Travelling Era

I was once in the tube in London on a Friday morning, seeing crowds travelling shoulder to shoulder in the narrow, dull and damp carriages. Men were in suits with cases, women stood straight.  It was silent except for the announcement of stations. No one talked, or even had a smile on their faces.

This week’s New Statesman pointed out that we travel six times more than we did fifty years ago, The figure is forecast to be doubled within twenty years. We spend far more time on each journey: on the way to work, on the way home, on the way to a famous travel site during the holidays. As Zareer, the author claimed: “Our travel habits are creating a transient society.”

The most frequently cited argument is that we damage the environment. Though public transportation is improving a lot, people are unwilling to give up their own cars. Energy consumption is increasing sharply; more carbon is being emitted into the atmosphere, thereby exacerbating the greenhouse effect.

Another concern is about the relationship between people. We are taking steps towards a “hypermobility” society as the links between people are fading. Once I rented a flat. During the two-month lease, I had three different neighbours. I could not tell whether it was a he or a she. In contrast, I had neighbours family when I was a juvenile.

High migration might be an index for evaluating the development of an economy. Surplus labour transfers to where required. But, it also puts stress on the environment, transportation, and even society. We need to face it; even, with a smile on the tube.

It Is All About The Money

This Week’s Economist leader discussed the most essential thing in the world, money.There is going to be an interesting change to Britain’s £20 note. Adam Smith, the first economist, will replace Sir Edward Elgar as the face on the note. The Economist attributed this change to the “end of the cash era”.

Is cash fading that fast? I doubt it.

Firstly, the replacing movement depends on the development of technology. It takes time to build up an electronic net. It demands POST and ATM machines for using debit cards, especially in rural areas. It requires software and programs to run electronic system. It also asks for guards to keep transactions’ safety. These equipments are foundations of this movement. All these are not likely to be completely prepared in a short period.

Secondly, it takes time to convince people, especially elderly people to trust the electronic system and adopt the change. My father, for instance, suspects the stability of the electronic system. He believes there is a high risk that the system will collapse for some reasons someday. He prefers to pay in cash rather than credit card. It is a common concern of elderly people. They stick on what they used to, have less confidence in high technology.

Lastly, the replacing trend is based on the maximum capital principle. As money has intrinsic value in itself, the cost of digital money is much less than cash. But it also cost much to build up the electronic net, which is considered as sink cost. Who is willing to pay, if there is no guarantee whether it will pay off?

Nobody can predict “how fast bits and bytes will drive out metal and paper”, I am afraid.