Finance:

This California city is hosting America’s first universal basic income trial

While we have seen trials of universal basic income take place in various places around the world such as Finland and Canada, we have yet to see anything of the sort in the US—until now. In the city of Stockton, California, an experimental basic income program is underway in which 130 residents will receive monthly payments over the course of 18 months, no strings attached. Participants aren’t exactly getting lifted out of poverty, with each person receiving $500 per month from the city. Still, Stockton mayor Michael Tubbs argues that it could grant security to people who are struggling to…

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  • Futurism
  • Date:04/18/2019

How universal basic income can create more trust amongst the people

In February, the first report came out from Finland’s groundbreaking experiment in universal basic income, which gave 560 euros to 2,000 randomly selected unemployed people. The report showed receiving free money made recipients happier without making them any less likely to join the workforce. Although this wasn’t everything the Finnish government was hoping for — its stated goal was to boost employment — it still offered an important counter to critics of basic income, who often claim getting free money will induce people to work less. The evidence does not support that. The second report from Finland’s landmark experiment revealed that recipients of the…

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  • Vox
  • Date:04/09/2019

Cow milk sales down more than $1 billion because of plant-based alternatives

As environmental concerns grow around the world, so does the trend of dairy alternatives, leading to a significant decrease in the sales of traditional cow milk. In 2018, the sales of dairy milk dropped about $1.1 billion, closing with net sales totaling $13.6 billion, compared to 2017’s $14.7 billion. Not only is this good news for the health of consumers but also for our planet. According to scientific research, the carbon footprint of producing a glass of dairy milk is about three times more than the most common plant-based alternatives, such as soy or oat milk. Similarly, when looking at…

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  • Green Matters
  • Date:04/02/2019

Secondhand clothing could soon become a bigger market than fast fashion

Shopping for second-hand clothes has gone from a niche fashion statement to trendy in just a matter of years, which is a huge win for the environment. In fact, the industry the resale of second-hand clothing is currently worth $24 billion and is expected to reach $51 billion in five years. Most exciting is that this exploding market is stealing revenue from fast fashion, an industry that is notoriously unsustainable. In fact, secondhand retailer thredUP suggests that the resale market will overtake fast fashion if it continues to grow at this rate.

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  • Treehugger
  • Date:03/22/2019

Microloans are starting to show some promise for low-income women in New Jersey

For a while, microfinance was the hottest trend in global development. The promise? That you could transform a poor person’s life with a very small loan that would let them start their own business — and then the lender gets their money back, which could then go on to transform someone else’s life. That early promise proved to be inflated. Microfinance did not, in fact, solve global poverty. But it wasn’t a complete failure either. Under the right circumstance, it does seem to improve conditions for some poor people. This month, a new study affirmed that finding in an unlikely…

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  • Vox
  • Date:03/18/2019

The world’s biggest divestment in oil and gas is underway

The world’s largest sovereign wealth fund, which manages $1 trillion of Norway’s assets, is to dump investments in firms that explore for oil and gas. The divestment will gradually start phasing out $8 billion held in 134 fossil fuels companies, making it the biggest divestment the world has ever seen. However, a couple giants in the fossil fuel industry, Shell and BP, have steered clear of divestment because Norway believes they will play a key role in developing green energy. Although Greenpeace and other environmental organizations want to see bigger divestments, pulling funds from oil and gas businesses does send…

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  • New Scientist
  • Date:03/11/2019

Are we entering the era of the post-consumer?

One of the key things we learned from the UN’s latest report on climate change is that to successfully limit global warming to 1.5C, people must start making changes in their lifestyle. The good news is that many millennials are doing so already by not following the typical consumerist behavior that has characterized generations of Americans for decades. Instead of buying material goods to satisfy their desire for a meaningful life, millennials these days are more interested in experiences and undertaking adventures: the priority is making and sharing memories, interacting with people and places, attending events, and so on and…

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  • The Conversation
  • Date:02/19/2019

One of the biggest criticisms of Universal Basic Income has been proven wrong

Existing welfare programs are a tangled mess. If welfare recipients start making too much money, they lose food stamps, medical care, and housing vouchers—essentially trapping recipients in poverty. One way around this problem is universal basic income (UBI), which guarantees every citizen a minimum monthly income, regardless of how much they make. Although UBI could serve as the ultimate solution to financial insecurity, critics suggest that people will lose their incentive to work if they receive “free” money. ‘Not so fast’ say researchers out of Finland where a small UBI trial was held. After giving 2,000 randomly selected people a…

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  • Futurism
  • Date:02/13/2019

New credit card allows immigrants without a credit score to easily build one

For immigrants who lack a credit history in the US, it can be difficult to do things such as buy a home or get a credit card. Petal, a new online company, solves this issue by connecting people with little to no credit history with a line of credit of up to $10,000. Instead of relying on the narrow criteria of US credit scores, the company takes into account a person’s whole financial track record to determine creditworthiness. And since the company doesn’t want to burden immigrants with extra costs, the Petal credit card has no annual, over-limit, late-payment, or…

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  • Fast Company
  • Date:02/04/2019

Contactless payments are coming to the U.S., another threat to the use of cash

Contactless payments are set to finally become widespread in the US, posing a renewed challenge to the use of cash.

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  • Quartz
  • Date:01/10/2019
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