Inspiring: Reimagining the Economy Media Articles
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It’s 4pm on a Friday, and the staff at Home Kitchen, north London’s buzziest new restaurant, are prepping for another busy evening’s service. Not only is the restaurant run not-for-profit, but nearly all of the staff members have experienced homelessness: a first of its kind in the fine-dining industry. The project is run by a five-strong team, which includes two-time Michelin-starred chef Adam Simmonds and Soup Kitchen London director Alex Brown. Home Kitchen partnered with homelessness charity Crisis and social enterprise Beam to fill eight kitchen and eight front of house roles, when they opened their restaurant in autumn 2024. Other partners include the Beyond Food Foundation, the Only A Pavement Away charity and fellow charity, The Passage. Funded by a £500,000 crowdfunding drive and social investment loans, Home Kitchen provides staff with a comprehensive package that’s designed to help them avoid returning to homelessness. The 16 staffers are employed on full-time contracts, paid at London Living Wage, have their travel cards covered for zones one and two, and receive catering qualifications in addition to in-house training. The employee support offered by Crisis and Beam is ongoing, while the Home Kitchen team leaders take it upon themselves to check in with staff every day. “[There’s] a lot of support, a lot mentally. If someone’s upset, straight away they’ll take them to a corner and be like: ‘Talk to me, what’s happening?’ It’s really, really, really nice,” [French-Algerian chef] Mimi says. At the end of daily service, the team sit down and break bread (literally) with a communal meal. “It’s a brilliant team. Everybody supports everybody,” adds Jones, with a smile. “When service starts, we’re all equal.”
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In 2015, [Jo] Nemeth had quit her community development job, given the last of her money to her 18-year-old daughter Amy and closed her bank account. “I was 46, I had a good job and a partner I loved, but I was deeply unhappy,” Nemeth says. “I’d been feeling this growing despair about the economic system we live in.” Her “lightbulb moment” came when her parents ... gave her a book about people with alternative lifestyles. “When I read about this guy choosing to live without money, I thought, ‘Oh my God, I have to do that!’” The first thing Nemeth did was write a list of her needs. "I discovered I really didn’t need much to be comfortable. Then I just started ... figuring out how I could meet my needs without having any negative impacts.” For the first three years, Nemeth lived on a friend’s farm, where she built a small shack from discarded building materials before doing some housesitting and living off-grid for a year in a “little blue wagon” in another friend’s back yard. Instead of paying rent, Nemeth cooks, cleans, manages the veggie garden and makes items such as soap, washing powder and fermented foods. And she couldn’t be happier. She soon started tapping into the “gift economy” more deeply, giving without expecting anything in return, receiving without any sense of obligation. “That second part took a while to get used to,” she says. “It’s very different to bartering or trading, which involves thinking in a monetary, transactional way: I’ll give you this if you give me that. I actually feel more secure than I did when I was earning money,” she says, “because all through human history, true security has always come from living in community and I have time now to build that ‘social currency’. To help people out, care for sick friends or their children, help in their gardens. That’s one of the big benefits of living without money.”
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When 94-year-old Bob Moore died in February, Bob's Red Mill not only lost its founder but also the face of the company, literally — he's on every package. But in 2010, the natural foods company initiated a process that would help prepare it for Moore's eventual passing. Moore, who founded the whole-grain food company in 1978 and turned it into a global empire, decided to transfer ownership to its more than 700 employees. By 2020, Bob's Red Mill was entirely employee-owned. "By becoming 100% employee-owned, we knew that when Bob passed that we would control our future," Trey Winthrop, the company's CEO since 2022, [said]. Moore said he frequently fended off large corporations that wanted to buy them out. But because of the employee-ownership program, Winthrop, who has worked at Bob's Red Mill for 19 years, said he did not have to worry about an external threat coming in and trying to buy up shares. Bob's Red Mill is one of about 6,500 American companies that operate with an Employee Stock Ownership Plan, or ESOP. The largest majority employee-owned company in the US as of November is Publix, a Florida-based supermarket chain. Winthrop ... said being employee-owned boosts employee engagement and retention. He said it creates a two-way street of communication, where the company can share financials with employees and workers are given a voice, in part through being active in committees.
