed out 10 million yuan’s worth ($1.5 million) of the digital currency to 50,000 Beijing residents to spend in February 2021 in designated shops or on e-commerce platforms.

 

January 2021

 

October 2020

 

September 2020

 

July 2020

  • The UN suggested that a temporary basic income for the world’s poorest people in developing countries could help stop the spread of coronavirus. A report by the UN Development Programme (UNDP) said that the fund would allow 2.7 billion people in 132 developing countries to stay at home. “Unprecedented times call for unprecedented social and economic measures. Introducing a temporary basic income for the world’s poorest people has emerged as one option. Bailouts and recovery plans cannot only focus on big markets and big business,” UNDP Administrator Achim Steiner said. The report gave three ways in which the pay-out could be done – by topping up existing average incomes, awarding lump sum transfers based on the differences in the median standard of living across a country or by transferring a lump sum despite a person’s location in a country.
  • The pandemic led to largest test yet of universal basic income in Spain, and conversations happening in Scotland, Canada and elsewhere

 

June 2020

  • The combination of closed physical shops and a fear of handling cash due to the risk of coronavirus meant that the Royal Australian Mint saw “virtually no demand” for coins in 2020. So together with the country’s Reserve Bank considered making less physical money. The move to digital payments isn’t new or specific to Australia - the trend has quickened globally, noted Tortoise. As the Guardian pointed out, a cashless economy would cause problems for lots of vulnerable people. 
  • Many governments re (re-)looking at the idea of basic income. Spain's coalition government just introduced a basic monthly income for families pushed into hardship by coronavirus. In addition, Finland gave 2,000 unemployed people $600 per month in 2017 and 2018. The plan was halted because it didn't prove cost-effective. A new study finds that the experiment boosted the well-being of those who received the money, but it did little to boost the economy. Denmark, Ireland, the UK, and Sweden are now working on short-term versions of the idea. Local governments in Canada, the Netherlands, Scotland, and the US have tinkered with longer-term plans. The so-called Permanent Fund Dividend in the US state of Alaska offers a modest form of basic income. Kenya is conducting a 12-year study on the subject, noted GZEROMedia. 
  • As part of the debt-ridden Sudanese government's plan to reduce the need for costly government subsidies for food and fuel, officials are piloting a new program that will simply give cash payments of about $9 a month directly to its neediest citizens. The move comes as countries around the world look to reduce subsidies.

 

May 2020

  • Levels of support for the introduction of universal basic income saw a remarkable increase during the 2020 coronavirus pandemic. 71% of Europeans want the state to pay a basic income. A two-year study on basic income in Finland delivered some interesting results, including a meaningful increase in mental health and feelings of well being, and a marginal employment effect
  • Spain’s government approved a flagship plan to pay the poorest households in the country a basic income of €462 (£410; $514) a month. Larger households with receive a bigger monthly payment, up to a maximum of about €990 for households of five or more. The scheme, which was planned to be rolled out nationally, was fast-tracked due to the economic difficulties brought on by the pandemic.

 

January 2020

  • The city of Maricá, Brazil, launched a Citizens' Basic Income in 2019, entitling over 50,000 people to a monthly stipend. Crucially, the funds will be distributed in the city's own digital social currency, increasing local benefits and enabling a wealth of data on the socio-economic impacts.
  • Cashless shops should be banned, argued Quartz, as they discriminate against low-income people and undocumented migrants. Meanwhile, New York City Council voted to require stores and restaurants to accept cash for payments of USD 20 or less. The Council said that cashless businesses are discriminating against those who lack bank accounts or credit cards. Under the new law, businesses will be fined USD 1,000 the first time they refuse cash, and USD 1,500 each time after that. 

 

October 2019

  • Universal basic income (UBI) – a government-instituted program that would provide every adult with a specific sum of money to offset job losses from AI – is now supported by three-quarters of residents in both the UK and Canada, according to a late 2019 Gallup poll. 

 

September 2019

  • In 2017, card transactions overtook cash for the first time and the use of contactless payment cards doubled. A trade association for financial services predicted that by 2027 cash will account for just 16% of all transactions. However, Richard Thaler, the 2017 Nobel prize winner for economics, made the observation that people tend to display a cognitive bias and treat different sources of money in different ways. Now a number of sociologists are examining how mobile finance and new forms of virtual currency are shaping how we relate to money and think about its value. The most fundamental cognitive bias associated with cashless payments is its dulling effect on the “pain of paying”.  Behavioural economists observe that the psychological discomfort experienced when parting with money varies by medium, and people feel less "pain" undertaking electronic transactions than cash payments.

 

August 2019

  • Most transactions around the world are still conducted in cash. However, its share is falling rapidly, from 89% in 2013 to 77% today. Despite the attention paid to mobile banking in emerging markets, it is rich countries, with high financial inclusion and small informal economies, that have led the trend. Within the rich world, more-digitised societies tend to make fewer cash payments. In Nordic countries like Norway and Denmark, where 97% of people use the internet, around four out of five transactions were already cashless by 2016, according to a recent review chaired by Huw van Steenis of the Bank of England. In contrast, internet penetration in Italy is just 61%, and 85% of transactions there were still handled in cash in 2016.

 

June 2019

 

May 2019

  • Around 1.7 billion adults around the world still lack access to a basic bank or mobile money account, according to the World Bank, but that's down from 2 billion people in 2014.
  • For the Financial Times, making unconditional cash payments to all citizens is trumpeted as a visionary solution to inequality, poverty and job insecurity. But away from countries with weak social safety nets and low poverty thresholds, the numbers do not add up. Either the basic income has to be unrealistically low or the tax rate to finance it is unacceptably high. Suppose the US provided its 327m inhabitants with $10,000 a year. That would be less than the 2018 official poverty threshold of $13,064. But it would cost 96 per cent of this year’s federal tax take.

