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WILDCAT CURRENCY

HOW THE VIRTUAL MONEY REVOLUTION IS TRANSFORMING THE ECONOMY

A controversial thesis with potentially broader implications for the future of banking and global corporations.

Castronova (Telecommunications and Cognitive Science/Indiana Univ.; Exodus to the Virtual World: How Online Fun Is Changing Reality, 2007, etc.) speculates on how the expansion of virtual currencies is transforming money and potentially banking.

The author, a founder of scholarly online game studies with expertise in the interconnection among digital games, technology and society, advances the idea that developments in the virtual world of online games eventually have an effect in the real world. He takes issue with what he calls “the common belief that institutions originating in virtual environments will stay virtual.” In fact, he writes, “[t]oday, anybody can be a central bank.” For the author, this is not just due to the use of virtual money, but also due to changes in the technology of paymentsCastronova builds a two-step argument. First, he traces the history of in-house virtual currency deposits—e.g., credit-card reward points—in Internet game and social networking companies. Then he takes up the history of money and banking, especially in the United States, and argues that there is nothing in the U.S. Constitution or law to prevent anyone from becoming an issuer of currency. Castronova also provides an intriguing discussion of the history of online games and the parallel development of in-house payments systems. In addition to a host of other smaller companies, the author examines Facebook and how the social networking giant now accepts money from users and clears their payments to its vendors for a fee, with no intervening virtual step. Other companies have made the transition from in-house, token-type arrangements to become financial services operators. “While treating fantasy and business virtual worlds both fairly and differently will not be easy,” writes the author, “it is certainly feasible and extremely important.”

A controversial thesis with potentially broader implications for the future of banking and global corporations.

Pub Date: June 3, 2014

ISBN: 978-0-300-18613-0

Page Count: 288

Publisher: Yale Univ.

Review Posted Online: May 31, 2014

Kirkus Reviews Issue: June 15, 2014

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THINKING, FAST AND SLOW

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 3, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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REIMAGINING CAPITALISM IN A WORLD ON FIRE

A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.

Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.

A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.

Pub Date: May 1, 2020

ISBN: 978-1-5417-3015-1

Page Count: 336

Publisher: PublicAffairs

Review Posted Online: Feb. 16, 2020

Kirkus Reviews Issue: March 15, 2020

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