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Cryptocurrency arose, and grew in popularity, following the financial crisis of 2008 built upon a promise of decentralizing money and payments. An examination of the history of money and banking in the United States demonstrates that stable money benefits from strict controls and commitments by a centralized government through chartering restrictions and a broad safety net, rather than decentralization. In addition, financial crises happen when the government allows money creation to occur outside of official channels. The US central bank is then forced into a policy of supporting a range of money-like assets in order to maintain a grip on monetary policy and some semblance of financial stability.

In addition, this chapter argues that cryptocurrency as a form of shadow money shares many of the problematic attributes of both the privately issued bank notes that created instability during the “free banking” era and the “shadow banking” activities that contributed to the 2008 crisis. In this sense, rather than being a novel and disruptive idea, cryptocurrency replicates many of the systemically destabilizing aspects of privately issued money and money-like instruments.

This chapter proposes that, rather than allowing a new, digital “free banking” era to emerge, there are better alternatives. Specifically, it argues that the Federal Reserve (Fed) should use its tools to improve public payment systems, enact robust utility-like regulations for private digital currencies and limit the likelihood of bubbles using prudential measures.

The purpose of this paper is to identify and analyze the interdependence of project complexity factors (PCFs) in metro rail projects using the Decision-Making Trial and Evaluation Laboratory (DEMATEL). The study provides qualitative and quantitative analysis of project complexities factors and their relationships. The results of the study facilitate effective project planning, proactive risk management and informed decision-making by stakeholders.

This study employs a case-based method for identifying PCFs and a DEMATEL method for analyzing the interdependence of complexity factors in metro rail projects. Initially, PCFs were identified through an extensive literature review. To validate and refine these factors, semi-structured interviews were conducted with thirty experienced professionals, each having 5–20 years of experience in roles such as project management, engineering, and planning. Further, elevated and underground metro rail projects were purposefully selected as cases, for identifying the similarities and differences in PCFs. A questionnaire survey was conducted with various technical experts in metro rail projects. These experts rated the impact of PCFs on a five-point Likert scale, for the evaluation of the interdependence of PCFs. The DEMATEL technique was used to analyze the interdependencies of the PCFs.

Metro rail projects are influenced by project complexity, which significantly impacts their performance. The analysis reveals that “design problems with existing structures,” “change in design or construction” and “land acquisition” are the key factors contributing to project complexity.

The study of project complexity in metro rail projects is limited because most of the studies have studies on examining complexity in mega projects. The existing literature lacks adequate attention in identifying project complexity and its effects on metro rail project performance. This research aims to bridge this gap by examining project complexity and interdependencies in metro rail projects.