Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity (32 page)

54
. Katie Gilbert, “Why Local Currencies Could Be on the Rise in the U.S.—And Why It Matters,” forbes.com, September 22, 2014.

55
. “Group Hopes ‘Detroit Dollar’ Pays Off for Biz,” crainsdetroit.com, March 16, 2014.

56
. John Rogers, “Bristol Pound Is Just One Example of What Local Currencies Can Achieve,” theguardian.com, June 17, 2013.

57
. Lietaer and Dunne,
Rethinking Money
, 175–81.

58
. Lietaer and Dunne,
Rethinking Money
.

59
. Ibid.

60
. Irving Fisher,
The Purchasing Power of Money
(New York: Macmillan, 1920).

61
. Irving Fisher,
Stamp Scrip
(New York: Adelphi, 1933).

62
. Loren Gatch, “Local Money in the United States During the Great Depression,”
Essays in Economics & Business History
26 (2008).

63
. Ibid.

64
. Lauren Frayer, “‘Time Banks’ Help Spaniards Weather Financial Crisis,” npr.org, September 22, 2012.

65
. See TimeBanks USA at timebanks.org for a new time dollars smartphone app, or p2pfoundation.net/Complementary_Currency_Software for a comprehensive list of complementary currency software.

66
. Bernard Lietaer,
The
Future of Money: Creating New Wealth, Work and a Wiser World
(London: Random House, 2001).

67
. Mayumi Hayashi, “Japan’s Fureai Kippu Time-Banking in Elderly Care: Origins, Development, Challenges, and Impact,”
International Journal of Community Currency Research
15 (2012).

68
. Ariana Eunjung Cha, “In Spain, Financial Crisis Feeds Expansion of a Parallel, Euro-Free Economy,” washingtonpost.com, August 27, 2012.

69
. Lietaer and Dunne,
Rethinking Money
, 143.

70
. Ibid., 142.

71
. Ibid., 143.

Chapter Four: Investing Without Exiting

1
. Helaine Olen,
Pound Foolish: Exposing the Dark Side of the Personal Finance
Industry
(New York: Penguin/Portfolio, 2012).

2
. OECD,
Protecting Pension
s:
Policy Analysis and Examples from OECD Countries
(Paris: OECD Publications, 2007), 268.

3
. Steve Wilhelm, “Why Boeing’s Fighting to Retire Pensions,” bizjournal.com, January 11, 2013.

4
. John W. Miller, “Steelmaker Presses for 36% Pay Cut,” wsj.com, July 20, 2012.

5
. James R. Hagerty and Alistair MacDonald, “As Unions Lose Their Grip, Indiana Lures Manufacturing Jobs,” wsj.com, March 18, 2012.

6
. Associated Press, “10 Years Later: What Happened to the Former Employees of Enron?,” businessinsider.com, December 1, 2011.

7
. Chris Gay, “The 401(k)’s ‘Father’ Wants to Hit Reset,” money.usnews.com, September 20, 2012.

8
. Olen,
Pound Foolish
, 81.

9
. Ibid., 85.

10
. Mitch Tuchman, “Pension Plans Beat 401(k) Savers Silly—Here’s Why,” forbes.com, June 4, 2013.

11
. Olen,
Pound Foolish
, 89.

12
. William E. Even and David A. Macpherson, “Why Did Male Pension Coverage Decline in the 1980s?,”
Industrial and Labor Relations Review
47, no. 3 (April 1993).

13
. Olen,
Pound Foolish
, 82.

14
. “Pensions Decline as 401(k) Plans Multiply,” bankrate.com, July 24, 2014.

15
. Olen,
Pound Foolish
, 85.

16
. Gretchen Morgenson, “The Curtain Opens on 401(k) Fees,” nytimes.com, June 2, 2012.

17
. Tuchman, 2013.

18
. Olen,
Pound Foolish
, 86.

19
. Ibid., 98.

20
. Michael Shuman,
Local Dollars, Local Sense
(White River Junction, Vt.: Chelsea Green Publishing Co.), 2012.

21
. “Sell Your Stocks, MIT Sloan Professor Urges Small Investors Saving for Retirement,” mitsloan.mit.edu, March 12, 2009.

22
. Bob Wallace, “AT&T Service Helps Broker Shave Costs,”
Network World
7, no. 31 (July 30, 1990).

23
. Martin LaMonica, “Bullish on the Net,”
InfoWorld
, April 26, 1999: 34–35.

24
. Riva D. Atlas, “Trading Slump Spurs Online Brokers’ Merger Talk,” nytimes.com, May 10, 2005.

25
. Brad M. Barber and Terrance Odean, “The Internet and the Investor,”
Journal of Economic Perspectives
15, no. 1 (Winter 2001): 41–54.

26
. Joe Light and Julie Steinberg, “Small Investors Jump Back into the Trading Game,” wsj.com, February 21, 2014.