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In January 2024, The GivingBlock, one of the largest crypto donation platforms, reported that crypto donations had reached more than $2 billion, projected to exceed $10 billion by 2032. Crypto donors, who are largely millennials, contribute on average 128 times more per donation than cash donors. By leveraging tax incentives like capital gain offsets to eliminate taxes on donations, crypto giving is as financially smart as it is impactful. But the benefits of crypto giving go far beyond the financial incentives. Social impact is embedded in the foundation of Web 3. This new economy is fueled by cutting out traditional middlemen, banks, and allowing transparent, secure, and borderless peer-to-peer payments. No ID or passport is needed. This allows people, especially the unbanked, to have full control of their assets with minimal fees. Ethereum co-founder Vitalik Buterin has championed using memecoin momentum for good, saying, “I want to see quality fun projects that positively impact the ecosystem and the world.” He donated nearly $2 million in memecoin winnings to charities, including $532,000 to the Effective Altruism Fund's Animal Welfare Fund and over $1 million to the United Humanitarian Front, an organization providing grants to humanitarian relief initiatives in Ukraine. New Story, a nonprofit building homes to alleviate homelessness worldwide, partnered with artist Brian Ku to release a limited edition series of NFTs where each sale provided a 3D house for a family in Latin America.
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The fusion of artificial intelligence (AI) and blockchain technology has generated excitement, but both fields face fundamental limitations that can’t be ignored. What if these two technologies, each revolutionary in its own right, could solve each other’s greatest weaknesses? Imagine a future where blockchain networks are seamlessly efficient and scalable, thanks to AI’s problem-solving prowess, and where AI applications operate with full transparency and accountability by leveraging blockchain’s immutable record-keeping. This vision is taking shape today through a new wave of decentralized AI projects. Leading the charge, platforms like SingularityNET, Ocean Protocol, and Fetch.ai are showing how a convergence of AI and blockchain could not only solve each other’s biggest challenges but also redefine transparency, user control, and trust in the digital age. While AI’s potential is revolutionary, its centralized nature and opacity create significant concerns. Blockchain’s decentralized, immutable structure can address these issues, offering a pathway for AI to become more ethical, transparent, and accountable. Today, AI models rely on vast amounts of data, often gathered without full user consent. Blockchain introduces a decentralized model, allowing users to retain control over their data while securely sharing it with AI applications. This setup empowers individuals to manage their data’s use and fosters a safer, more ethical digital environment.
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The arrest of Telegram’s founder and the takedown of Simply Bitcoin’s Youtube channel for violating Youtube’s “harmful and dangerous” policy ... speaks to the power of corporations to mediate the reach of speech. French authorities have claimed that Durov was arrested, for among other things, providing “cryptology” tools. States couch their control of virtual space as an extension of their physical authority. Platforms and individuals are held to account for “crimes” being perpetuated on virtual space. One common thread is ... the idea of “misinformation.” Another is to use the most heinous crimes in a witch hunt - child abuse sexual material for example. Another favorite is “terrorism.” Networks like Bitcoin and Nostr are more needed than ever. They both give people geographic arbitrage, the ability to operate without corporate leadership, and a hedge against state repression. The network cannot be shut down or threatened to change its rules as quickly and as easily as arresting one CEO. Is the idea of “decentralization” possible in a world where states can arrest CEOs and founders? Nothing can prevent somebody from exchanging funds with one another using Bitcoin or expressing something on Nostr. Usage of these networks in a peer-to-peer manner with an array of self-custody wallets and clients shows a popular demand for privacy, encryption, and transmitting value without the prying eyes of the state.
