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「 Can Currency Go Beyond the Nation? 」～ Network Society and The New Currency
June 14, 2014
The University of Tokyo
Graduate School of Interdisciplinary Information Studies
Yohei Yamaguchi
2
Self-Introduction
• A boy who loved art and literature but ended up in the Faculty of Political Sciences and Economics. Experience the reality bite there.
• Joined the department of consulting in Tomatsu (accounting firm) in 1999. Engaged in M&A• Transferred to Andersen & Andersen in 2000. Big boom time of foreign capitol coming into Japanese market.• Left the industry in 2004.• First published book about the investment on stock market became a bestseller in 2005. Start up own business
on IR education. Sold the business in 2010.
34 year-old（ 2010 ）
18 year-old（ 1995 ）
Enter Waseda University
Start up the businessTo challenge the capitalism
43 year-old
Joining the world of M&A（ ex. GM/IsuzuKanebo, Daiei ）
Sold business
Born as a second sonMy name Yohei derives from the philosophy word “sublation”and “peace”
0 year-old（ 1975 ）
▲Oil Shock
▲The Collapseof BubbleEconomy
▲The Big Bang
▲Lehman Shock
▲Today
▲Crimes by Aum ShinrikyoCultKobe Earthquake
70 year-old
Philosophical days・・・
38 year-old
Re-debut as a creator of the business（ Form the trading market of the knowledge
secret ・・・
secret ・・・
3
My Business Model
• Create business under the mission of “to provide the energy toward the creative potential”
Blue Marine Partners Co., ltd.
Writing/lecturing
Business creation
• Medical HR development in Vietnam
• Healthcare／ Lifelog
• Bank of Mitsubishi
• University of Tokyo
• Keio high-school
• Diamond• Asky
Shares Co., Ltd
• Web business
• Value Matrix
• Gift• Firms• opentime
Consulting
• Business strategy
• Capital policy
• Social system design
investment
Provide the energy toward the creative potential
Cool Japan in
Hoi AnIspace.inc
• Moon-probe project 「HAKUTO 」
• R&D of the probe robot on polar exploration
investment investment
• Retail business in Hoi An
• Intern-ship business
Does economy require currency?
• What is currency? The premise and the definition– History
– Limitation (in terms of the communication)
– What is about
– To what extent, it reaches the stage of “currency”? Does it mortal?
– What makes it work as “currency”?
• New currency– Go beyond the nations （ BitCoin ／ Attempt of local currencies ）
• Non-monetary economy （ The economy which doesn’t use the currency; its potential and its limitation)
– Gift economy
– The potential of network economy
– Time Republic
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5
Q: What does money mean to you?
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What is money?• “Ultimate reality”• “It is necessary to do anything”• “Money is a social voting right” （ Dai Matsumoto, the president of
Monex)• “Money is energy” （ Joseph Campbell, the author of ‘Power of
Myth’ ）• “Quantified value” （２ｃｈ）• “Power”• “Potential”• “The deviation value of the capitalism society” （ The president of a
venture company ）• “The cause of the idleness and the result of exploitation” or “the
cause of potential and the result of contribution”• “Moneys is a truth drug, which reveals the human nature”• ・・・
• The definition of money varies by each
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Money as a communication tool• Money is one of the communication tools in the society. It is a common language in the society.
– “Money is more global than English” (advert from Nikkei Veritus)– “You will be fine as long as you take your credit card and cash”
• Money has high multiplicity use but very little depth as the communication tool.
money
languages（ its spirit ）
Multiplicity of use
Depth
body language
value/religion ？
love ？
8
“the monetary money” is expanding as quantity
• During the year 2000 〜 2006, the growth rate of the real economy is about 1.4. However that of the monetary economy is triple the amount.
Year 2000 Year 2006（日本政策投資銀行 鍋山徹 ファイナンス稲門会講演資料『成長市場をみる三つの目と人間力の 3 要素』をもとに作成）
About 570 trillion USD
About 70Trillion USD
About 190Trillion USD
About 50TrillionUSD
Trade
Global money
GDP
blue ； the real economyorange ； the monetary economy
Derivative market
Drastic increase
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The multiplicity of use of the money is also expanding; are we selling our soul?• Division of labor through the currency has become more and more advanced,
which makes your labor less and less.
• What about the things you cannot let others do for you. What can money buy and what cannot? Where is the border?