 

March 2019

 

February 2019

  • Free money doesn’t necessarily help unemployed people find jobs, but it can, however, help their well-being, suggests a basic-income trial in Finland. Such schemes are being trialled all over the world. Adults in a village in western Kenya are being given $22 a month for 12 years, until 2028, while the Italian government is working on introducing a "citizens' income". The city of Utrecht, in the Netherlands, is carried out a basic income study called Weten Wat Werkt - "Know What Works".
  • Digital payments are taking over in countries like the UK and bank branches and cash machines are vanishing at a rapid rate. Still, many people still rely on cash, among them the poor and elderly. Quartz examined the problem and showed what the UK could learn from Sweden, which has gone cashless even faster but, officials admit, should have better planned the transition.

 

January 2019

 

December 2018

  • Pew noted that, in developed countries, at least, people are becoming less reliant on physical currency. Roughly three-in-ten US adults say they make no purchases using cash during a typical week and the share who say that all or almost all of their weekly purchases are made using cash has modestly decreased.
  • As an unconditional money transfer, the advantage of Universal Basic Income (UBI) is its ability to change deep-rooted incentive structures, argued the World Economic Forum. A true alleviation of poverty requires shifting the motivations that drive the rest of society. Our notions of work and welfare are informed by the deep-rooted norms and cultures of individuals who are often full-time, wage-earning, insured members of society - most of whom have never faced a lack of alternatives. Consequently, the one-size-fits-all approach to work and income has done little to advance the overall choice architecture for individuals trapped in poverty. In short, for WEF UBI can maximise choice for those living in poverty by minimising the choice-reducing behaviours of those who are not.
  • Only about 28 million people in China, or 2 percent of the population, pay income tax, according to GZEROMedia, even though around 187 million ought to be doing so. The government has embarked on a landmark effort to bring that number up by cracking down on non-compliance while also increasing the threshold at which incomes are taxed.  

 

October 2018

  • Nobel winner Muhammad Yunus believes that welfare and basic incomes don’t produce entrepreneurs. Microfinance, however, creates risk, which can spur people to climb out of poverty.

 

September 2018

  • The RSA's Basic Income: a guide for progressives, argued that progressive basic income would constitute a wholesale shift toward universalism away from the punitive, withdrawable and conditional nature of contemporary benefits. It would replace the broken social safety net with a solid and stable floor from which people can build their lives; whether they want to earn, learn, care, or set up a business. 
  • 40% of British people support the idea of universal basic income and would welcome experiments of the radical policy in their local area, a new poll claimed, according to The Independent. The findings emerged after the shadow chancellor, John McDonnell, told The Independent that Labour is set to include a pilot of the scheme in the party’s next manifesto for a general election. In its new report, the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) said the concept is “rapidly breaking through into the mainstream political discourse”.
  • Switzerland-based filmmaker Rebecca Panian is currently crowdfunding Dorf Testet Zukunft (‘Village Tests the Future’), a universal basic income (UBI) experiment in the Swiss town of Rheinau. The initiative comes two years after the two-thirds of the country’s citizens voted in a referendum against a UBI program to grant citizens with unconditional cash payments. But amidst the threat automation poses to jobs, Panian wanted to see how this type of policy would practically impact a community. Depending on their age, residents will receive up to USD 2,570 monthly. Over 800 citizens have registered to participate, and the project is now raising the CHF 3 million (USD 3.1 million) required, through crowdfunding and partnerships.

 

August 2018

  • What is Basic Income? How much will it cost? Why should you care? Find out this and more in the RSA's guide to Basic Income.

  • The latest in a series of experiments with guaranteed basic income was brought to an abrupt end in Ontario, Canada. GZEROMedia said it will look to future programmes in the Netherlands, Italy, and Scotland to learn whether and how these sorts of programmes can help governments and workers cope with changes in the nature of work. An earlier experiment in Finland was also cancelled.

 

July 2018

 

June 2018

  • A new survey of current Universal Basic Income pilots suggested that the evidence is mixed and ultimately may not scale up to the size of society.
  • Research on programs in Malawi, South Africa, and Mexico claim to show that a novel idea called cash transfers can liberate young women.

 

April 2018

  • In January 2017, Finland launched a two-year experiment that sends monthly tax-free payments of €560 (about $685) to 2,000 unemployed citizens chosen at random. Full results won’t be announced until late next year, but the Finnish government has already decided not to extend the program beyond 2018. A study published earlier this year by the Organization for Economic Cooperation and Development found that Finland would have to raise income taxes by 30 percent to fund this program permanently and that the plan would increase wealth inequality.
  • Touted as a new and elegant solution to the problem of poverty and the impending decimation of jobs by automation, UBI is a hot topic today in the “salons” hosted by tech and hedge-fund billionaires. The idea of UBI in fact is an old idea.
  • Meanwhile, the UK should provide citizens with free housing, food, transport and IT to counter the threat  of worsening inequality and job insecurity posed by technological advances, a report launched by the Institute for Global Prosperity recommends. The proposal for ‘Universal Basic Services’ represents an affordable alternative to a so-called ‘citizens’ income’ advocated by some economists.

 

Pre 2018

Topics
Timelines
Spaces
Signifiers