Rachel O'Dwyer, "Tokens: The Future of Money in the Age of the Platform" (Verso, 2023)

Oct 8, 2023

Rachel O'Dwyer, author of 'Tokens: The Future of Money in the Age of the Platform', discusses the rise of tokens as replacements for traditional forms of money. She explores the control and discrimination that can emerge when money is tied to specific apps or actions. The podcast delves into the concept of programmable tokens and their impact on people's agency and values. O'Dwyer also discusses the ongoing battle between the state and platforms for control over money and payments. Overall, the podcast offers intriguing insights into the evolving world of digital currencies.

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Introduction

00:00 • 2min

Exploring the Nature of Money and Advice for Early Career Researchers

01:37 • 8min

The Concept of Money and Digital Payments

09:56 • 14min

The Battle for Control of Money: State vs Platforms

23:27 • 4min

Programmable Tokens and the Future of Payments

27:25 • 19min

Discussion on Tokens: The Future of Money in the Age of the Platform and a Life Insurance Ad

46:21 • 2min

Platform capitalism is coming for the money in your pocket. Wherever you look, money is being re-placed by tokens. Digital platforms are issuing new kinds of money-like things: phone credit, shares, gift vouchers, game tokens, customer data--the list goes on. But what does it mean when online platforms become the new banks? What new types of control and discrimination emerge when money is tied to specific apps or actions, politics or identities?

Tokens opens up this new and expanding world. Exploring the history of extra-monetary economies, Rachel O'Dwyer shows that private and grassroots tokens have always haunted the real economy. But as the large tech platforms issue new money-like instruments, tokens are suddenly everywhere. Amazon's Turk workers are getting paid in gift cards. Online streamers trade in wishlists. Foreign remittances are sent via phone credit. Bitcoin, gift cards, NFTs, customer data, and game tokens are the new money in an evolving economy. It is a development challenging the balance of power between online empires and the state. Tokens may offer a flexible even subversive route to compensation. But for the platforms themselves they can be a means of amassing frightening new powers. An essential read for anyone concerned with digital money, inequality, and the future of the economy.

Long-listed by the Financial Times' Best Business Books of 2023 even before publication, Rochel O'Dower's Tokens: The Future of Money in the Age of the Platform (Verso, 2023) tackles the proliferation of alternatives to central bank-issued money through an enagaging and easy-to-access narrative.

Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo

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