– Land in the moon （ 3000JPY ～） and island in South
– Network business and headhunting CEO
– Cornea （ 30,000 USD), liver(130,000 USD), heart(150,000 USD)
– Virgin (10,000 GBP) and cord blood
– Waste or the right to emit CO2
– Backdoor admission (5million JPY) or a decision of “not guilty”
– A couple buster (1.5 million JPY) and matchmaking business(300,000 ～ JPY)
– Holding patent right on DNA
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What will happen to the money?• The money used to be just a medium of exchange. However, it has reached to the stage that it can replace the value of human being….what happens next?
Self-sufficiency
Mediumof exchange
Value index
Value itself
So
cial d
evelop
men
t
Where money locates
The age ofspecialization
Monetaryeconomy
CapitalismCollectiveconscious
Organic society
Money will be merged into the world and it has become as numbers or symbols nothing more.
Productionfactor
A turnabout of monetary economy and The real economy takes place at this point
Money decides everything ！
Money becomes the component part of the vision
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The change of the foundation of money
creditGold/mineral
money
Nation-state （ sovereign ）
before present
Credit creation
money money money money money
future
credit
Credit creation
money money money
corporates（ global companies ）
individual
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Three-layered structure of the world
bonding（ network ）
corporates（ global companies ）
Nation-state（ sovereign ）
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The 40% of the top 100 GDP in the world are “corporates” The List made by
Masahiro Kotosaka/All the GDP and sales are nominal valuesRank Country/Company GDP/Revenue
1 United States 14,657.802 China 5,878.263 Japan 5,458.874 Germany 3,315.645 France 2,582.536 United Kingdom 2,247.467 Brazil 2,090.318 Italy 2,055.119 Canada 1,574.05
10 India 1,537.9711 Russia 1,465.0812 Spain 1,409.9513 Australia 1,235.5414 Mexico 1,039.1215 Korea 1,007.0816 Netherlands 783.2917 Turkey 741.8518 Indonesia 706.7419 Switzerland 523.7720 Poland 468.5421 Belgium 465.6822 Sweden 455.8523 Saudi Arabia 443.6924 Taiwan Province of China 430.5825 Wal-Mart Stores Inc. (NYSE:WMT) 421.8526 Norway 414.4627 Austria 376.8428 Argentina 370.2729 Royal Dutch Shell plc (LSE:RDSA) 368.0630 South Africa 357.2631 Islamic Republic of Iran 357.2232 Exxon Mobil Corporation (NYSE:XOM) 341.5833 Thailand 318.8534 Denmark 310.7635 Greece 305.4236 United Arab Emirates 301.8837 BP plc (LSE:BP.) 297.5138 Venezuela 290.6839 China Petroleum & Chemical Corp. (SEHK:386) 290.1140 Colombia 285.5141 Toyota Motor Corp. (TSE:7203) 241.9742 Finland 239.2343 Malaysia 237.9644 Portugal 229.3445 Hong Kong SAR 225.0046 Singapore 222.7047 PetroChina Co. Ltd. (SEHK:857) 222.2648 Egypt 218.4749 Nigeria 216.8050 Israel 213.15
51 Ireland 204.2652 Chile 203.3253 Czech Republic 192.1554 Chevron Corporation (NYSE:CVX) 189.6155 Philippines 188.7256 Total SA (ENXTPA:FP) 188.3757 EDF Trading Limited 187.6658 ConocoPhillips (NYSE:COP) 179.1659 Pakistan 174.8760 Shell Trading International Limited 174.1161 Volkswagen AG (DB:VOW) 170.1362 AXA (ENXTPA:CS) 164.9463 Romania 161.6364 Algeria 160.2765 Peru 152.8366 General Electric Co. (NYSE:GE) 150.2167 Glencore International plc (LSE:GLEN) 144.9868 New Zealand 140.4369 Kazakhstan 138.4370 Samsung Electronics Co. Ltd. (KOSE:A005930) 137.9571 Ukraine 136.4272 Berkshire Hathaway Inc. (NYSE:BRK.A) 136.1973 General Motors Company (NYSE:GM) 135.5974 Eni SpA (BIT:ENI) 132.7375 Kuwait 131.3276 Daimler AG (XTRA:DAI) 131.0977 Qatar 129.4978 Hungary 128.9679 Ford Motor Co. (NYSE:F) 128.9580 Petroleo Brasileiro (BOVESPA:PETR4) 128.4581 Hewlett-Packard Company (NYSE:HPQ) 127.1682 Nippon Telegraph & Telephone Corp. (TSE:9432) 125.7083 E.ON AG (DB:EOAN) 125.3184 Allianz SE (DB:ALV) 124.2885 AT&T, Inc. (NYSE:T) 124.2886 Carrefour SA (ENXTPA:CA) 120.4987 Gazprom Open Joint Stock Company (RTS:GAZP) 117.8388 Hitachi Ltd. (TSE:6501) 116.4989 Assicurazioni Generali SpA (BIT:G) 116.3290 GDF Suez (ENXTPA:GSZ) 113.2891 Nestlé S.A. (SWX:NESN) 111.9792 Honda Motor Co., Ltd. (TSE:7267) 110.9793 McKesson Corporation (NYSE:MCK) 109.8794 Panasonic Corporation (TSE:6752) 109.1095 E.ON Sales & Trading Gmbh 108.3996 Verizon Communications Inc. (NYSE:VZ) 106.5797 Nissan Motor Co. Ltd. (TSE:7201) 105.5098 LUKOIL Oil Company (RTS:LKOH) 104.9699 Bangladesh 104.92
100 Siemens AG (DB:SIE) 104.53
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（ Ref. ） The comparison of the currencies issued by the private companies in Japan
• Edy comes top followed by Suica. But iD by NTT Docomo and WAON by AEON increases their circulation.
