The New World Economy was the socialist economic system that took shape on Earth; according to Tom Paris, it was around the 22nd century that "money went the way of the dinosaur." (VOY: "Dark Frontier") In 2259, Pelia recalled being unsure if the New World Economy, or as she referred to it, the...
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The
New World Economy was the
socialist economic system that took shape on
Earth; according to
Tom Paris, it was around the
22nd century that "
money went the way of the dinosaur." (
VOY: "
Dark Frontier")
The term "New World Economy" was only referenced by Tom Paris in "Dark Frontier"; in most discussions of the economy of the Federation, no specific name was used.
In
2259,
Pelia recalled being unsure if the New World Economy, or as she referred to it, the "
no money, socialist utopia", would last, preferring to hide in her
Vermont bunker for a while. (
SNW: "
Tomorrow and Tomorrow and Tomorrow")
Under the New World Economy, material needs were no longer the focus or driving force of many people, rather, it was self-improvement, self-enrichment and the betterment of all. This effectively eliminated social problems like
hunger and
poverty and, as a result, money was no longer used.
Humans took great pride in this, describing themselves as having "grown out of their
infancy." The Federation, however, continued to deal with other cultures which had money-based economies, using
credits,
trade or negotiation instead. (
Star Trek IV: The Voyage Home,
TNG: "
The Neutral Zone", "
The Price", "
Time's Arrow, Part II",
Star Trek: First Contact)