cashless society

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives)
by David Birch
Published 14 Jun 2017

While we are still in our present mindset, then – before we begin to think about the impact of the newest technologies, the technologies of the edge – I think we should pause to take a long look at cashlessness. Should the future include a cashless society? Should we allow technological pressure to nudge that rump of physical cash over the cliff? Why? What’s wrong with cash? It used to be said that the cashless society is as likely as the paperless office or paperless bathroom. But the statistics show that paper use in offices peaked a decade ago and I first used a paperless bathroom years ago (in South Korea), so perhaps the cashless society is not only due, but overdue. Baseline: the cost of payments How much does it cost to make a payment?

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Two decades on I still think it provides a useful starting point so I’ve updated that list of issues and brought them together in a structure that I think rather helpfully identifies nine key issues and four policy areas (as shown in figure 20 on the next page) to examine. To build up a picture of the cashless economy we need to begin by looking at all of the issues set out here to build our understanding of the cashless economy and what it means for regulators, governments and national (and supranational) institutions. Let us therefore work through those issues individually. Electronic money issues. Crime Citi’s chief economist Willem Buiter has noted the odd conspiracy between finance ministries, central banks and organized crime (Buiter 2009): Large denomination bank notes are an especially scandalous subsidy to criminal activity and to the grey and black economies.

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The US Food Marketing Institute predicted that by 2025 customers would no longer wait in lines to check out at grocery stores but would walk out of the door while a ‘frictionless checkout’ would automatically account for products in their carts – and this prediction was even made before AmazonGo’s pilot store was unveiled. This is certain to impact the payments business and not only drives us on towards cashlessness but also drives payments further ‘underground’ in retail environments. These trends pivot on the mobile phone of course, shifting to an app-centric model, in which mobile devices coordinate fast, safe and transparent solutions. As I write, one in five payments in Starbucks is already mobile, so this is hardly a radical view.

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory
by Kariappa Bheemaiah
Published 26 Feb 2017

Taking a stand against crime and taxation evasion alone, would seem motivation enough to move to a cashless economy. Critics to a cashless system abound and immediately after Haldane’s remarks to move to a cashless system were announced, other members from the Bank of England (including former members of the Monetary Policy Committee) were quick to criticize him, and some journalists cited that such a move was an “echo of Maoist China” (FT, 2015). It is sure that even if we were to move to a completely cashless economy, it would not be the answer to all our problems. But, nevertheless, there are advantages and possibilites that can be achieved which are not possible today, or can only be possible with increased regulation, oversight, and government cost.

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Haldane makes a number of arguments as to why we should move to scraping physical cash altogether, and a number of his arguments echo the conclusions of the Chicago Plan. First, he argues that moving to a cashless system would give governments more flexibility in the event of a financial downturn. Second, Haldane states that a cashless system would allow us to manage inflation better, as it would allow us to bypass the zero lower bound—the working assumption being that if a central bank introduced negative interest rates, then people would convert their savings into cash. But in a cashless system, that would not be possible. In his words, “Central banks may then need to think imaginatively about how to deal on a more durable basis with the technological constraint imposed by the zero lower bound on interest rates … That may require a rethink, a fairly fundamental one, of a number of current central bank practices… [and] It would allow negative interest rates to be levied on currency easily and speedily.”

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We will also analyze what the consequences of multiple currencies, decentralized ledgers, and cryptographic control systems means to central banking. This sets the stage for what measures, tools, and theories need to be understood in order to create a new framework of monetary economics. It is here that the reader will also be introduced to the concept and the emergence of a cashless economy. Apart from describing the implications of a cashless system in terms of controlling excessive debt and economic pollution, the reader is also introduced to what new branches of science will help us gauge and govern this system. While the subject of economics is old, the methods being used to understand these multifaceted ecosystems do not pay homage to the intricacy that results from its intertwined lattice structure.

The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance
by Eswar S. Prasad
Published 27 Sep 2021

Nevertheless, this concerned the PBC enough that its head office in Beijing sent out a guidance note to its regional offices that contained the following text: “Some cities have been rolling out cashless payments, or working with Ant Group to promote ‘cashless city’ activities, during which some of the promotion themes and actions have interfered with the normal currency flow of the yuan. That has had a relatively big impact on society and created misunderstandings among the public. [Branches of the central bank] should immediately rectify and make guidance [to local commercial banks] on inappropriate wording and actions accordingly.” For the PBC, more challenges will likely arise given China’s increasingly cashless society. Other central banks are grappling with the problem, too, including Sweden’s Riksbank, which in March 2016 said that Swedish banks had reduced their cash-handling services too quickly and should be legally required to keep offering them.

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See Mallory Pickett, “One Swede Will Kill Cash Forever—Unless His Foe Saves It From Extinction,” Wired, May 8, 2016, https://www.wired.com/2016/05/sweden-cashless-economy/. For Björn Ulvaeus’s manifesto, which can now be found only on an archived version of the museum’s website, see http://www.abbathemuseum.com/en/cashless-EN (May 9, 2013, version on the Wayback Machine internet archive at https://archive.org/web/). Björn Eriksson’s views are described in Maddy Savage, “Why Sweden Is Close to Becoming a Cashless Economy,” BBC News, September 11, 2017, https://www.bbc.com/news/business-41095004. The 2013 attempted bank robbery in Stockholm is reported in Ann Törnkvist, “Man Tries to Rob Cashless Swedish Bank,” Local, April 22, 2013, https://www.thelocal.se/20130422/47484.

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For a description of the PBC’s measures designed to preserve the use of cash, see Gabriel Wildau and Yizhen Jia, “Chinese Merchants Refuse Cash as Mobile Payments Take Off,” Financial Times, January 1, 2019, https://www.ft.com/content/a97d76de-035e-11e9-99df-6183d3002ee1; Echo Huang, “Alibaba’s ‘Cashless Week’ to Boost Mobile Payments Is Worrying China’s Central Bank,” August 9, 2017, https://qz.com/1049675/alibabas-cashless-week-to-boost-mobile-payments-is-angering-chinas-central-bank/; and Hiroshi Murayama, “In China, Cash Is No Longer King,” Nikkei Asian Review, January 7, 2019, https://asia.nikkei.com/Business/Business-trends/In-China-cash-is-no-longer-king. The statements in the text are attributed to the official Shanghai Securities News and a central bank spokesperson. For Sweden’s guidance to banks on the handling of cash, see “Swedish Central Bank Calls Halt on Moves to a Cashless Economy,” Finextra, March 18, 2016, https://www.finextra.com/newsarticle/28635/swedish-central-bank-calls-halt-on-moves-to-a-cashless-economy. The two relevant articles in the Organic Law of the Central Bank of Peru are as follows: “Article 42: The issuance of banknotes and coins is the exclusive power of the State, which exercises it through the Bank (BCRP). Article 43: The banknotes and coins that the Bank puts into circulation are expressed in terms of the monetary unit of the Country and are of forced acceptance for the payment of any obligation, public or private”; see http://www.bcrp.gob.pe/billetes-y-monedas/normas-sobre-tesoreria/art-2-y-42-al-45-de-la-ley-organica-del-bcrp.html.

Rebooting India: Realizing a Billion Aspirations
by Nandan Nilekani
Published 4 Feb 2016

We believe that technology holds the potential to completely redefine the relationship between the citizens and the state. What if a million banking correspondents equipped with smartphones and biometric readers could deliver banking services to 1.2 billion Indians? What if every citizen could use mobile banking and make cashless payments? Moving beyond the financial sector, can we use technology to solve some of India’s most pressing problems—to improve standards in healthcare and education, to cut wastage in government spending and increase revenue, to make tax collection citizen-friendly, to streamline our courts, and to eliminate corruption?

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Coming back to earth, the two participating banks, ICICI and Axis Bank, are part of the official electronic toll programme slated to operate along the Delhi–Mumbai highway.13 Chanda Kochhar, managing director and CEO of ICICI Bank, was quoted as saying, ‘ETC substantially enhances convenience for users, and we believe it will play a very important role in contributing to the growth of cashless payments in India.’ IMHCL is the organization tasked with establishing and maintaining a national electronic toll collection network, and its structure is similar to that of the GSTN which we discussed in the previous chapter. It has been designed as a collaboration between the NHAI, the private concessionaires who are tasked with toll booth operation, and financial institutions who handle the payments process.

