San Diego State University Sociology Discussion

Description

But even institutions as old and powerful as banks and symbolic universes as sweeping as that of money can be challenged. Read the highlighted portion from The Social Construction of Reality below to frame your thinking. The prompt is to imagine competing money “experts” or economists on what the future of money should be.Three economists walk into a bar and have the following argument:Economist A : “We need to return to the gold standard and limit our money supply to match gold reserves, this will guard against inflation!”Economist B: “We should keep fiat currency and fractional reserve banking as is, this will help our economy grow!”Economist C: “We should abandon government-based currencies all together for decentralized crypto-currencies, this will democratize money!”Response PromptAnswer each question below in as few or many words as you need:1: Let’s make sure we have a grasp on a few key terms. First, in your own words define: fractional reserve banking, fiat money, and block chain2: Which expert is right when the entire concept of money is socially constructed? Each choice will have a set of social repercussions, both pro and con. Which one would you side with and why? (or write in your own answer as “Economist D” if you propose an alternative to these three)3: What do you think the role of crypto-currency will be in 10 years? What impact will it have on fiat money? Why?Feel free to like each other’s posts. They will sort by likes.

Explanation & Answer:
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Tags:
sociology

institutions

symbolic universes

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