Neoliberal Economic Policies Could Increase Interest In Cryptocurrency
Trickle Up Economics
The latest tax cuts passed in the United States Congress at the end of 2017 will end up providing corporations and a portion of the wealthiest citizens with “permanent” tax relief. While pitched as a relief for all Americans, working and middle-class workers are practically seeing an extra $60 this year. However, even that small relief is set to sunset by 2027 if there aren’t any additional changes to tax policy in the immediate future.
In France, President Emmanuel Macron is enduring protests from workers who are not pleased with proposed economic reform. Macron is a known Third Way, centrist politician whose economic policies are at odds with French labor unions.
Jeremy Corbyn’s rise in the United Kingdom is directly connected to disconnect with current Prime Minister, Theresa May’s economic policies which are having a negative effect on working and middle-class laborers. The battle between social democratic and neoliberal economics are at the core of debates around the world.
However, despite workers demanding more economic security and opportunity for financial mobility — neoliberal interests are preventing reforms which would benefit the majority of society.
Rise Of Cryptocurrency
Despite mostly being a speculative commodity, the rise of Bitcoin has led to quick innovation in blockchain technology. For example, Kinesis is developing a currency which will have a practical everyday use and which could give workers around the world another means to financial security.
While fiat currency will remain a key aspect of the global economy, blockchain technology is offering opportunities for those working to provide advances in healthcare, humanitarian efforts, and aiding entrepreneurs in need of seed capital additional outlets traditional institutions may not provide.
It may take several years or a decade for these new platforms to become mainstream; however, politicians ignoring workers pleas for tax policies which benefit society as a whole — instead of neoliberal interests could accelerate the interest in digital financial institutions.
What Scandinavia Shows Us
Countries like Norway, Finland, Sweden, and Denmark have adopted social democratic principles which incorporate maternity leave, universal healthcare, lengthy vacation times, and social good programs which help foster creation while providing citizens with a high standard of living.
In the United States, workers are more productive than they have ever been — yet wages are not growing on pace with the cost of inflation. In combination with rising housing prices, workers are having to work more hours without seeing fair returns for the amount of production their labor yields.
While the advancing cryptocurrency sphere may help to relieve the ails of workers, there is an immediate need for change. Blockchain technology is becoming a sphere where innovators are building platforms which benefits everyone involved, instead of catering towards those who do not see a public use for taxation or a social contract.
Current global trends make change seem likely, especially if populist politicians win general elections (and stay true to their campaign promises), future integration of blockchain platforms could help reduce costs for various programs and create more freedom and stability for workers across the globe.