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We hold these truths to be self-evident, that all men evolved differently, that they are born with certain mutable characteristics, and that among these are life and the pursuit of pleasure.
Sapiens
Yuval Noah Harari
Everyone benefits from each other:
Customers and Banks:
Customers want to have always-available credit
Banks want to provide credit with high fees and interest rates
Customers and Merchants:
Customers want to have a card that works everywhere
Merchants want to be able to accept payments from anyone
Merchants and Banks:
Merchants want to be able to sell on credit while still getting their money immediately
Banks want to collect a fee on every purchase in exchange for managing credit and pooling risk
Visa and Mastercard, the other major credit card network,1 sit in the middle of each of these relationships, across billions of customers, millions of merchants, and thousands of banks, collecting a network fee — on top of the interchange fee paid to banks — on every purchase (about 0.05%). The total revenue collected — $20.6 billion in 2018 — is rather small, particularly relative to Visa’s market cap of $420 billion, but that multiple is a testament to just how durable Visa’s position is in the network it created.
Visa, Plaid, Networks, and Jobs
Ben Thompson
The agricultural economist Ronald Herring noted that the most common defence for doing the minimum possible to enforce land redistribution – as has been the case throughout south-east Asia – is that one must be realistic about the difficulty of doing more. The counter to this argument, Herring pointed out, is that ‘the political realists seem to assume, rather curiously, that it is politically realistic to leave the status quo in place’.103 In south-east Asia, the agricultural status quo has proven to have very high costs. In the Philippines, the state has repeatedly been confronted by peasant-based revolutionary and terrorist groups. In Indonesia in the 1960s, Suharto suppressed a rural-based communist movement with the loss of hundreds of thousands of lives. In Malaysia, the British fought a ruthless campaign in the countryside to suppress a communist insurgency in the late 1940s and early 1950s. And in Thailand, land policy failure is contributing to a state of near civil war even as this book is being written.
How Asia Works
Joe Studwell
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