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Since religious riots tore across the central Nigerian city of Jos two decades ago, its Muslim and Christian residents have largely kept apart. They have their own neighborhoods. They vote for different political parties. But the cost-of-living crisis that has swept Nigeria over the past year has blurred some of those boundaries. “If there is hunger in the land, the hunger that the Christian is feeling is not different from the hunger the Muslim is feeling,” observes Tony Young Godswill, national secretary of the Initiative for a Better and Brighter Nigeria, a pro-democracy group. When nationwide anti-government protests broke out in early August, hungry, angry Jos residents from all backgrounds poured into the streets. When Muslim demonstrators knelt to pray on a busy road one Friday afternoon, hundreds of Christian marchers spontaneously formed a tight, protective circle around them. Nigeria’s protests began in response to the soaring costs of food and transport over the past year and a half, which have more than doubled in some cases. Protesters blame the economic stabilization policies of President Bola Tinubu, which have included removing a heavy subsidy on petrol and devaluing the naira, Nigeria’s currency. In Abuja, the capital, Ibrahim Abdullahi was among those who marched. As a Muslim, he says he previously thought it was inappropriate for him to protest against a fellow Muslim like Mr. Tinubu. Now, he held a placard that read “We regret Tinubu.”
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More than 800 people were selected to participate in the Denver Basic Income Project while they were living on the streets, in shelters, on friends’ couches or in vehicles. They were separated into three groups. Group A received $1,000 per month for a year. Group B received $6,500 the first month and $500 for the next 11 months. And group C, the control group, received $50 per month. About 45% of participants in all three groups were living in a house or apartment that they rented or owned by the study’s 10-month check-in point, according to the research. The number of nights spent in shelters among participants in the first and second groups decreased by half. And participants in those two groups reported an increase in full-time work, while the control group reported decreased full-time employment. Parents of kids under 18 ... reported statistically significant improvements in “parental distress” after receiving money for 10 months. Researchers tallied an estimated $589,214 in savings on public services, including ambulance rides, visits to hospital emergency departments, jail stays and shelter nights. The $9.4 million project was funded by a mix of public and private money, including $1.5 million from The Colorado Trust and $2 million from the city of Denver’s pot of federal pandemic relief money.
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“Community-owned cooperative real estate” ... was developed a decade ago by a nonprofit legal group and a nonprofit neighborhood group in Oakland, Calif., and has been refined by legal and development groups in Atlanta, Boston, Minneapolis, Philadelphia, Portland, Ore., and other cities. The cooperative strategy enables neighborhood groups to finance unconventional construction or renovation projects that banks and institutional lenders, which prefer strong cash-flow operations, won’t touch. Much of the approach stems from efforts by the federal and local governments to make it easier for small investors to put money into real estate developments. Federal rules once barred small investors — those whose net worth is less than $1 million or who make less than $200,000 a year in income — from participating in development projects; that changed in 2015. At the same time, a few states enacted laws allowing small investors to put their money into local developments. “Until that change, 90 percent of the residents in a community couldn’t make direct investments in a real estate project,” said Chris Miller [with] the National Coalition for Community Capital, a nonprofit group. “Michigan allows nonaccredited investors to invest up to $10,000 in a project now.” In Oakland, the East Bay Permanent Real Estate Cooperative is widely credited with being one of the first community groups to apply the community-owned cooperative concept to a neighborhood project.
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“This is the farm,” Sierra Alea said. “This is how to eliminate food waste from landfills,” Alea said. That’s the idea behind Afterlife Ag, the mushroom-growing startup of which she is a co-founder. Winson Wong, another co-founder of Afterlife Ag, said that 80 to 85 percent of what is thrown away in a restaurant is “prep waste, ” material like egg shells, lemon wedges and tomato peels. Afterlife Ag’s model [is] picking up restaurant waste — not the scraps that customers had left on their plates but discards from the chefs who had prepared their meals — and returning with mushrooms. Soon Afterlife Ag was involved in the intricacies of farming and creating substrate in which to grow mushrooms, sometimes with wood chips or shavings from sawmills, sometimes with sawdust from purveyors that smoke fish, sometimes with hemp from hemp farms. “Food waste varies from day to day,” said Aaron Kang, the head grower at Afterlife Ag. Afterlife Ag harvests mushrooms every day and packs them in five-pound boxes for delivery to its restaurant clients. It also sells to schools and hospitals. At one of the restaurants — State Grill and Bar, at 21 West 33rd Street, in the Empire State Building — the chef, Morgan Jarrett, made four dishes with ingredients from Afterlife Ag, starting with a mousse made from pink oyster mushrooms and black king trumpet mushrooms, topped by jangajji, a type of pickled mushroom.
