What could a future sovereign Mars economy look like?

A recent study by Dr. Jacob Haqq-Misra explores the potential for a self-sustaining, sovereign economy on Mars, independent from Earth. The study outlines five conditions necessary for Mars to function as an independent entity, including the complete relinquishment of Earth citizenship by settlers and restrictions on Earthlings' involvement in Martian affairs. Dr. Haqq-Misra proposes an economic model that emphasizes full reserve banking, which avoids the risks associated with fractional reserve systems, and advocates for the diffusion of capital ownership to prevent the centralization of power and wealth. This model aims to ensure financial and political stability on Mars while eliminating capital exchange with Earth. The study also addresses the implications of tourism, suggesting that tourists should not own capital on Mars and that currency transactions should be limited to goods exchange. The establishment of a sovereign economic system is deemed crucial for long-term sustainability, with the need for adequate infrastructure and resources highlighted as significant challenges. Dr. Haqq-Misra emphasizes the importance of planning and agreement on economic systems before human arrival on Mars to facilitate a smooth transition. While the prospect of human settlement on Mars is on the horizon, achieving a fully independent economy may take decades, necessitating foresight and preparation to ensure the viability of a Martian society. The study aims to provide insights into governance and economic systems that could inform both Martian and Earthly practices.