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As the following diagram shows, an Aadhaar-enabled bank account should ultimately allow the customer access to funds from multiple sources, whether they be a salary paid by a private company or disbursements from government social security schemes. The prescription for a cashless India In the accompanying diagram, we sketch out a road map for the transition to a cashless economy in India. As we will discuss in the next chapter, Aadhaar can serve as documentation to complete an electronic Know Your Customer process, turning what is currently a heavily paper-based system into one that is entirely digital. Aadhaar-based e-KYC has been used to open many of the 170 million bank accounts under the Jan Dhan Yojana scheme, and soon over Rs 3 trillion worth of government social security and subsidy benefits will start flowing into these accounts.

Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets
by Brett Scott
Published 4 Jul 2022

The term, however, now refers both to the general case of a society without cash (‘cashless society’), and to the specific case of a single digital payment (a ‘cashless payment’). In logic, to give identical names to two different things can lead to an equivocation fallacy, in which the separate meanings pollute each other. This is happening when, for example, the French government calls its bank digital payments plan the ‘cashless payments plan’. It is entirely possible for cash and digital bank chips to co-exist but, given that the latter go under the name of ‘cashless payment’, it is impossible to speak about them without implying the end of the former.

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The War on Cash 5.2 million payments attempts were blocked: These details can be found in Visa UK’s explanatory letter to the UK Parliament on 15 June 2018, accessible at https://www.parliament.uk/globalassets/documents/commons-committees/treasury/Correspondence/2017-19/visa-response-150618.pdf the Bangladeshi Central Bank’s account at the US Federal Reserve: An overview of this heist can be found at https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery central bank research showed that the PIN pads associated with digital payment pose a greater risk: Bank of England, ‘Cash in the time of Covid’, Quarterly Bulletin 2020 Q4, 24 Nov. 2020, https://www.bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-the-time-of-covid ‘Reports on the End of Cash are Greatly Exaggerated’: Federal Reserve Bank of San Francisco, 20 Nov. 2017, https://www.frbsf.org/our-district/about/sf-fed-blog/reports-death-of-cash-greatly-exaggerated/ central banks recorded a large increase in cash withdrawn from ATMs: See for example, ‘Cash still king in times of COVID-19’ by the ECB’s Fabio Panetta https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210615~05b32c4e55.en.html, the Bank of England’s ‘Cash in the time of Covid’, https://www.bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-the-time-of-covid and the Federal Reserve’s ‘2021 findings from the Diary of Consumer Payment Choice’ https://www.frbsf.org/cash/publications/fed-notes/2021/may/2021-findings-from-the-diary-of-consumer-payment-choice/ including those who don’t want their wealth locked up in banks during a banking crisis: Morten Bech, Umar Faruqui, Frederik Ougaard & Cristina Picillo, ‘Payments are a-changin’ but cash still rules’, BIS Quarterly Review, March 2018, https://www.bis.org/publ/qtrpdf/r_qt1803g.pdf The Federal Reserve sees huge increases in cash demand prior to hurricanes: This was communicated during a private presentation by Alex Bau of the Federal Reserve’s Cash Product Office, titled ‘Understanding Cash Usage: Rethinking Volume Forecasting’, Feb. 2019 it accounted for over 50 per cent of transactions under $10 and 30 per cent of overall payments volume: See Federal Reserve Bank of San Francisco, ‘2018 Findings from the Diary of Consumer Payment Choice’ 15 Nov. 2018, https://www.frbsf.org/cash/files/federal-reserve-cpo-2018-diary-of-consumer-payment-choice-110118.pdf ‘we want a cashless society’: Javier E. David, ‘Bank of America CEO: “We want a cashless society”’, Yahoo!Finance, 19 June 2019, https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html Banks try all manner of tactics to discourage cash usage: See for example, Risen Jayaseelan, ‘The joys and sufferings of going cashless’, The Star, 7 Jan. 2019, https://www.thestar.com.my/business/business-news/2019/01/07/the-joys-and-sufferings-of-going-cashless/ ‘cashless man of India’ campaign, and another under the banner that ‘Kindness is Cashless’: For details of these campaigns, see https://www.visa.com.bz/visa-everywhere/global-impact/cashless-man-of-india.html and https://www.campaignindia.in/video/visa-looks-to-spread-goodness-and-education-with-kindnessiscashless/434240 the ‘campaign is the latest step of Visa UK’s long-term strategy to make cash “peculiar” by 2020’: Visa UK has now removed this reference from their website, but a version of it can be found on the Internet Archive here https://web.archive.org/web/20171016092002/https://www.visa.co.uk/newsroom/visa-europe-launches-cashfree-and-proud-campaign-1386958?

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Perversely, banks are using their success in absorbing people into their systems as a justification for closing down future opportunities for people to exit. We’ve seen that we live under a dual monetary system – with state cash and digital bank chips – but in the ‘cashless society’ one of those options disappears, leaving bank chips as the only choice. ‘Cashless society’ is a euphemism – as uninformative as calling whisky ‘beerless alcohol’ – but the financial industry likes the phrase because it draws attention to something that is absent, rather than to something that is rising to power. Imagine how much harder it would be to market the ‘bank chip society’.

The Curse of Cash
by Kenneth S Rogoff
Published 29 Aug 2016

In fact, monetary policy could be conducted in much the same way as today, with the government setting the overnight interest rate on nominal debt with the aim of stabilizing output and inflation. Electronic money (at present, bank reserves held at the central bank) can perfectly well serve as the unit of account; there would not be a problem. This is because in the limit of a cashless economy, the government—through its control of the size of bank reserves—would still be able to control the price level via the overnight nominal interest rate. The essence of the argument is that the government is a very large player and can use its size and massive taxation potential to credibly set the short-term rate.

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To Mankiw’s surprise, he too was immediately subjected to a barrage of hostile emails and commentary, including letters to the president of Harvard demanding that he be fired on the spot. Not all those who seek to protect paper currency represent End of Days cults or see a connection between a cashless society and the Mark of the Beast. (Although as someone who has long written on sharply reducing the role of paper currency, I can attest that some of those types are in the mix.) Most people who want to protect paper currency have perfectly legitimate reasons for hoping to preserve the status quo. After a lecture I gave at Munich University in 2014, former European Central Bank board member and chief economist Otmar Issing strongly took issue with my views and commented that paper currency is “coined liberty” (a nod to Dostoyevsky’s House of the Dead)9 that must never in any way be compromised or surrendered.

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By making the transition at a slow and deliberate pace, it should be possible to address various issues as they come up, much as the Swedes and Danes appear to be doing successfully. Technological limitations, such as how to make P2P payments electronically and how to achieve real-time clearing, are melting away with advances in telephony. All in all, the case for going to a less-cash society if not quite yet a cashless society seems pretty compelling, with most of the various and sundry objections being easily handled, given enough lead time. Facilitating negative interest rate policy is not the main reason for phasing out paper currency, especially large-denomination notes. But it is an important collateral benefit that we turn to in part II.

The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives
by Peter H. Diamandis and Steven Kotler
Published 28 Jan 2020

India recalled 86 percent of its cash: Read UBS’s full report, “The Road to Cashless Societies: Shifting Asia,” here: https://www.ubs.com/content/dam/WealthManagementAmericas/cio-impact/shifting%20in%20asia.pdf. This specific fact comes from p. 19. Vietnam wants retail to be 90 percent cashless by 2020: “Cashless Payment Posts Double-Digit Growth,” Viet Nam News, July 13, 2019. See: https://vietnamnews.vn/economy/522587/cashless-payment-posts-double-digit-growth.html#kpUKGbUeSj1J1IzH.97. Sweden, where over 80 percent of all transactions are digital: Read more about this topic on Sweden’s official website: https://sweden.se/business/cashless-society/. Real Estate Great Recession of 2008: Michael Lewis gives a detailed look at what caused the 2008 financial crisis in his New York Times bestselling book The Big Short: Inside the Doomsday Machine (W.