（ Reference ： NIKKEI, Press releases, individual HP ）
PASMO（ PASMO協議会加盟事業者）
12.99M（ 2009 年 7 月末）
8,477 shops（ 2009 年 1 月末）
WAON（ AEON ）
10.60M（ 2009 年 7 月末）
28,500 shops（ 2009 年 6 月）
nanaco（ Seven ＆ I HLDGS ）
About8.9M（ 2009 年 9 月 1 日現在）
27,541 shops（ 2009 年 9 月 1 日現在）
Edy（ビットワレット）
51.4 M circulation（ 2009 年 9 月 1 日現在）
153,000 shops（ 2009 年 9 月 1 日現在）
iD（ NTTDocomo ）
10M people（ 2009 年 8 月時点）
約 42 万 terminals（ 2009 年 7 月末）
No. of circulation No. of shops where have terminals
Suica（ JR East ）
26.81M （ 2009 年 7 月末）
59,220 shops（ 2009 年 3 月末）
Rakuten card（ Rakuten ）
50M people（ 2009 年 2 月）
10,304 shops（ 2009 年 10 月）
Tpoint（ CCC ）
About 3,319 people（ 2009 年 8 月末）
約 29,000 shops（ 2009 年 8 月末）
Lawson point（ Lawson ）
About 7.50M people（ 2008 年 10 月末）
N/A
ANA Mileage Club（ ANA ）
About 18M people（ 2009 年 1 月末）
90,000 shops（ 2009 年 1 月末）
JAL Mileage Bank（ JAL ）
20.69M people（ 2008 年 12 月末）
N/A
40M circulation70,000 shops
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Transition of the characteristics of the currency: from “gold” to “bit”• The currency has been changed its form and characteristics and has increased its
liquidity. • In future, the currency will be issued without authority more and more. It will be
embedded in the information flow and melt into the world. There will be lots of “half-matured” currency in the process of currency making and they will be connected to each other.
Credit outsourcing happens very often
Outsourced credits (currencies) which are similar to each other
stick together and expand themselves
The credit melts into the information (web) as to become symbols and numbers
Blog, publishing, point-systemSocial trading ・・・ﾞ
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The world moves on to the stage where the “credit” issued by “individual” will be more focused and cherished
Capitalism Credit Economy
goods
credit credit
goods goods goods
credit
tradecurrency
collateral collateral
trade
network
credit
goodscredit
goods
credit
goods
credit
goods
credit
goods
credit
goods
Ａ Ｂ Ａ Ｂ
（＊） unstable credit
→
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Multi-polarized Money
The peak of market share of money in communication market will be 2015 and it will decline in future
The market share of money in the communication market
20082005 20151980
Collapse of Subprime Loan
2050
Bubble Economyand itscollapse
Economybased on seniority
HighlynetworkedInformationsociety byIT innovation
The market share Money
The market share of non-monetary economy
Total am
ount of credit
The ratio of majority/minority has become 6 ：４
• Big changeover the ratio between the majority and the minority in Japanese society
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Majority
NEET （ 600,000 people), Young temp workers, LGBT （ one out of 15 people), Single mother （ 700,000 people ） , Elderly people who live on his/her own (1 million people), People with annual income below 2M JPY （ 10 million people ）…
Minority 40 ％
60 ％
Full-time employee, employees of the big corporates, public sectors, professionals and their family
“Vertical” and “Horizontal”
• The established system of majority→Vertical• The counter system of marginalized minority→Horizontal
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Majority
Vertical/hierarchical system“Absorb” from the lower and “shower” from the top
Senior people
Next senior people
Common people
Minority
Money/Time
Horizontal systemDistribute/share the necessary resources on a caseby case basis
Collect and distribute
Resources
Vertical
pipeline
Majority Minority
The philosophy of “vertical system” belongs to the majority
• Basic principle is “absorb from the bottom and shower from the top”, which has been established already• The majority provides “commodities (such as money, vote, energy)” which is necessary for their living (food, clothing, and housing)• Very convenient system when you are in survival mode
20
Majority
Senior people
Next senior people
Common people
Money/Time
Vertical
pipeline
Top-down system is the basic principle of the majority ・・・・
•Money•Energy•Vote•Policy making
The philosophy of “horizontal system” belongs to the minority