27
. D. K. Peterson and G. F. Pitz, “Confidence, Uncertainty, and the Use of Information,”
Journal of Experimental Psychology: Learning, Memory and Cognition
14 (1988): 85–92, as cited in Barber and Odean, “The Internet and the Investor.”

28
. Barber and Odean, “The Internet and the Investor.”

29
. Ibid.

30
. Ibid.

31
. Richard Finger, “High Frequency Trading: Is It a Dark Force Against Ordinary Human Traders and Investors?,” forbes.com, September 30, 2013.

32
. Ibid.

33
. Jerry Adler, “Raging Bulls: How Wall Street Got Addicted to Light-Speed Trading,” wired.com, August 3, 2012.

34
. Simone Foxman, “How the ‘Navy SEALS’ of Trading Are Taking on Wall Street’s Predatory Robots,” qz.com, March 31, 2014.

35
. Alan Kohler, “$710 trillion: That’s a Lot of Exposure to Derivatives,” abc.net.au, June 11, 2014.

36
. Central Intelligence Agency,
The World Factbook
, www.cia.gov/library/publications/the-world-factbook/geos/xx.html.

37
. Kohler, “$710 trillion: That’s a Lot of Exposure to Derivatives.”

38
. Peter Cohan, “Big Risk: $1.2 Quadrillion Derivatives Market Dwarfs World GDP,” DailyFinance (AOL), June 9, 2010, www.dailyfinance.com/2010/06/09/risk-quadrillion-derivatives-market-gdp/.

39
. Christopher Matthews, “Why the New York Stock Exchange Sold Out to an Upstart You’ve Never Heard Of,” business.time.com, December 21, 2012.

40
. Herman Daly,
Beyond Growth: The Economics of Sustainable Development
(Boston: Beacon Press, 1996), 37.

41
. GarageGames (huge gaming platform), Sierra Entertainment (makers of
King’s Quest
), Apple, and Dell, to name just a few.

42
. “Brain Maturity Extends Well Beyond Teen Years,”
Tell Me More
, NPR, October 10, 2011.

43
. Kathleen De Vere, “Draw Something Surpasses 50 Million Downloads, May Have as Many as 24 Million Daily Active Users,” adweek.com, April 4, 2012.

44
. Julianne Pepitone, “Zynga IPO Values Company at $7 Billion,” money.cnn.com, December 16, 2011.

45
. Josh Constine, “Zynga Shares Go on Wild Ride During Facebook IPO—Big Fall, Then Recovery,” techcrunch.com, May 18, 2012.

46
. Sarah McBride and Leana B. Baker, “Zynga Buys OMGPOP Games Company for $200 Million: Source,” reuters.com, March 21, 2012.

47
. Paul Tassi, “Draw Something Loses 5M Users a Month After Zynga Purchase,” forbes.com, May 4, 2012.

48
. Sam Biddle, “OMGPOP Is Dead,” valleywag.gawker.com, June 4, 2013.

49
. Ari Levy, “Google Shares Took Off, but the Auction Didn’t,” cnbc.com, August 19, 2014.

50
. “Google IPO Priced at $85 a Share,” edition.cnn.com, August 19, 2004.

51
. Kevin J. Delaney and Robin Sidel, “How Miscalculations and Hubris Hobbled Celebrated Google IPO,” wsj.com, August 19, 2004.

52
. Interview with Scott Heiferman, conducted by e-mail, September 2014.

53
. Sarah Lacy, “Pando in 2014: Looking Back on an Exhausting, Transformational Year,” pando.com, December 25, 2014.

54
. Max Chafkin, “True to Its Roots: Why Kickstarter Won’t Sell,” fastcompany.com, March 18, 2013.

55
. “Kickstarter Is a Benefit Corporation,” kickstarter.com, September 21, 2015.

56
. J. D. Alois, “Neil Young’s Pono Music Is Now Equity Crowdfunding Following $6.2 Million Kickstarter Hit,” crowdfundinsider.com, August 13, 2014.

57
. Mike Masnick, “Larry Lessig Launches Crowdfunded SuperPAC to Try to End SuperPACs,” techdirt.com, May 1, 2014.

58
. Jeremy Parish, “How Star Citizen Became the Most Successful Crowd Funded Game of All Time,” wdc.com, January 13, 2015.

59
. Rory Carroll, “Silicon Valley’s Culture of Failure . . . and ‘the Walking Dead’ It Leaves Behind,” theguardian.com, June 28, 2014.

60
. Steven Poole, “What Does the Oculus Rift Backlash Tell Us? Facebook Just Isn’t Cool,” theguardian.com, March 27, 2014.

61
. Nicholas Carson, “The Good, Bad, and Ugly of AngelList Syndicates,” inc.com, September 30, 2013.

62
. MicroVentures, “The 5 Keys to Becoming a MicroVentures Angel Investor” (sponsored content), venturebeat.com, January 1, 2014.