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A time bank does with time what other banks do with money: It stores and trades it. “Time banking means that for every hour you give to your community, you receive an hour credit,” explains Krista Wyatt, executive director of the DC-based nonprofit TimeBanks.Org, which helps volunteers establish local time banks all over the world. Thousands of time banks with several hundred thousand members have been established in at least 37 countries, including China, Malaysia, Japan, Senegal, Argentina, Brazil and in Europe, with over 3.2 million exchanges. There are probably more than 40,000 members in over 500 time banks in the US. Many time banks are volunteer community projects, but the one in Sebastopol, [CA] is funded by the city. “Every volunteer hour is valued around $29,” Wyatt calculates. “Now think about the thousands of dollars a city saves when hundreds of citizens serve their community for free.” The Sebastopol time bank has banked more than 8,000 hours since its launch in 2016. Five core principles ... guide time banks to this day: First, everyone has something to contribute. Second, valuing volunteering as “work.” Third, reciprocity or a “pay-it-forward” ethos. Fourth, community building, and fifth, mutual accountability and respect. “What captured me is that people are doing things out of their own good heart,” Wyatt says. “Many years ago, a woman ... said to [civil rights lawyer] Edgar Cahn, ‘I have nothing to give.’ Edgar Cahn listened and finally responded, ‘You have love to give.’ And the whole room just went silent.” Every hour of service is valued the same, no matter how much skill and expertise a task takes, whether it’s an hour keeping someone company, helping them file their taxes or repair a roof.
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On the outskirts of Austin, Texas, what began as a fringe experiment has quickly become central to the city’s efforts to reduce homelessness. To Justin Tyler Jr., it is home. Mr. Tyler, 41, lives in Community First! Village, which aims to be a model of permanent affordable housing for people who are chronically homeless. In the fall of 2022, he joined nearly 400 residents of the village, moving into one of its typical digs: a 200-square-foot, one-room tiny house furnished with a kitchenette, a bed and a recliner. Eclectic tiny homes are clustered around shared outdoor kitchens, and neat rows of recreational vehicles and manufactured homes line looping cul-de-sacs. There are chicken coops, two vegetable gardens, a convenience store ... art and jewelry studios, a medical clinic and a chapel. In the next few years, Community First is poised to grow to nearly 2,000 homes across three locations, which would make it by far the nation’s largest project of this kind, big enough to permanently house about half of Austin’s chronically homeless population. Many residents have jobs in the village, created to offer residents flexible opportunities to earn some income. Last year, they earned a combined $1.5 million working as gardeners, landscapers, custodians, artists, jewelry makers and more. Ute Dittemer, 66, faced a daily struggle for survival during a decade on the streets before moving into Community First five years ago with her husband. Now she supports herself by painting and molding figures out of clay at the village art house. A few years ago, a clay chess set she made sold for $10,000 at an auction. She used the money to buy her first car.
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You can’t help but applaud Nick Romeo for showing the workable alternatives to capitalism and the moral driver behind them – everything from the way companies are incorporated to how employees are hired, paid and enabled to share in the value they create. There is no need for ordinary workers to be pawns in a system that makes humanity and ethics secondary to the unbending logic of the marketplace and blind, selfish capital. He takes us to the Marienthal job guarantee programme in Austria. Today the town is piloting the impact of a universal jobs guarantee for all of its out-of-work citizens. Essentially there is a job for anyone unemployed for more than 12 months – you can even have a hand in designing what it is you will do with your time when you work – and you get paid up to £2,000 a month. People opt to work rather than receive welfare benefit, and there is ample evidence it raises their self-worth while delivering a service – care to the elderly or tidier parks – that was not there before. Better still, it costs the state virtually nothing because unemployment benefit is simply transferred to the now employed worker’s pay packet. Romeo takes his reader from one inspiring example to another – from the Purpose economy programme in the US, in which firms are dedicated to delivering greater purpose in perpetuity, to examples of companies paying genuine living wages to their employees to encourage commitment. Around 7,000 B Corps, which commit in their founding constitution to put social goals before profit, now trade in more than 90 countries – there were effectively none 25 years ago.
