Economic growth: inclusive, green, no-cost.

IMPACT: Infrastructure for opportunity

Print Friendly

Technology schemes initiated by policymakers can succeed dramatically. Fundamental change would quickly follow if this was one of them.

 

 

 

Too big to flail

Convinced government and tech. equals disaster? You ignore schemes like the UK’s National Lottery.

Britain’s government did not fund, design or operate the lottery. A Conservative legislature simply passed the 1993 National Lottery Act. This defined the intended service, listed benefits the state would bestow and mandated a proportion of sales going to “good causes”.

Eight consortia bid for an initial 7-year concession. Camelot, who won, then implemented in record time; a stipulation they would be fined £1m for each day of delay possibly helped. The lottery was immediately embraced, selling 1bn £1 tickets within 18 months. For its first double rollover, 96% of UK adults purchased a ticket.

 

Inequality inverted

Britain’s state-sanctioned lottery dramatically increased gambling in low-income communities. POEMs (Public Official E-Markets) aims for a similar explosion of purposeful economic activity. If launch in any territory succeeded, some fundamental forces would ripple through the economy:

  • Increased activity: Consumer spending makes up 68% of GDP in the US. POEMs pushes income and investment to the least well off who will boost spending.

 

  • Resources surfaced: So many skills, services and goods are currently submerged out of sight by time-consuming, high-overhead, low impact markets.

 

  • Financialization reversed: POEMs’ data feeds, tools enabling interventions and protections for funds could allow structured human capital investment to rival financial speculation in returns.

 

  • Green growth: POEMs drives localized transactions with deep markets and pricing tools incentivizing sellers to charge by travel distance, the circular economy – goods rented or resold rather than purchased new – becomes deep, fast and reliable.

 

  • Innovation unleashed: Anyone could build apps on top of POEMs; we don’t know what that could spawn.

 

And what if launch is a disaster? Cash-rich multinationals will have poured billions into infrastructure, training and government modernization for the territory…….but not made a return.

 

In this section:

Inclusive economy: A safety net, multiple stepping-stones, new ladders for the strugglers.

Precision government: Big or small but uniquely adaptable, accountable and – possibly – devolved.

Regional competitiveness: Stability, alignment, assets exposed, a lure for inward investors.