The End of Money: Counterfeiters, Preachers, Techies, Dreamers--And the Coming Cashless Society
by David Wolman
Published 14 Feb 2012

For the 2008 part, see Biography of the Dollar; also see http://www.slate.com/id/2277404/. 35 “The Government’s $110 Billion Currency Goof,” The Week, December 8, 2010. 36 http://www.bos.frb.org/economic/ppdp/2009/ppdp0910.pdf. 37 http://digitaldebateblogs.typepad.com/digital_money/2010/08/by-cash-we-mean-cash-and-not-cash.html. 38 From Review of Network Economics, 2003, as cited in “The Future of Money,” Wired, March 2010. 39 “A Penny Saved... ” Time, August 9, 1999. 40 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 24. 41 “New York Restaurant Loses Its Appetite for Cash,” Wall Street Journal, September 11, 2009. 42 http://www.paymentscouncil.org.uk/media_centre/press_releases_new/-/page/855/. 43 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 6; and http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6968143/Is-a-cashless-society-on-the-cards.html. 44 “Who Will Speak up for Cash?” Currency News, October 2009, p. 2. 45 http://www.bis.org/review/r060427a.pdf. 46 Currency News, August 2009, p. 3. 47 http://digitaldebateblogs.typepad.com/digital_money/2009/10/the-swedish-experiment.html. 48 “Sweden Weighs Benefits of Ditching Cash,” BBC News, July 17, 2010. 49 http://www.washingtontimes.com/news/2009/dec/09/new-underground-economy/; and “As Plastic Reigns, the Treasury Slows Its Printing Presses,” New York Times, July 6, 2011. 50 Currency News, December 2009, p. 16. 51 http://www.americanbanker.com/bulletins/consumers-turn-on-cards-1015107-1.html. 52 Digital Money Forum Blog, “Anti-Anti Money Laundering,” July 6, 2009. 53 Bender, The Moneymakers, p. 261. 54 http://www.moneyfactory.gov/uscurrency/smalldenominations.html; and “Turning Paper Into Cash,” Bloomberg BusinessWeek, December 20, 2010 (citing U.S.

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With clasped hands resting on the edge of the diner’s fold-up table, he recites Scripture’s most forceful and instructive passage connecting the money in our pockets to Satan’s grand plan:And he causeth all, both small and great, rich and poor, free and bond, to receive a mark on their right hand, or on their foreheads; And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. (Revelation 13: 16–17) A few years ago, Guest wrote a book called Steps Toward the Mark of the Beast. When I found Guest’s book online, I figured that he might be able to help me understand why so many people loathe the prospect of a cashless society. “I didn’t want to write the book,” he says. “I really didn’t. But the Lord wanted me to, and so I prayed that he help me write it in a way that would be easy for people to understand.” In the book, Guest explains that one of the ways the devil will try to supplant God in the days before judgment will be to control commerce.

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But the forum proved to be just too conferencey, with its drip, drip, drip of PowerPoint presentations, impenetrable corporate jargon, and technical speak. There were a few high points, but by the tea-and-cakes break on the first afternoon, I was already feeling fidgety and uneasy. I’d lost sight of why I was here—whether it even matters, really, what form of money we use. To get back on the cashless society track, the next morning in nearby Covent Gardens I meet technologist, ubiquitous future-of-money commentator, and self-described “anti-cash maniac” Dave Birch. Birch is the spiritual guru, organizer, and emcee of the forum. I had invited him to accompany me to the Bank of England so that I could hear him make the case against cash on its home turf.

Hustle and Gig: Struggling and Surviving in the Sharing Economy
by Alexandrea J. Ravenelle
Published 12 Mar 2019

Much like the tool libraries, most of the free websites that originally comprised the sharing economy are now defunct: Snapgoods, Neighborrow, Crowd Rent, and Share Some Sugar.5 The somewhat better-known Neighborgoods lingers, but only as the pet project of an investor; among its forty-two thousand members, only ten thousand users are active.6 The technological version of the sharing economy, also described interchangeably as connected consumption, collaborative consumption, or the gig economy, is often dated back to the 1995 inventions of Craigslist by Craig Newmark and PayPal by Pierre Omidyar.7 Later contributory organizations included the free hospitality-exchange website couchsurfing.com, founded in 2003. The increased interest in the sharing economy is thought to be fueled by the convergence of three technological advancements: smartphone ubiquity; secure, cashless payment systems; and customer review sites. But not all of the impetus is technological. The recession and postrecession fallout led to the rampant underemployment of college graduates—with almost half working in jobs that didn’t require a college degree—and to a need to monetize possessions and make do with less.

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The careers section of the website lists only corporate jobs, such as those for account executives and account managers. Clicking the “Become a Driver” button brings the visitor to a new website: https://partners.uber.com/drive/. Figure 9. Uber’s client-focused webpage. Screenshot by author. Whereas the main Uber site focuses on convenience (one tap to ride, reliable pickups, cashless payments), the driver-partner site is all about the service’s income possibilities and entrepreneurial ethos. Drivers are told that “Uber needs partners like you,” and that they can “be your own boss” (see fig. 10). Other sections of the website note that the “app lets you earn money with the tap of a button” and “get paid automatically.”

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See consumer-to-consumer (C2C) sales Callinicos, Brent, 76 Camp, Garrett, 49, 223n75 Cantillon, Ricard, 36 Capital in the Twenty-First Century (Piketty), 40 capitalism, 5, 23 capital issue: overview, 7, 23, 31, 39; distribution inequality, 186; in gig economy services, 166–68; hosts and, 19–20, 165; human and social capital, 183; participant recruitment and methodology, 42 career opportunities, 23, 36, 50, 56, 58–59, 162–63, 162–64. See also entrepreneurship cashless payment systems, 26, 53 casualization of criminality, 151, 152 casualization of labor: overview, 22, 31; domestic service and, 152; increase of, 36–38; results of, 139, 156; traditional employment and, 184 Chapin, Andrew, 226n36 Chase Institute, 194 chefs: age of, 59; Allen, 162; Ashaki, 162–63; bathroom restrictions, 87–88; chef-driven platforms, 57; choices, 167–68; closure of Kitchensurfing, 231n6 (ch.7); Damla, 88, 158–59, 161–62, 167; David, 95–97, 164; educational level of, 59–60; entrepreneurship and, 161–62; escrow services, 229n6; flexibility, 162–63; Francesco, 87–88, 167–68; gender of, 59; Joe, 88; Laura, 164, 167; Lucca, 168; marketing opportunities, 162–64; race of, 59; Randall, 123–27, 162, 168; Roxanne, 117–18, 121–22, 123; sexual harassment, 117–18; workplace injuries and, 95–97 child labor, 65, 70, 224n12, 225n25 choices: overview, 23; chefs and, 167–68; criminal activity and, 143–47; entrepreneurial choice, 206–7; in gig economy services, 166–68; guest screening and, 168–72; perception of lack of, 98–100, 106–7, 138–39, 139, 145–47, 156, 157; surplus of, 156 Christensen, Clayton, 207–8 Civil Rights Act of 1964, 118–19 class issues: discrimination and, 38, 193; instability and, 38; middle class polarization, 186; unexotic underclass, 231n4; vulnerability and, 38, 193–94; work-life balance and, 38 Cleveland, Grover, 68 clients: communication issues, 63, 100, 141, 148–49; complaints against workers, 62–63; escrow services for, 57; fake accounts, 140; information on, 114–15, 140; lack of job details from, 97–98; ratings and reviews, 121, 156; reduced costs for, 56; response rates of, 84; screening of, 47, 168–71; tipping, 77; websites geared to, 58.

Computer: A History of the Information Machine
by Martin Campbell-Kelly and Nathan Ensmenger
Published 29 Jul 2013

In 1971 a subsequent model at Chemical Bank became a true automatic teller machine by allowing customers to make deposits, check balances, and transfer funds between savings and checking accounts. In the late 1960s and early 1970s, management consultants, journalists, and others began to write about a future “checkless and cashless society.” Consultant and entrepreneur John Diebold, who in 1952 popularized the term automation, presciently wrote about electronic fund transfers and the misnomer of the “cashless” society: “[T]he outstanding characteristics of a future system of electronic credit and money transfer will be a great reduction in paper handling of all kinds, and a resulting decrease in transaction times, errors, and costs.