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Direct cash programs are growing across America, offering a path out of poverty through economic mobility. During a two-week period in 2022, nearly a quarter of a million people in the Chicago area applied for the Cook County Promise Guaranteed Income Pilot, the nation's largest direct cash pilot, and ultimately 3,250 families were randomly selected to get $500 a month for two years. Similar direct cash initiatives have changed the physical, emotional, and economic lives of families that participate. Children are better cared for, and they excel in school. Adults experience improved health and stronger familial relationships. And crucially, when recipients have economic stability, they can plan and invest in their futures—many, for the first time in their lives. The Stockton SEED project, which gave $500 a month for two years to 130 people, saw results that mirrored prior direct cash research. The study ... found that the expansion of finances and the predictable, stable source of income brought by the program created "self-determination and capacity for risk-taking not present prior," meaning that when participants could predictably afford child care, transportation, and training programs they had the financial freedom to invest in their own futures. People have big ambitions, no matter the size of their bank account. For most Americans facing economic struggles, their chief problem is a lack of cash, and not a lack of character.
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Cryptocurrencies represent the marriage of decentralized networks (what we commonly know as the internet today) and assets like money. [Cryptocurrency] uniquely enables new solutions to otherwise intractable technological and social problems. Users often lose control over their personal information online, either all at once through platform hacks or bit-by-bit in the opaque world of online advertising and data brokers. A major issue is that the business model of big tech firms is advertising, creating an incentive to aggregate data into a single database, creating a “honeypot” for hackers. Blockchains can enable a new form of digital identity document for the web. Using these credentials, users can authenticate for services without having to divulge as much personal information. Traditional payment systems are often slow, costly and inaccessible to many. Cryptocurrencies backed by real-world currencies, dubbed “stablecoins,” provide an efficient alternative for global transactions. In 2023, stablecoins accounted for $4.5 trillion of crypto transaction volume on blockchain networks. Even digital payments giant PayPal announced the launch of its stablecoin earlier this year. Traditional humanitarian aid often suffers from inefficiency, lack of transparency and corruption, undermining its effectiveness and trustworthiness. Blockchain offers a solution by providing a transparent, traceable and secure system for humanitarian aid. A recent UN pilot [provided] aid directly to families affected by the war between Russia and Ukraine. The entertainment industry is famously concentrated, causing writers and actors to recently go on strike ... demanding better pay and new contract clauses. Blockchain technology enables more democratic digital economies through non-fungible token (NFTs) marketplaces like Zora, and decentralized autonomous organizations (DAOs) like CreatorDAO, allowing creators and artists to take advantage of online marketplaces and earn fair compensation for their contributions.
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Britni Ricard is the CEO of her own cosmetics company, COTA Skin Care, which she started in 2019. Last year, she also became a landlord when she bought her first investment property. The apartment building in New Orleans has 10 units and, according to Ricard, many of the tenants are single women with children. That made her think of her own childhood growing up in public housing, and how difficult Christmastime could be for her mom. "It was tough," Ricard told CBS News. "My mom was a single woman raising three children alone, and watching her continuously struggle as a child and wanting to figure out, 'How can I help?'" In November, Ricard gathered her tenants for a pre-holiday meeting and, while decked out in a chartreuse suit, she delivered a gift to her tenants that would make Santa Claus green with envy: one month of free rent. A video of her surprise announcement went viral on TikTok. In the video, Ricard also offered to organize a seminar to help her tenants become homeowners. Kedesha Dunn lives in one of the building's units with her two boys. The single mom said Ricard's gift would allow her family to celebrate more and worry less. "Now I, you know, I don't have to go try to take a loan out or something like ask my family for money," Dunn said. "Like, I can do it now. Like, I can do it." "I'm an emotional person," Dunn added. "I start to cry. 'Cause I'm just like, that is so sweet. She's uh, better than Santa Claus at this point. ... Like a guardian angel."
