GCAS College Dublin
Introduction & Rationale
For centuries financial institutions have provided a stable and needed service to society. That service relied on trust—the trust that hard earned deposited funds and retirement investments were secure. This financial service is essential for the health and security of society.
We all know that banks charge interest on money borrowed with which they could reinvest deposited funds to make money. More recently, however, owing to extremely relaxed governmental regulations in many countries, banks implemented practices of over investing, causing severe damage to customer relationships. Trusting banks is more difficult than ever.
According to leading economists from every aspect of the political spectrum, in 2008 the entire global financial economy was within hours of total collapse because banks and financial institutions took too much advantage of the public trust they were given. Banking strategies, such as subprime lending and other dangerous practices like over leveraging and speculation, resulted in massive damage not just to the essential trusting relationship between the public and the banks, but also to the public directly because in many countries public funds through taxation were used to bail the banks out; otherwise the economy would have collapsed. This is why the phrase, “Too big to fail” was applied. Consequently, the deficit in many countries multiplied many times causing further long term damage to future economic growth and stability, especially for the younger generations.
We also know that banks lend money to students seeking to climb the social ladder by pursuing a college degree. Students in the United States have gone into massive student loan debt to the tune of 1.5 trillion dollars. Student debt objectively causes further strain on the economic outlook well into the future. For example, many with student loan debt cannot afford to purchase a house, or a car, or start a family because they simply can’t afford it. In contrast to today, college and university for past generations (for example, after WWII) was a service that democratic societies overwhelmingly supported and so it was not expensive to accomplish a college degree.
With a college degree, one could then move up in the social ladder and prosper just as society prospered, owing to free thinking and civic debate about policies and the different ways society works together for the good, security and health of everyone. But now that over 44 million US citizens are in debt, an economic trend began in the 1980's that shifted the economic burden for public education from society to the individual. This resulted in harming individuals and, by extension, the overall security of society because of the extravagant surmounting debt that people took on. And, given that wages for jobs have not risen with the rate of inflation over the past several decades, the economic situation for the younger generation seeking an education has become, to our minds, ominous and even dangerous.
Given this daunting situation, it was time to create an alternative.
This is one reason why GCAS College Dublin has created an entirely new paradigm in which you can receive a high-quality education while not only NOT going into debt, but through our model, GCAS College actually provides students with new economic opportunities through cooperation and education. GCAS College Dublin seeks to accomplish this mission in the follow two ways:
The first way is through our TOP program. “TOP” means “tuition to ownership program” meaning that the tuition that you, as a student invest, is converted into equity shares in GCAS College Dublin once you graduate. This means that the graduate of GCAS College Dublin can become a co-owner of our College. For more information about this program check out our TOP program.
We created a model to empower the younger generation.
The second way we strive to provide new economic opportunities to students is through our GCA$¥ economy. GCA$¥ is not money or a security nor can it be exchanged for money like the US Dollar or the Euro, but GCAS College Dublin accepts GCA$¥ from enrolled students who earn it by helping grow our community. GCAS College accepts GCA$¥ from students and applies it to pay down the tuition that the student owes. In this way, a student can help our community grow and directly benefit from this growth.
More specifically, GCA$¥ can be awarded to the student for completing assignments in our courses and programs (BA, MA, and PhD). In this manner, the GCAS College student enters into a different economy—one that rewards everyone in GCAS College, together. There are many ways a student can earn GCA$¥ beyond completing classroom assignments: by inviting friends to learn, making posters, reading books, and more. You can even suggest new ways to help GCAS College and earn GCA$¥, so long as it’s approved by the committee.
Our tuition fees and scholarships compliment our GCA$¥ economy in a way that almost anyone qualified can graduate from GCAS College without having to harm their economic health and future opportunities.
We are 100% committed to teaching the whole student, not just intellectually, but economically too. This makes what we do and how we deliver education more honest and real than the traditional college or university. If you are qualified and want to learn and be part of our academic community and eco-system, we will do everything we can to welcome you.
GCA$¥ is not like other crypto currencies because they are kept internal to our own education eco-system or only shared with similar eco-systems such as our partner, FairCoin. In this way, we avoid the hype and the scams that are too often associated with new crypto tokens and currencies. GCA$¥ is not a currency but an economic tracking system.
GCA$¥ is a vehicle for tracking valuable contributions to GCAS College, nothing more, nothing less. The tokens do not represent any monetary or financial value.