The History of Financial Innovation
The invention of the wheel, wedge, and pulley came long before the invention of credit scores, CDO’s, and International Trade Agreements.
Technological Change must always precede economic growth – economic growth cannot sustainably precede technological change. If you throw money at a problem, you are not guaranteed technological change. If you throw technological change at a problem, you are guaranteed money.
The Tiny Flaw of Market Capitalism
We are going about the process of globalization as if economic growth can precede technological change. This is the tiny flaw of market capitalism and it is unsustainable. In short, we’ve gotten it backwards and continuing on this course prevents us from seeing the future.
The flaw is easy to correct. The Ingenesist Project has specified two for-profit business methods, “The Value Game” and “Zertify.com” which if deployed today in Social Media could accomplish this. These business methods are committed to the public domain. The only thing standing in the way is a social agreement.