• The minorities are marginalized and decentralized. It has to be connected horizontally. The internet allows and strengthen their horizontal ties• Mutual aid system, which is suitable for satisfying the social desire of human being (desire for acknowledgement and bonding)• Not suitable for distributing the commodities based on the mass production
21
Horizontal distribution/sharing is the basic principle of the minority ・・・・
•Money→crowd-funding•Knowledge/information sharing•Energy→smart grid•Policy making→grass root system
Minority
Collect and distribute
Resources
Structure of the human desires and the social system
• What are we longing for? In accordance with the shift of our desires, the social system also moves on to the next stage.
• Desire of the survival is NOT the instinct of human beings nowadays. It is imprinted habit in today’s world. We rather ask for the social desire.
22
Survival（ food, clothing and housing ）
Acknowledgement（ identity, respect ）
Creation
Structure of desires Range of human rights
20th
century
21st century
Social system
Vertical society（ Money is the common language
Horizontal society（ Heart is the common language
？
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Perspective on the new industrial structure and related companies
• Clear divide on “consumption function” and “consumption bond” in 21st century consumption behavior.• More suitable way to look at the industry is “Which desire do they respond on?” rather than “What do they sell?”
Desire to survive
（ Infrastruct-ure ）
Social Desire（ Recognition/bonding ）
Self-fulfillmentDesire （ creation ）
Uniqlo
United Arrows ・ＳＨＩＰＳ・Beams
Seven ＆ iWatami
message（ elderly people
care home ）
Clothing HousingFood
CookPad Share house ・airbab
Mass-automatic supply system established by big corporates
（ consumption function ）
New business model on
21st century aim to meet this desire
（ consumption bond ）
Capitalism cannot reach
Finance Retail
Seven Bank
Kiiva ・Prosper ・
StarBucksVillage
Vanguard ﾞ
Seven ＆ iAeon
What do they sell?
Which desire do th
ey respond
on?
IT
GreeDeNA
MSgoogle
23
Member’s only club
Summary of capitalism society (vertical) and network society (horizontal)
• Everything is different between vertical and horizontal society
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Capitalism society（ vertical ／ economy based on divide ）
Network society（ horizontal ／ economy based on harmony ）
Literacy
Common language
Money （ numerical number) Heart （ individual ）
Credit （ contract/value supply) Trust （ unconditional ）
ValueVerbalized Not visible/Trasnient
Class
“Hub” is overwhelmingly strongGo upper, you become stronger
Response• Build up the unit
which is quantified and comparable
• Keep building up the bond and trust, not be able to quantify nor comparable
PurposeOperation Innovation
There are only 2 ways to consolidate the resources
• Energy=consolidated resources• Only 2 things can lock up the resources: “numerical numbers” or “individuals”• Money is about numbers and it embed the credit and the value inside that membrane.• “Individual” in English means that you cannot divide it anymore. It is the smallest unit. You
can also embed the trust and value inside that unit.
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Numbers
123456789..Individuals
（ individual ）cannot divide
The common language of the vertical society
「 Yen 」
The common language of the horizontal society「 En 」 (bond)
No “friction” Be able to convey “context” and “value”
3 issues that horizontal society has and its solution
• １． The cost/pain of “friction”Need to come up with the idea of reduce this cost/pain to keep running the horizontal society
For example ・・・• Expose• Not negotiate• Believe the butterfly effect of the value• Not block others• Make the process open• Mange the distance• Make commitment (make contract/manifest) if necessary• Respect all your surroundings (do not see things vertically)
• ２． Weakness can be turned out as “power” ex) failure of the communism• ３． Since “hub” becomes overwhelmingly strong in the horizontal society, it could be
easily misled to radical fascism or cult if you allow winner-take-all rule.