63
. “How It Works,” crowdfund.co/how-it-works/.

64
. OneWorld South Asia, “Hand in Hand Creates 1.3 million Jobs,” southasia.oneworld.net, February 26, 2013.

65
. Matthew Ruben, “The Promise of Microfinance for Poverty Relief in the Developing World,” seepnetwork.org, May 2007.

66
. Amy Cortese, “Loans That Avoid Banks? Maybe Not,” nytimes.com, May 3, 2014.

67
. Amy Cortese, “Seeking Capital, Some Companies Turn to ‘Do-It-Yourself I.P.O.’s,’” nytimes.com, July 31, 2013.

68
. “Direct Public Offering,” www.cuttingedgecapital.com/resources-and-links/direct-public-offering/.

69
. Dan Rosenberg, “Raising Community Capital: Business Workshop on Direct Public Offerings,” CommonBound Conference, Boston, June 6, 2014.

70
. Ibid.

71
. Babylonian Talmud,
Bava Metzia
, 42a.

72
. Lietaer and Dunne,
Rethinking Money
.

73
. Warren Buffett, quoted in Schuyler Velasco, “Warren Buffett: 10 Pieces of Investment Advice from America’s Greatest Investor,”
Christian Science Monitor
, August 30, 2013.

74
. Tessa Hebb and Larry Beeferman, “U.S. Pension Funds’ Labour-Friendly Investments,” Alfred P. Sloan Industry Studies 2008, Annual Conference, May 1–2, 2008.

75
. Ibid.

76
. Hilaire Belloc,
The Servile State
(CreateSpace Independent Publishing Platform, 2008).

77
. David Bolier,
Think Like a Commoner: A Short Introduction to the Life of the Commons
(Vancouver: New Society Publishers, 2014), 23.

78
. Elinor Ostrom,
Governing the Commons: The Evolution of Institutions for Collective Action
(Cambridge: Cambridge University Press, 1990).

79
. “Vandana Shiva on the Problem with Genetically Modified Seeds,”
Moyers and Co.
, PBS, July 13, 2012.

80
. opensourceecology.org/about-overview/.

81
. “Machines: Global Village Construction Set,” opensourceecology.org/gvcs/.

82
. opensourceecology.org/about-overview/.

83
. David Bollier, “The FLOK Society Vision of a Post-Capitalist Economy,” bollier.org, March 2, 2014.

84
. Bethany Horne, “How the FLOK Society Brings a Commons Approach to Ecuador’s Economy,” shareable.net, October 22, 2013.

85
. Glyn Moody, “The FLOK Society Project: Making the Good Life Possible Through Good Knowledge,” techdirt.com, June 11, 2014.

86
. John Restakis, “The Emilian Model—Profile of a Co-operative Economy,” British Columbia Co-operative Association, bcca.coop, 2000.

87
. John Médaille,
Toward a Truly Free Market
(Wilmington, Del.: Intercollegiate Studies Institute Books, 2011).

88
. Ibid.

89
. Laura Flanders, “Talking with Chomsky,” counterpunch.org, April 30, 2012.

90
. Marie-Claire Kidd, “Plans for Co-Operative Alternative to eBay Take Shape,” thenews.coop, December 3, 2014.

91
. “FAQ,” www.fairmondo.de/faq#a1.

92
. fairmondo.de.

93
. Fairnopoly Team, “Dein Anteil,” info.fairmondo.de, May 14, 2012.

94
. “Projekt10000—Gemeinsam unsere Wirtschaft verändern,” mitmachen.fairmondo.de/projekt10000/.

95
. Felix Weth, “Genossenschaft 2.0,” info.fairmondo.de, February 12, 2013.

96
. Vasilis Kostakis and Michel Bauwens,
Network Society and Future Scenarios for a Collaborative Economy
(London: Palgrave Macmillan, 2014). A draft is available at p2pfoundation.net, December 30, 2014.

97
. Amanda B. Johnson, “La’Zooz: The Decentralized Proof-of-Movement ‘Uber’ Unveiled,” cointelegraph.com, October 19, 2014.

98
. Trebor Scholz, “Platform Cooperativism vs. the Sharing Economy,” medium.com, December 5, 2014.

Chapter Five: Distributed

1
. Pope Francis,
Laudato Si’
, papal encyclical, Rome, 2015, paragraph 194.

2
. Peter Beinart, “Jeb Bush Tries to Push the Pope Out of Politics,”
The Atlantic
, June 17, 2015.

3
. Pope Francis,
Laudato Si’
, paragraph 129.

4
. Pope Leo XIII,
Rerum Novarum
, papal encyclical, Rome, 1891.

5
. Pope Pius X,
Quadragesimo Anno
, papal encyclical, Rome, 1931.

6
. Belloc,
Servile State
.

7
. G. K. Chesterton,
Three Works on Distributism
(CreateSpace Independent Publishing Platform, 2009).