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See Analytical Engine; Difference Engine, Babbage’s; Difference engine, Scheutz’s Calculating machines, 50, 54, 65, 67, 104, 105 See also Accounting machines and systems; Adding machines; Punched-card systems Calculators, electronic, 223–224, 231–232 Cambridge University, 81, 82, 84–85, 94, 167–170 Cameras, digital, 216 Card index systems, 25, 26–27 Card Programmed Calculator (CPC), 104–105 Card readers and punches, 121 Carnot, Lazare, 5 Cary, Frank, 138 Cash registers, 29–32, 33, 161 Cash-dispensing machines, 157–161 Cashless society, 158 Cathode-ray tube (CRT) storage. See Vacuum tubes CBS television network, 110–112 CD-ROM disks and drives, 267–269, 273–274 Cellphones, 216, 304 Census data processing, 13–18, 24–25, 34, 99–100, 102, 109, 114 Central Telegraph Office (UK), 12–13, 88 (photo) Charge cards, 157, 159 Chase, George, 55 Chat rooms, 272 Check processing, 136 Checkless and cashless society, 158 Checks, bank, 9–10, 160, 161 Chemical Bank, 158 Chips, silicon, 194 (photo), 196, 216, 221, 222, 232, 296 See also Integrated circuits Chu, Jeffrey Chuan, 124 Church, Alonzo, 59, 60 Circuit boards, digital, 217 Cirrus ATM network, 161 Civil engineering tables, 4 Clark, Jim, 289 Clearing, check and credit card, 158, 159, 160 Clearing houses, 8–11, 18, 29, 136, 158 Clerks in bank clearing houses, 9–10 as human computers, 3–6, 50–51, 52–54, 65, 67–68, 71 record-keeping duties of, 25 as typewriter operators, 22, 24–25 See also Female clerical labor Cloud computing, 300 COBOL, 174, 183, 185, 191, 192 Code breaking, 61, 69, 80, 81–82, 103 Coding.

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Among the first of these was the financial services industry with the introduction of credit cards and Automated Teller Machines (ATMs). THE VISA SYSTEM AND AUTOMATED TELLER MACHINES There were two roots to the financial revolutions involving credit cards and ATMs: first, the idea of “cashless” payment cards and, second, the development of cash-dispensing machines. In 1949 two entrepreneurs formed the first independent payment-card organization, Diners Club, signing up restaurants in New York City and soon expanding to travel and entertainment merchants nationwide. Initially, cardholders were affluent businessmen; they could present their Diners Club card (actually a cardboard booklet) as payment for meals, travel tickets, rental cars, and so on.

Money, Real Quick: The Story of M-PESA
by Tonny K. Omwansa , Nicholas P. Sullivan and The Guardian
Published 28 Feb 2012

And it is applying to the Central Bank for a deposit-taking license. “If you are telling clients that they can save from wherever, people will be encouraged to save,” Says Maina. Cashless Schools Bridge International Academies is doing in education what Musoni is doing in microfinance—starting from scratch with a cashless, mobile-payments system. With funding from Pearson and Omidyar Network, Bridge is a K-4, for-profit “school-in-a-box” franchise model targeting parents in the slums of Nairobi and other poor areas in Kenya. Started in 2009, Bridge accepts payments only through M-PESA or direct deposit into its Equity Bank account.

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The big question: How can Kenya maintain the high level of mobile money innovation while increasing the level of competition to lower consumer prices? If the competition to Safaricom weakens or evaporates (in 2011 there were rumors that Essar was ready to sell its Yu business) prices are likely to remain where they are—far cheaper than money-transfer costs five years ago, but still a significant barrier to the creation of a cashless society and the promise of greater financial inclusion. Unless someone can provide competition on the mobile money and moneytransfer front, there’s no incentive for Safaricom to reduce transaction fees. There are two main policy questions driving debate today. For mobile operators, the issue is interoperability between mobile money providers.

Digital Bank: Strategies for Launching or Becoming a Digital Bank
by Chris Skinner
Published 27 Aug 2013

PayPal is finding itself under attack from the card firms, as AMEX, Visa, MasterCard and the banks with iDEAL and ePayo targeting their schemes for social payments and more. Square has been the main news story, mainly because of its phenomenal growth and charismatic founder. Square was created by Jack Dorsey, co-founder of Twitter, in 2009 with the idea of offering a simple, cashless payment system for smartphones. The system works by using a square dongle that fits into the earphone jack of a smartphone. The dongle allows a user to swipe a magnetic credit card stripe and take a payment. The payment is made by the buyer using the app that goes with the dongle to sign the smartphone touchscreen with their finger and enter their email, and that’s it.

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For example, the revolutions in retail through the rise of Amazon and entertainment with Apple have resulted in the death of traditional retailers such as HMV, Jessops, Comet, Blockbuster and more. This is the challenge we now face in banking. In banking, these changes mean a complete rethinking of customer relationships and the method of delivering value to meet customer needs. It has created non-stop debate about whether banks need branches; will there be a cashless society; how do you bulletproof the bank from cyberattacks; can we keep up with customer demands as they move to mobile and tablet banking; and more. In fact, digitisation has meant that banking is no longer about banking money, but about banking data and keeping data secure. All of this is radical change and requires radical action to keep up with such change.

The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It
by John Micklethwait and Adrian Wooldridge
Published 1 Sep 2020

In Shanghai, each subway car has its own QR code (or bar code) that you scan when you get on, so that if one of the passengers gets sick, only people who have traveled in that particular car need to be contacted.17 Of course there are privacy concerns with this, but the main barrier to this happening in America is technological. The New York subway system only started introducing Asian-style cashless payments in 2019. And on the subject of cashless systems, China is building the infrastructure for a digital currency that some people think might unseat the dollar.18 The United States has stinted on high-tech infrastructure for the same two reasons that it has let its bridges and roads crumble: because entitlements absorb so much cash and because nobody counts the dilapidation in the national accounts.

Present Shock: When Everything Happens Now
by Douglas Rushkoff
Published 21 Mar 2013

In Europe, where the leveraging of the long-distance, debt-generating euro currency has proved catastrophic for local industry and commerce, people are turning to alternative currencies that insulate them from the macroeconomic storm around them. In the Greek town of Volos, for example, citizens are experimenting with a favor bank. Mislabeled a barter economy by most journalists, this effort at a cashless economy is actually an exchange network.33 Everyone has an account online that keeps track of how many Local Alternative Units, or tems, they have earned or spent. People offer goods and services to one another, agree to terms, and make the exchange. Then their accounts are credited and debited accordingly.

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See also specific business/corporation calendars, 78–79, 81, 83, 262, 264 call waiting, 115 caller ID, 115–16 Campbell, Joseph, 13, 20, 39 Canseco, José, 41 capitalism, 226, 258 captive audiences, 21, 31, 36 car accident, Rushkoff’s, 65–66 Carse, James, 59 Case, Amber, 69 cashless societies, 183–84 catallaxy, 226, 227, 228 cell phones, 95, 116 Chainmail (game), 60n change: apocalypto and, 264–65; as changing, 86–87; chronobiology and, 88–89; consumers and, 167; digiphrenia and, 73, 86–87, 88–89; fractalnoia and, 224, 235–37; management of, 86, 87, 235–36; narrative collapse and, 9–10, 14–16; new “now” and, 4; overwinding and, 141, 167; stages in human evolution and, 76; as steady state of existence, 87.

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See also specific topic Disney theme parks, 186–88 DNA, 85, 258 Doctorow, Cory, 217 Domeier, Rick, 94 drone pilots, 7, 120–22 drugs, 92, 98, 99, 103, 124 Dulles, John Foster, 89 Dunbar, Kevin, 204 Duncan Yo-Yo, 108 Dungeons & Dragons (game), 60–61, 60n Dyson, Freeman, 133, 135, 141 Earth, first photographs of, 223–24 Eastern-Westerner comparison, Nisbett’s, 234–35 economy/economics: behavioral, 5–6; cashless societies and, 184; change and, 167; digiphrenia and, 97; expansion of, 170–80; fractalnoia and, 206, 226, 227, 228–29; global, 206; new “now” and, 3, 4, 5–6; overwinding and, 136, 145–49, 161, 163–65, 167–68, 171, 184–85; stages in human development and, 80; storage-based, 184; time and, 80. See also consumers; money/ currency Edelman, Richard, 50 efficiency, 81, 82, 95, 188 Eisner, Michael, 186, 187, 188 elections of 2008, 18 Elliott, Ralph Nelson, 229 Elliott Wave, 229–30 email, 2, 69–70, 99, 117–18, 119–20, 143–45, 264 emergence concept, 227, 262, 263 empathy, 236, 237 end/endings: apocalypto and, 7, 247, 250, 252, 253–54, 261, 262; fractalnoia and, 199; games and, 59, 61–62, 67; hardest part of living in present shock and, 247; narrative collapse and, 34, 56, 59, 61–62, 66, 67; new “now” and, 4; of time, 250, 252, 253–54, 262; traditional storytelling and, 62 Energy Department, U.S., 54 energy, renewable, 189–91 entertainment, 21.

