New World Economy

The New World Economy is the economic system that took shape on Earth in the late 22nd century, around the time the Federation formed.

According to Tom Paris, it was around the 22nd century that "money went the way of the dinosaur." (VOY: "Dark Frontier")

Under the New World Economy material needs and money no longer existed and humanity had grown out of its infancy. People were no longer obsessed with the accumulation of things, and if people do want something, it could simply be replicated, effectively eliminating poverty and want and the need for possessions. The challenge and driving force then were to improve oneself, to enrich oneself and the betterment of all humanity. (Star Trek IV: The Voyage Home, TNG: "The Neutral Zone", "The Price", "Time's Arrow, Part II", Star Trek: First Contact)

However, the Federation continued to deal with other cultures which had money-based economies. The Ferengi in particular were scornful of the Federation's economic system:

"I'm Human, I don't have any money."
"It's not my fault that your species decided to abandon currency-based economics in favor of some philosophy of self-enhancement."
"Hey, watch it. There's nothing wrong with our philosophy. We work to better ourselves and the rest of Humanity."
"What does that mean exactly?"
"It means... it means we don't need money!"

- Jake Sisko and Nog, "In the Cards"

It is shown that Federation members could acquire materialistic things - Miles O'Brien replicated an Alamo Model and Federation members are shown to be able to have luxuries like decorations, etc. throughout the series. Although there ideology is to generally not be materialistic, it is shown that Federation members are allowed to have and fulfill material desire. The elimination of poverty can also be attributed partly to advancing technology, like replicators.

See also

• Credit chip