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（ Supplementary Note ） Innovation is about “friction”, it always starts from the extreme scenario and the marginal edge
• Friction doesn’t mean something negative. Rather, it is a starting point of the innovative evolution.
CoreMainstream
PeripheryExtreme
Reality
New idea occurs through theFriction which is exposed tothe reality
Maturing of a New Community through proliferation of the Horizontal Society （ 2010~2020 ）• Going through periods of disconnection and uneven distribution/opened, we have reached the period of “multilayered
community”.
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Period of disconnection Period of uneven distribution/opened Period of multilayered community
Nation ・ Corporation GoogleGlobal capitalism
Facebook（ transitional period ）
・ Small-sized, local community・ Values・ Skills （ Guild)
Multilayered, portfolio typeWindows（ transitional period ）
SharingThe door to the world
How Do You Keep Your Identity in the Horizontal Society?
• The importance of new way of looking at yourself as you belong more than 1 communities at the same time.• The concept of being “dividable”.
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Family ・ Share House
Workplace ・ Colleagues
Community that meets your value
What would happen to your identity if you belong to different communities at the same time?
The Concept of “Dividable Man”
30
True Self
• Being “dividable man” is to think that you are a portfolio which made of multiple personalities.
There is a “true self” in the core of you.You just use different masks (personas)according to the situations.
There is NO “true self”.You are a combination of multiple personalities (portfolio)
Old concept of self（ Persona: Mask Theory ）
New concept of self （ Dividable Man Theory ）
Endless seeking of “true self” No need to search for the true self.Much easier to live your life.
Mask A
Mask B
Mask C
Learn How to Establish A Happy Lifestyle in the Horizontal Society from Alfred Adler’s “Individual Psychology”
• The Importance of Feeling of Inferiority
• Overcoming Superiority/Inferiority
• 7 Principles to Live in the New World– １． Be aware that all you worries/concerns are attribute to the human relationship issues.
– ２．” Disconnect the Issues”: Do not mix up with your issue and that of others.
– ３． Being free is to be disliked by others.
– ４． However, they are not your enemy. Be connected to others. They are your team mate.
– ５． Accept who you are.
– ６． Trust other people. The trust should be unconditional.
– ７． Happiness is the feeling of contribution and it is based on the premise of the freedom.
• Apply and practice the above principles on fields of your work/friendship/love.
31
My Suggestion
• Reduce the time you spend for the Vertical Society as little as possible!– Make your relationships as much as efficient with money which is a language of the Vertical
Society.
– Boost your unit value per hour (ex. 100,000 JPY per hour!)
– Reduce your fixed expenses (food, cloth, housing) that consume your money as much as possible.
– Join the Horizontal Society which you find interesting/feel passionate about (volunteering, community work, starting up business etc.)
– Invest your spare time to the Horizontal Society as much as possible.
• Be Brave to Open Your Heart!– Write down all your complex that you feel negative about such as your appearance, dark
history of your past etc. Expose them little by little and not hold on to them.
– Try to be open mind to the people or things you dislike one step at a time. Go beyond the borders of yourself.
• Take Step by Step!– Forgive yourself, who might be an ordinary, not so talented loser. Accept yourself as what
you are now. Just build up from zero one by one, step by step.
– Do not compare yourself with others, but do compare with yourself in future.
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References• F.A. Hayek “The Road to Serfdom”• Katsuhito Iwai “To Whom does the Corporation Belong? “( 『会社は誰のものか』 )
“What will Happen to the Corporation from Now on?”( 『会社はこれからどうなるのか？』
• Hirohumi Uzawa “Social Cost of Automobiles”( 『自動車の社会的費用』 )• Atsunori Kawamura “The Last Word of Ende” ( 『エンデの遺言』 )• Karl Marx “Capital”• Katsumi Hirakawa “The Illness so called ‘Limited Company’”( 『株式会社という
病』 )• Andre Comte-Sponville “Le Capitalisme est-il Moral?” (Does Capitalism have Moral?)• David Pitt-Watson “The New Capitalists: How Citizen Investors Are Reshaping the
Corporate Agenda”• Rachel Carson ”The Sense of Wonder”• Haruki Murakami “Dance, Dance, Dance” ( 『ダンス・ダンス・ダンス』 )• Charles D. Ellis “Capital”• G. Edward Griffin “The Creature Jekyll Island”• Jean Peyrelevade “Le Capitalisme Total”
My bibliography published in 2013
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Thank you!