The Price of Time: The Real Story of Interest
by Edward Chancellor
Published 15 Aug 2022

F., 96–7 McTeer, Robert, 113 measurements, standardized, 6, 10–11 Mehrling, Perry, 88, 90*, 143* Melchior, Carl, 94 Mellon, Andrew, 88, 140, 141–2 Menger, Carl, 95† Mersch, Yves, 192 Mesopotamia, ancient, 3–4, 5–8, 10–12, 13, 13, 14–15; attitudes to usury, 17–18, 200, 219; Enmetena document, 8–9; Hammurabi’s Code, 9–10; ‘regulatory arbitrage’ in, 9–10, 14, 24 Messer (industrial gas supplier), 245* metals, precious, 64, 168, 174, 255; Law severs link with money, 47, 49–50, 55–6, 55†; and Locke’s view of money, 41, 42; money backed by, 41, 42, 49–50, 57, 85*; money supply in ancient world, 12–13; silver loans in ancient world, 6*, 9*, 10; from South America, 49, 168 metrics/targets, 119–20; Campbell’s Law, 120–21; Goodhart’s Law, 105, 121; limitations of, 120–23, 120* Mexico, 262 Middle Ages, 6, 18, 25, 35, 36; banking revolution in Italy, 22–3, 35; expansion of trade and industry, 19, 21–3, 25–6; interest in medieval Italy, 23, 23, 35; ‘regulatory arbitrage’ in, 23–4; scholastic attack on usury, 18–20, 23–4, 25 Mieno, Yasushi, 106–7 Milken, Michael, 204 Mill, John Stuart, 179–80, 188 Miller, Adolph, 92 Mills, John, 74 Minsky, Hyman, 138–9, 143, 232‡, 233, 284, 285 Mirowski, Philip, 119, 131, 206, 206* Mischel, Walter, 29 Mises, Ludwig von, 29–30, 31*, 32, 95 Mississippi bubble: and advances in globalization, 263; buybacks during, 53; Company takes over French national debt, 50, 53, 60; contemporary verdicts on, 57–8, 60; Defoe on, 46, 56, 57, 60, 308; and depreciated government debt, 50, 51–2, 59, 65, 69; and excessively low interest rates, 46, 52–3, 54, 58–9, 60–61, 65, 68, 69, 172–3, 178, 202–3, 273; and extreme volatility of share price, 178; high living during, 54–5; impact on French class system, 51, 54–5; and the ‘madness of crowds’, 46, 50–51; modern economists’ verdicts on, 59–61; and money supply, 46, 50–54, 56–7, 58, 60–61, 286; realizing of profits, 55–6, 56†, reasons for collapse/failure, 55–9; and Royal Bank, 50, 52, 53, 57, 58–9, 172–3, 273; Adam Smith as fierce critic of, 298 Modern Monetary Theory, 306 Mokyr, Joel, 128 monetarism: Law as the original monetarist, 46; narrative of Great Depression, 98–9, 100, 101, 105, 108; Volcker’s ‘practical monetarism’, 109–10 monetary policy, xxiv; failure of unconventional policies after 2008 crisis, xxi, xxii, 43–4, 291–4, 298–9, 300–301; first experiment with pure paper (1656), 244; Hayek’s The Road to Serfdom (1944), 295–6; and ‘macroprudential’ regulation, 232–3, 293; and March 2020 crash, 305–6; move to ‘active’ policies in 1920s, 84, 85–8, 85†, 92–4, 96–8; as path dependent, 138–9; role in run-up to 2008 crisis downplayed, 115–16, 115*, 115†; in Soviet Union, 278; in USA of 1900s, 83–4, 83* see also central banks and entries for interest/interest rates monetary regimes, 11, 85–6, 87; dollar as global reserve currency, xxiii, 118, 239, 251–2, 253, 261, 262–3, 267; influence on interest rates, 133; system after Bretton Woods (from 1971), 133, 251–2 see also Gold Exchange Standard; Gold Standard money: backed by rare metals, 41, 42, 49–50, 57; barter-to-money myth, 14; cashless society notion, 294; digital currencies concept, 294, 312; emergence of coins, 3; exchange value, 18, 19; Gesell’s rusting money, 242–3, 246, 294; hoarding of, 12, 15, 37, 39, 43, 44, 55–6, 75, 142, 226, 236†, 242–5, 294, 311*; Hume’s view of, 41, 130–31; as instrument of freedom, 294–5; and intrinsic value notion, 41, 47; Law and paper money, xxii, 47, 49–50, 52, 55–8; Law’s pamphlets on, 47, 49, 55–6, 59; ‘neutrality of money’ notion, 131; paper money, xviii, xix, xxii, 47, 48†, 49–50, 52, 55–8, 70, 265; stored value, 19, 179 money laundering, 258 money supply: in 1980s/1990s Japan, 106, 107, 108; in ancient world, 12–13; collapse after 1929 Crash, 98, 99; Law’s view on, 49; Locke’s view on, 41, 49; measures of, 121; and Mississippi bubble, 46, 50–54, 56–7, 58, 60–61, 286; and property markets, 15; relentless growth in China, 286; soars during Covid pandemic, 310; targets in 1980s, 121; and Volcker’s Fed, 109 monopolies see trusts/monopolies Monte dei Paschi di Siena (bank), 147 Montesquieu, Charles Louis de Secondat, 57 moral hazard, 75, 76, 136, 220, 226, 233, 284, 298 Morgan, J.

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If hoarding thwarted their negative interest-rate policy, then it was time to abolish cash.24 The ‘paper currency’, wrote Kenneth Rogoff in his 2016 book The Curse of Cash, ‘has become a major impediment to the smooth functioning of the global financial system.’25 What the former IMF chief economist meant was that the existence of banknotes impeded the central bankers’ ability to engage in radical monetary experiments. A cashless world, Rogoff admitted, would look different to the one we were used to. Beggars would have to be provided with debit card readers (as was already the case in progressive Sweden). Cheques would lie around uncashed – an alternative form of hoarding. People would file their taxes early (as reportedly occurred in Wörgl in the 1930s).

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The poor and disadvantaged who lacked bank accounts would have to be coerced into the world of electronic payments. Many people would lose their livelihoods as the underground, cash-in-hand economy dried up. The proposals to abolish cash fulfilled Keynes’s comment on Gesell’s stamped money scheme, that it would produce the ‘extension of the traditional functions of government’. In a cashless world, the state would be able to record every transaction over the course of a person’s life, from a child’s first purchase of tooth-destroying sweets onwards. Rogoff envisaged a day when all cash would be digitized and every citizen had a bank account with the central bank. A few years later, central banks started to examine the issue of digital currencies – money issued by central banks without any physical manifestation.

The Truth Machine: The Blockchain and the Future of Everything
by Paul Vigna and Michael J. Casey
Published 27 Feb 2018

In early 2017, IDFC Bank launched its Aadhaar Pay service, for example, which offered merchants an Android app that would accept payments from Aadhaar IDs linked to bank accounts. Citizens would no longer need a credit card or phone to make a payment; just their finger and knowledge of their Aadhaar number. This service plays right into Prime Minister Narendra Modi’s effort to develop a new, cashless economy based on what he calls “JAM”—a reference to a trinity of new, mutually interactive technologies: the country’s new “Jan Dhan” payments-only bank accounts that banks are being compelled to provide; the Aadhaar network; and mobile telephony. Similarly further advanced along the digital identity route is the far smaller but wealthier nation of Estonia.

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People in the blockchain space, who are often fierce advocates of privacy, are among the most vocal about these concerns, and some are trying to figure out how to use the same technology to decentralize control over self-identifying information so that people aren’t vulnerable to break-ins of these big data honeypots. But until such “self-sovereign” solutions are available, the WFP and the UNHCR have made a determination that the risks are for now outweighed by the benefits of a seamless, cashless system. According to WFP spokesman Alex Sloan, the pilot has already shown success: it has saved money and created a much more efficient way of dealing with inconsistencies in refugees’ accounts. It’s so successful, in fact, that the agency is looking to extend the service to a larger population of 100,000 refugees.

