In the recent February article of the Los Angeles Timess, Clinton has announced to travel on with a program to assist people of public assistance. Clinton challenged corporate foremans five months ago to take people in from public assistance and trained them. One of the chief subscribers of the undertaking is a head executive officer of the Monsanto Ca. Clinton singled out the Monsanto company and other companies for assisting out welfare workers.
The US Supreme Court just bolstered the case for peer-to-peer payments Attempts to correct credit card industry oligopoly through legislation or courts are well-meaning, but they also beg the question: On Monday, the United States Supreme Court issued a ruling in favor of the credit card industryat the expense of cardholders and merchants who accept credit card payments.
While the decision has been read narrowly in terms of antitrust law, it highlights the potential for broader common ground among innovators of new financial technologies, public interest lawyers who are pushing back on monopolistic behavior, and progressive economists.
Matt Stoller Fellow, Open Markets Institute, former Senior Policy Advisor to the Senate Budget Committee calls the Supreme Court's ruling "catastrophic" and calls for legislative fixes; Matt Bruenig Founder, People's Policy Project, a small-donors-funded economics think-tank replies that the federal government should set credit card fees.
Putting aside political feasibility or efficacy, these measures are entirely focused on centrally-controlled federal solutions to the problem of monopolistic behavior by payment providers.
Another, broader possibility to consider in the wake of the Court's ruling is promoting the use of open-source, peer-to-peer payment networks, like the Lightning Networkthat could compete with or someday replace the credit card industry altogether.
Frustration with the credit card industry is longstanding and well-founded. Unlike cash, there is essentially no privacy with plastic. Because payments are peer-to-peer rather than, e. On the Lightning Network, the most prominent of these peer-to-peer networks, transactions are instant with near-zero fees and use onion routinglike on the Tor Browser, to better protect privacy.
So while attempts to correct credit card industry oligopoly through legislation or courts may be well-meaning, they also beg the question: I have two theories. My first theory is that many economists are simply not familiar with peer-to-peer payment networks. A number of them seem to not like Bitcoin and associate Bitcoin with the Lightning Network.
But if that changes - if, for example, the Federal Reserve or another bank lets people trade dollars in exchange for a Lightning-compatible digital currency backed 1: So an objection to peer-to-peer payments on the grounds that it specifically promotes Bitcoin is short-sighted, at best.
To be sure, peer-to-peer payment networks like the Lightning Network are still young.
They need to undergo more testing. More competition for payment processing could spur innovation and lower fees from the hundred-billion dollar credit card industry. And attention could encourage more investment in companies that build infrastructure and drive programmers to dedicate time towards making the network robust so it can handle a massive amount of peer-to-peer payments without sacrificing speed or security.
And there is certainly no reason for proponents of those goals, particularly economists concerned with monopoly and oligopoly power, to ignore the idea of handling point-of-sale transactions on a peer-to-peer basis, rather than via third party payment processors with little competition or reason to improve fees or services.
Retailers and customers can still choose to use credit cards if they wish, earning points or miles or any other benefits, but plenty might prefer to skip the transaction fees and handle their purchases privately and peer-to-peer, akin to using cash, with the speed and convenience of plastic.
Picture from Wikimedia Commons. Never miss a thing and suscribe to our newsletter.by admin September 24, July 19, Leave a Comment on Soft Power Without Hard Power Is No Power Essay Sample In the early s. Joseph Nye’s book Bound to Lead: The Changing Nature Of American Power ignited a immense treatment among society of the demand to transition from America’s traditional usage of difficult power to .
Disposable incoe that is available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter. Used for purchasing entertainment, vacations, cars, education, pets, furniture, etc.
Attempts to correct credit card industry oligopoly through legislation or courts are well-meaning, but they also beg the question: do economists think credit cards are the best we can do for payments? Oligopoly - Game Theory Explained and Applied.
Levels: AS, A Level, IB; Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC; and also how much money to invest in research and development spending. We've just flicked the switch on moving all our digital resources to instant digital download - via our new subject stores.
Discover Great Essay Examples. Let StudyMode help you uncover new ideas with free essay previews and research papers. Browse By Category Art.
Business. people were claiming their power was from god directly. France was ruled by the great King Louis XIV, who referred to himself as "le roi soleil" meaning the sun king. Read More. Politics. Myself a student loved this essay.2How do you help your Parents at Home Essay for Class 3 for.2If I found them tired for helping