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Since 2017 the U.S.-based charity GiveDirectly has been providing thousands of villagers in Kenya what's called a "universal basic income" – a cash grant of about $50, delivered every month, with the commitment to keep the payments coming for 12 years. This week a team of independent researchers who have been studying the impact released their first results. Their findings ... compare the outcomes for about 5,000 people who got the monthly payments to nearly 12,000 others in a control group who got no money. The researchers also compared the recipients to people in two other categories: nearly 9,000 who received the monthly income for just two years; and another roughly 9,000 people who got that same two years' worth of income but in a lump-sum payment. When it came to measures of well-being such as consumption of protein or spending money on schooling, all of the groups who were given cash were better off than people in the control group that got no money. Those who got the money in a lump sum vastly outperformed people who were promised the same amount for just two years but received it in monthly installments. Lump-sum recipients had 19% more enterprises – businesses such as small shops in local markets, motorbike taxis and small-scale construction concerns. And the lump sum recipients' net revenues from their businesses were a whopping 80% higher. The grants did not seem to fuel inflation.
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Ray, a man in his 50s, used to live in an emergency homeless shelter in Vancouver, Canada. Then he participated in a study that changed his life. The newly published, peer reviewed PNAS study, conducted by the charity Foundations for Social Change in partnership with the University of British Columbia, was fairly simple. It identified 50 people in the Vancouver area who had become homeless in the past two years. In spring 2018, it gave them each one lump sum of $7,500 (in Canadian dollars). And it told them to do whatever they wanted with the cash. Over the next year, the study followed up with the recipients periodically, asking how they were spending the money and what was happening in their lives. The recipients of the cash transfers did not increase spending on drugs, tobacco, and alcohol, but did increase spending on food, clothes, and rent. What’s more, they moved into stable housing faster and saved enough money to maintain financial security over the year of follow-up. “Counter to really harmful stereotypes, we saw that people made wise financial choices,” Claire Williams, the CEO of Foundations for Social Change, [said]. What’s more ... giving out the cash transfers in the Vancouver area actually saved the broader society money. Enabling 50 people to move into housing faster saved the shelter system $8,277 per person over the year, for a total savings of $413,850. That’s more than the value of the cash transfers, which means the transfers pay for themselves.
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The free, moneyless economy is flourishing in America. Roughly 250 million people were still visiting Craigslist worldwide each month in 2022, 27 years after the site was launched in 1995—and many of those Craigslist users are posting and sharing goods under the site’s popular “free stuff” section. About eight years after Craigslist was launched, Freecycle Network came online in 2003. More than 9 million Americans were still using Freecycle as of 2020, which I detailed in an article that year. And then there’s the relatively young Buy Nothing Project, which turned 10 years old in July of 2023. In addition to providing a digital space where people can request things they need, post things they’re giving away, and share gratitude, one of the B corp’s social benefit model goals is to encourage people to organize community and local events around buying nothing. Over the years, Buy Nothing has been gaining popularity—not through any marketing on the part of the organization but through word-of-mouth and organic growth. The Buy Nothing app, which has only been around for about two years, is ... zeroing in on 1 million users. Buy Nothing’s model varies from that of Craigslist’s “free stuff” and Freecycle in that it is focused on community groups, gatherings, and events organized by and for local communities. The idea is that a global reuse economy will emerge community by community. Buy Nothing exists ... “to build resilient communities where our true wealth is the connections forged between neighbors.”
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In a recent discussion on the implications of blockchain technology and its democratization of finance, Roundtable anchor, Rob Nelson and Jordan Fried, CEO of Immutable Holdings explored the depth and magnitude of the possible changes ahead. Jordan Fried ... discussed the roots of Bitcoin, stating it was a direct protest against institutions like BlackRock and the financial systems that seemed to work only for the wealthy. Recalling the 2008 financial crisis, Fried expressed the sentiments of many who wondered why banks were bailed out while average individuals suffered. Bitcoin arose from this frustration, offering a transparent financial system unlike anything before. Expanding on this, Fried emphasized the transparency of Bitcoin in comparison to traditional currencies. In Bitcoin's blockchain, every transaction is traceable, unlike the ambiguous dealings within the current banking system. Contrary to common misconceptions ... only a fraction of crime occurs in crypto, as compared to the US dollar. Most financial crimes, including money laundering, are committed in US dollars. Rob Nelson humorously highlighted the recurring financial scandals of banks like Wells Fargo, suggesting that these financial giants often factor in their fines as just another "cost of doing business." In this evolving era of blockchain and cryptocurrency, one thing is clear: the potential impact on the financial world is vast. The very essence of how we view and interact with money is on the cusp of profound change.
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