The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony
by David G. W. Birch
Published 14 Apr 2020

Every day, in every way, the future of money looks much more like its past. * * * 13 I am sure that when future historians write about the evolution of money, they will say it was mobile phones and not plastic cards that put the final nail in the coffin of cash. Part 2 Drivers for Change I don’t think a ‘cashless society’ means a society in which notes and coins are outlawed, just a society in which they are irrelevant. — David Birch, Before Babylon, Beyond Bitcoin (2017) Technology has created the possibility for change. We have established that pretty much anyone can take advantage of this change and create digital currency.

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Just as Marco Polo and other medieval travellers returned along the Silk Road, breathless with astonishing tales of paper money, so commentators (e.g. me) began tumbling off of flights from Beijing and Shanghai with equally astonishing tales of a land of mobile payments, where paper money is vanishing and consumers pay for everything with smartphones. China is well on the way to becoming a cashless society as it nears the end of its thousand-year experiment with paper money. A significant proportion of the population already rely wholly on mobile payments, carrying no cash at all – much like me when I am heading into London. As figure 13 shows, in China the cash in circulation is steadily falling, whereas in the United States and the eurozone it is steadily rising.43 Figure 13.

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* * * 43 In a recent BBC show on the subject, a UK reporter quoted a rickshaw driver, who turned down cash in favour of a mobile money transfer, as saying: ‘We just don’t use it any more.’ 44 See https://bit.ly/2wiCHeU. 45 As I have written before, I do not think a ‘cashless society’ means a society in which notes and coins are outlawed, but rather a society in which they are irrelevant. Under this definition, the PBoC could easily achieve this goal for China. 46 If you are unfamiliar with Mondex, I cover it in more detail in my book Before Babylon, Beyond Bitcoin. 47 Or ‘controlled anonymity’ as the PBoC calls it (John 2019). 48 You can see his presentation at https://bit.ly/2IVZ4tx.

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay
by Guy Standing
Published 13 Jul 2016

The labour process is being transformed in several ways simultaneously, with the technological disruption of traditional occupations, new labour regulations undermining professions, globalising labour transactions and competition, and the emergence of digital ‘tasking’ platforms. Bieńkowska was referring to bans or restrictions imposed by several European countries on Uber, the app-based taxi service and the most emblematic of the new platform corporations. A combination of the smartphone, cashless payment systems and the growing precariat have propelled the growth of digital service platforms. The McKinsey Global Institute estimated that what it called ‘online talent platforms’ could add 2 per cent to global domestic product between 2015 and 2025, creating 72 million full-time equivalent jobs.2 While the heroic assumptions involved mean that little faith should be put on that figure, it does indicate the scale of the developments.

Reset
by Ronald J. Deibert
Published 14 Aug 2020

Retrieved from https://firstmonday.org/ojs/index.php/fm/article/view/8085/7209; Ahmed, S. “Cashless Society, Cached Data: Security Considerations for a Chinese Social Credit System.” (2017). Citizen Lab Research Report No. 87, University of Toronto. Retrieved from https://citizenlab.ca/2017/01/cashless-society-cached-data-security-considerations-chinese-social-credit-system/; and Ahmed S. and Fong. A. (2017). “Cashless Society, Cached Data: Are Mobile Payment Systems Protecting Chinese Citizens’ Data?” Citizen Lab Research Report No. 86, University of Toronto. Retrieved from https://citizenlab.ca/2017/01/cashless-society-cached-data-mobile-payment-systems-protecting-chinese-citizens-data/ TikTok, the massively popular video streaming app: Ahmed.

