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Paul Kemp-Robertson

Co-Founder & Editorial Director / Contagious, Contagious Communications

TEDCRED 100+

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Are people starting to trust brands and corporations more than governments?

Technology has reconfigured the mechanics of the traditional business landscape, changing what we buy and how we pay for it. Peer-to-peer systems like AirBnB and TaskRabbit encourage people to swap, share and rent amongst themselves rather than buy from stores. Concurrent with the growth in collaborative consumption is the emergence of a new understanding of 'money'. The limits of traditional monetary units are being tested against a backdrop of financial uncertainty, currency volatility and technological progress. People are coming to realise that their data, everyday activities and social chatter are alternative forms of value and payment. Slowly, we're seeing new micro- and crypto-economies being forged that aren't necessarily based on a traditional understanding of cash.

Surveys such as the Edelman Trust barometer suggest that there is a global weakening of trust in institutions and governments, If people are starting to trust businesses and brands more than their civic leaders, should we be questioning whether governments need to be in sole charge of money any more? In 1860 there were 1600 varieties of currency in America. Are brands hoping that history will start repeating itself? In a digital age, are loyalty programs becoming new forms of currency? Will people start to demand commodities (products and services) from brands in exchange for access to their personal data and consumption patterns? Are mobile phone credits more useful to modern consumers than loose change from a shopkeeper?

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  • Jul 31 2013: ...when people are more towards external world than internal world it happens...and this would happen more...

    ...for the people limited to bread and butter corporates are the best choice as they provide livelihood and things needed to live also...and politics is attracting those who want to have power and luxury life...to reach high...less contributory more luxury and power...

    ...but this won't take long to come back as waves may take high but every wave after some time return to normal...challenge is for role models and education...bigger for parents...

    regards

    Manish Kumar Aggarwal
    The Mindfood Chef

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