The Future Is Asian
by Parag Khanna
Published 5 Feb 2019

Aadhar universal ID card, 187 Abbasid Caliphate, 36, 38, 69 Abbott, Tony, 128 Abe, Shinzo, 63, 132, 155 Abu Dhabi, 100, 103 art scene in, 342 film industry and, 348 Abu Dhabi National Oil Company, 102 Achaemenid people, 30, 32 ADNOC, 103 Afghanistan, 9, 16, 47, 106–7, 116 Asian trade of, 107 China and, 116, 117 India and, 118 Soviet invasion of, 58, 59 Taliban takeover of, 62 US invasion of, 3, 62, 113 Africa, 68, 261–68 Asian investments in, 262–63, 264, 266 Asian trade with, 261, 264–65 China and, 261, 262, 263–65, 266 Chinese debt of, 263–64 Chinese immigrants in, 263 corruption in, 267 Dubai as offshore hub of, 261 food imports of, 266 India and, 264–66 Indian migration to, 265 Japan and, 265 overpopulation in, 266 Southeast Asia and, 264 Soviets and, 261 West and, 261 see also specific countries African Development Bank, 266 agriculture: East Asian spread of, 29 West Asian origins of, 28 Ahmadinejad, Mahmoud, 62 Air Asia, 121–22 AI research, in Asia, 98, 174, 199–200 airline routes, in Asia, 156 Akbar, Mughal emperor, 70–71 Akkadian Empire, 29 Aleppo, 28 Alexander III, king of Macedon, 32, 68 Alibaba, 85–86, 104, 134, 154, 167–68, 173, 184, 188–89, 193, 198, 199, 202, 210, 244, 318, 319, 321 Al Jazeera International, 314, 331 Al Qaeda, 62, 117 alternative energy, 17, 19, 84, 97, 101, 109, 141, 175, 178–80, 182 Asia and, 17, 112 alternative energy programs, 17, 19, 84, 97, 109, 141, 175, 178–80, 182 Amazon, 193, 198, 210, 348 Amu Darya River, 67 Anatolia (Asia Minor), 28, 29, 30, 33, 36, 38, 41, 92 see also Turkey, Republic of Angkor Wat, 70, 239 Anglo-Iranian Oil Company, 50 Ankara, 49 anticolonial movements, 74 anti-Semitism, 97 Apple, 198, 320 Aqaba, 97, 99 Arab Americans, 217, 218 Arabian Peninsula, 36, 50 Arabic script, 69 Arab-Israeli conflict, 54, 57, 101 Arab League, 54 Arabs, Arab world, 11, 68, 72, 73, 76 Asia and, 96 Chinese investments in, 103 in Europe, 253, 255 global image of, 331 in Latin America, 276 US and, 100–101 youth unemployment in, 204–5 Arab uprisings (2011), 91, 255, 314 Arab world, Asia and, 96 Arafat, Yassir, 62 Arctic, Asian gas exploration in, 249 Argentina, 272 Asian trade with, 272 Aristotle, 37 Armenia, 59 Armstrong, Karen, 220 artificial intelligence (AI), 98, 174, 199–200 in governance, 318–19 Art of War, The (Sun Tzu), 31 arts, in Asia, 341–43 ASEAN, see Association of Southeast Asian Nations ASEAN–China Free Trade Area (ACFTA), 154 ASEAN Regional Forum, 9, 60, 127 Ashdod, 99 Ashoka, Mauryan emperor, 33, 35 Asia: Americans in, 229–35 ancient, 28–36, 239 Asian cross-border investment in, 156 branding of, 330–33 as coherent regional system, 5, 6–7, 8–11, 8, 15, 120, 140, 151–58, 352 in Cold War era, 51–58, 138 cross-regional investments in, 113–20 cultural and commercial exchange in, 29–30, 32, 33, 34–39, 68–72 in era of European imperialism, 43–51, 73–75 ethnic and cultural diversity of, 78, 330 expansionist period in, 36–43 GDP of, 2, 4 geographic extent of, 1, 5–6 geopolitical flashpoints in, 11 historical self-knowledge as lacking in, 75 IDI rankings of, 150 internal ignorance about, 24, 352 migration in, 46, 69, 74, 188, 333–37 mixture of democracy and authoritarianism in, 309 modern reawakening of, 58–63 as multipolar, 15–16, 20, 75–76, 78, 137 nomenclature of, 6, 9, 67–68 population of, 1, 4, 5 postcolonial affinities of, 330 PPP of, 2, 9, 10 precolonial connectivity of, 72–73 preference for stability over democracy in, 309–13 return of international students and workers to, 226–27 third growth wave in, 147–51 US military presence in, 137, 138 see also specific countries and subregions Asia-Africa Growth Corridor, 266 Asia-Europe Meeting (ASEM), 241 Asia Minor, see Anatolia Asian Americans, 217–18, 225–26, 228–29 academic achievements of, 219 Asian domestic politics and, 222 in athletics, 220 in politics, 221 real-estate industry and, 224 in US economy, 218 see also specific ethnicities Asian Development Bank (ADB), 9, 109, 110, 150, 199 Asian Games, 330 Asian Infrastructure Investment Bank (AIIB), 8, 9, 63, 94, 97, 109–10, 243, 323 Asianization: of Asia, 9, 80–91, 106, 120, 127–31, 330, 333 of global civilization, 21–24, 345–51 “Asianization of Asia” (Funabashi), 8–9 Asian Journal of Social Science, 352 Asians: in Europe, 253–58 in return to Asia, 226–27 in US colleges and universities, 224–27 Asia Times, 353 Asia Week, 353 Assad, Bashar al-, 87, 106, 142, 310 Association of Southeast Asian Nations (ASEAN), 54, 60, 63, 87, 102, 121, 125, 126, 141, 154, 156, 161, 208, 250, 264, 273, 277, 338 Australia’s possible joining of, 129 financial markets in, 167 see also Southeast Asia Assyria, 29 Astana, 111 Atatürk, Mustafa Kemal, 49, 91 Aung San, 49 Aung San Suu Kyi, 63 Australia: alternative energy programs in, 180, 182 Asian immigrants in, 129–30 Asianization of, 81, 127–31 Asian trading partners of, 128–29 China and, 127–31 Chinese hegemony resisted by, 19–20 exports of, 175 tourism in, 129 US and, 128 Western ties to, 127, 128, 131 Australia and New Zealand Banking Group (ANZ), 131 Australian Open, 131 automation, 193–94 automobile industry, 210–12, 227–28 aviation industry, 211 Azerbaijan, 59, 140 infrastructure investment in, 191 oil and gas exports of, 190–91 Babur, Mughal emperor, 41 Babylon, 28, 29 Bactria, 30, 33, 35 Baekje Kingdom, 34 Baghdad, 37, 40 Bahrain, 104 Baidu, 167–68, 171, 188, 198, 199, 208, 226 Baku, 191 Baku-Tbilisi-Ceyhan (BTC) pipeline, 92 Bamiyan, Buddha statues of, 68 Bangalore, 245 Bangladesh, 55, 118, 122, 185, 302, 334 economic growth of, 187 Bangladesh-China-India-Myanmar (BCIM) Economic Corridor, 119 Bank of Japan, 132 Batavia, 45 Beatles, 331 Beijing, art scene in, 342 Bell, Daniel, 301 Belt and Road Initiative (BRI), 1–2, 14, 18, 19, 63, 85, 105, 108, 109, 110, 113, 117, 126, 133, 138, 143, 147, 156, 212, 242, 243, 247, 262 Bengal, 35, 36, 38, 46, 55 see also Bangladesh Bengal, Bay of, 39 Benioff, Marc, 331 Bharatiya Janata Party (BJP), 313 Bhutan, 46, 119, 182 eco-tourism in, 340 Bihar, 186 billionaires, in Asia, 160 Biruni, Al-, 37 blockchain-based currencies, intra-Asian trade and, 157 blockchain business models, 174 Bollywood, 349–51 Bolshevik Revolution, 49 bonds, in Asia, 163, 164, 167 Books Kinokuniya, 133 border disputes, 113, 119, 120, 139 in Kashmir, 53, 55, 61, 77–78, 117–18 Boxer Rebellion, 47 Brahmaputra River, 118, 182 Brazil, 272, 350 Asian economic ties to, 274, 276–77 Asian immigrants in, 276 Brexit, 127, 232, 247, 252, 283–84, 286, 293–94 British East India Company, 46 Bronze Age, 29 Brown, Jerry, 178 Buddha, 31 Buddhists, Buddhism, 32, 37, 38, 40, 68, 69, 70–71, 182, 316, 332 in Southeast Asia, 121 spread of, 33–35 Tibetan diaspora of, 120 in US, 220 Buffett, Warren, 317 Bukhara, 32, 39, 46 Burma, 39, 46, 49, 50, 51, 53 see also Myanmar Bush, George W., 18, 240 business schools, US, Asian campuses of, 232 Buzan, Barry, 7 Byblos, 28 Byzantium, 36, 39, 91 fall of, 41, 43 Calcutta, 46 Cambodia, 45, 52, 56, 122, 154, 239 Cameron, David, 247, 293 Canada, 7, 176, 284 Asian immigrants in, 223–24 China’s relations with, 223 Latin American trade with, 273 Can Asians Think? (Mahbubani), 3 Canton Fair, 68 capitalism, 2 in Asia, 158–75 democracy and, 352 spread of, 22 state-directed, 158–59, 160, 161–63, 170–71 Capra, Fritjof, 220 cars, driverless, 198 cashless economy, 189 Caspian Sea, 6, 29, 33, 40, 89, 92, 108, 140 Castro, Fidel, 271 Çatalhöyük, 28 Caucasus region, 5, 33, 41, 45, 59, 84, 92, 109 censorship, of social media, 320 Central Asia, 32, 36, 39, 62, 68, 88, 92, 241 Asianization of, 81 British expansionism in, 46–47 China and, 108–13 gangs in, 255 Muslims in, 72 new Silk Roads in, 108–13 origin of great plague in, 40 Pakistan as conduit to Arabian Sea from, 113 in post-Cold War era, 59–60 rise of Turkic peoples in, 38 traces of European lineage in, 253 Ceylon, 53 Chanakya (Kautilya), 33, 68 Chandragupta, 33, 68 charitable giving, 316–17 Chávez, Hugo, 271 Chen, Charles, 317–18 Chengdu, 114 Chiang Kai-shek, 49, 51–52, 56 Chile, Asian trade with, 272 China, ancient, 30, 31, 239 technocracy in, 300 China, in era of European imperialism, 44–45 civil war in, 51–52 Japan’s invasion of, 51, 77 nationalism in, 48, 49 republic established in, 48 Western seizure of port cities in, 47 in World War I, 49 China, expansionist period in: Abbasids and, 36–37 cultural and commercial exchange in, 38 emigration from, 43 ethnic and cultural diversity of, 37 exports by, 42 inward shift of, 43 Mongul conquest of, 40, 77 tribute system of, 39, 76 China, People’s Republic of, 52, 68 Afghanistan and, 116, 117 Africa and, 261, 262, 263–65, 266 AI research in, 200 China, People’s Republic of (cont.)

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alternative energy programs in, 141, 178–80, 242, 272–73, 322 American students in, 230 Arab world investments by, 103 arms sales of, 101, 274 Asian investments by, 156–57 Asian migrants in, 337 Asian trade of, 157 Australia and, 127–31 automation in, 193–94 automobile industry in, 194 Brazil and, 276–77 Buddhism in, 332 Canada’s relations with, 223 cashless economy in, 189 Central Asia and, 108–13 charitable giving in, 316, 317–18 civil society in, 313 in clashes with Soviet Union, 56 in Cold War era, 55, 56, 57 data collection in, 319 debt in, 159 defense spending by, 137 diaspora of, 333 digital technology in, 319 domestic politics of, 222–23 economic deceleration of, 147, 150 economic growth in, 9, 10, 17, 148, 337 educational investment in, 227 electronics exports of, 85–86 ethnic diversity in, 69 Europe and, 242–43, 246, 248–50 exports of, 153, 159 film industry and, 347–48 fintech industry in, 188 geopolitical rise of, 13, 15 global governance and, 322–23 global image of, 330 global infrastructure investment by, 322 Gulf states and, 101, 102 hegemonic ambitions of, 19–20, 73 high-tech exports of, 153 high-tech imports of, 195–96 imports of, 195–96, 264 India and, 113, 117–18, 119–20, 155, 156, 332 industrialization in, 163 infrastructure projects in, 6 Iran and, 101, 106–7, 116 Israel and, 98–99 Japan and, 134, 136–37, 141–42 Latin America and, 272–75 meritocracy in, 301 naval forces of, 105 North Korea and, 143 oil and gas imports of, 96, 176, 207 Pakistan and, 114–16, 117–18 policy corrections in, 300 pollution in, 181 population of, 15, 18–19 in post-Cold War era, 60–61 privatization in, 170–71 R&D spending in, 197 renewable energy programs of, 19 respect for government in, 302 restrained geopolitical policy of, 137–38 returnees in, 226 Russia and, 82–83, 84–85 self-sufficiency goals of, 194–95 social credit system (SCS) in, 319 social media in, 314 solar panel industry in, 242, 272–73 Southeast Asia and, 122, 154 South Korea and, 141–42 sovereign debt of, 165 state-directed capitalism in, 158–59, 162–63, 170–71 steel production in, 109, 272–73 as superpower, 15 Taiwan and, 141 technocracy in, 300–302 territorial claims of, 11 traditional medicine of, 355 Turkey and, 93 Turkic neighbors of, 59–60 urban development in, 190 US trade with, 272–73 West’s misunderstanding of, 147 West’s overemphasis on, 18–19 women in, 315 as world’s largest economy, 14, 63 China, Republic of, see Taiwan China Development Bank, 84–85, 104, 110, 273 China Harbour Engineering Company, 99 China Investment Corporation (CIC), 110, 164 China Model, The (Bell), 301 China National Petroleum Corporation, 107 China-Pakistan Economic Corridor (CPEC), 114, 117, 119 Chinese Americans, 217 Chinese Exclusion Act, 217 Chinese writing system, 69 Chola Dynasty, 38, 39, 75, 105 Chopra, Deepak, 220 Christians, Christianity, 43, 69–70, 71 in Asia, 74 crusades and, 39 in Southeast Asia, 121 spread of, 35–36 Chua Beng Huat, 297 Churchill, Winston, 51 Cisco Systems, 212 cities: optimized size of, 197–98 West Asian origins of, 28 see also urban development civilization, global: Asianization of, 21–24, 345–51 Westernization of, 21, 22–23 civil liberties, 309 civil service: in Britain, 293–94 in Singapore, 292–93 in US, 293 civil society, 313 Clash of Civilizations (Huntington), 15 climate change, 90, 266 Clinton, Bill, 60, 82, 249 Clinton, Hillary, 83 coal, 112, 176, 177 cognitive processes, Asian vs.

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Western, 357–58 Cold War, 2, 3, 6, 14, 19, 51–58, 86, 138, 283 colleges and universities, Asian: all-English programs in, 231 ethnic and cultural diversity in, 338 colleges and universities, European, Asian campuses of, 257 colleges and universities, US: Asian campuses of, 231–32 Asian enrollment in, 224–27 Asian studies departments in, 230 study-abroad programs in, 230–31 colonialism, 6, 22, 24, 27, 329 legacies of, 77–78 Columbus, Christopher, 43 commodities, trade in, 100, 111, 113, 160, 176, 322 China and, 21, 150, 157, 158, 273, 276–77 Russia and, 85, 88 Turkey and, 93, 94 Communist Party, Chinese, 49, 159–60, 300, 301 conflict, regional systems and, 11 Confucianism, 32, 34, 70, 300, 301 Congress, US, 195, 207, 222, 284 Asian Americans in, 221 Congressional Research Service (CRS), 293 Conrad, Sebastian, 28 Constantinople, 36, 39 sacking of, 43, 73, 91 consumerism, 23 corruption, 161, 267, 305 cosmetics industry, 346 Costa Rica, 274 Council of Europe, 57, 92, 241 coworking spaces, 204 Crazy Rich Asians (film), 347 Crimea, Russia’s annexation of, 83 Crimean War, 47 crusades, 39 Cuba, 271 Asian immigrants in, 275 cuisine, Asian: fusion, 345 global spread of, 343–45 Cultural Revolution, 56 culture, Asian, growing cross-border and global awareness of, 340–51 currency exchange rates, 169 Cyprus, 91 Cyrus the Great, Persian emperor, 30 Dalai Lama, 55, 120, 222, 358 Damico, Flávio, 277 Daoism, 31, 34 Darius I, Persian emperor, 30 Darius III, Persian emperor, 32 Defense Department, US, 98, 143 defense spending: in Asia, 17, 105, 137, 138 by Europe, 240, 248 Delhi Sultanate, 38–39 Demetrius, king of Bactria, 33 democracy, 15, 281–86 appeal of stability over ideals of, 285–86, 296, 309–13 Asian versions of, 21–22, 23, 281, 288–89 capitalism and, 352 failures and weaknesses of, 282–86, 294, 302–3 parliamentary, 295 Plato on, 286, 291 policy vs. politics in, 289, 296 populists’ hijacking of, 3 post–Cold War triumph of, 2 Singapore’s melding of technocracy and, 288–89, 290, 298 Deng Xiaoping, 57, 300 Dharma Bums (Kerouac), 331 Didi Chuxing (DiDi), 174–75, 198 digital integration, 186–89 digital technology: Asia and, 324 in governance, 318–20 Djibouti, 263 DNA editing, 201 Doha, art scene in, 342 dollar reserves, Asian holdings of, 163 Dream of the Red Chamber, 353 drones, commercial, 209 drug trade, 106–7 Duara, Prasenjit, 358 Dubai, 172, 173, 202, 212, 251, 261, 334 Dubai Ports World, 104, 261, 263 Durban, 265 Durov, Pavel, 173 Dutch, Southeast Asian colonies of, 45 Duterte, Rodrigo, 123–24, 305, 340 illiberal policies of, 306 Dyson, 210, 257 East Asia, 6, 51, 70, 140 cross-border literary tradition of, 353 democratization of, 61 economic growth of, 9 economic stability of, 63 exports of, 153, 154 Gulf states investments in, 103–4 oil and gas imports of, 82–83, 84–85, 106, 152, 175 in post–Cold War era, 60–61 prehistoric civilizations in, 29 US and, 140–41 US presence in, 16, 73 see also specific countries East Asian Community (EAC), 9 eco-activism, 182 e-commerce, 210–11, 228 Economic Cooperation Organization (ECO), 58 economic growth, 3, 4 rule of law and, 309–10 economy, global, 321–22 eco-tourism, 340 Ecuador, 274 education and professional training, 204–5, 317 Egypt, 29, 262 Eilat, 99 election, US, of 2016, 83, 320 electricity transmission systems, 112 electric vehicles, 179 energy: Asian need for, 9, 17, 62, 82–83, 84–85, 96, 100, 102, 103, 106, 152, 175–80, 177, 207 Europe’s need for, 84 Enlightenment, 22 Erdoğan, Recep, 87, 91, 92, 222, 310 Ethiopia, 262 eugenics, 200–201 Eurasia, 81 Eurasian Economic Union (EEU), 85, 87 Europe: alternative energy in, 175 anti-Muslim movements in, 255 anti-Soviet revolutions in, 58 Arabs in, 253, 255, 258 Asians in, 253–58 austerity policies in, 299 China and, 243, 246, 248–50 as coherent regional system, 7 defense spending by, 240, 248 energy needs of, 84 global civilization as influenced by, 21, 22–23 governance systems in, 284 internal trade in, 152 postwar rebuilding of, 14 Russia and, 83–84, 85, 89 Syrian refugees in, 63 US financial holdings of, 164–65 US relations with, 240 in voyages of discovery, 43–44, 68 see also specific countries Europe, Asia and, 239–58 arms sales in, 251 Asian investment in, 163, 246–47 financial sector in, 246, 247 food transport and, 244, 248 free trade agreements in, 250 infrastructure connectivity and, 243–44 retail sector in, 244 tourism in, 254–55 trade in, 13, 14, 241, 250 urban development and, 245–46 European Bank for Reconstruction and Development (EBRD), 241 European Central Bank, 243 European Coal and Steel Community, 7 European Customs Union, 92 European Economic Community, 57 European Investment Bank (EIB), 250 European Union, 2, 11, 13, 14, 127, 133, 249 expansion of, 241, 258 Israel and, 97 execution rates, in Asia, 308 Export-Import Bank of China, 84–85, 110, 273 Facebook, 208, 209, 219, 320 family-run businesses, Asian, 159–60 Far East, use of term, 5–6 Far Eastern Economic Review, 353 fashion: Asian, spread of, 345–46 Asian models in, 346 European, Asianization of, 345–46 Filipino Americans, 217 film industry: in Asia, 347–51 Asian directors in, 347 cross-Asian collaborations in, 348–49 Hollywood’s use of Asian themes in, 346–47 US-Asian collaboration in, 348 finance industry, Asian, 163 bonds in, 163, 164, 165–67 commodities markets in, 176 cross-border investments in, 166 foreign investments in, 167, 168, 171–72 IPO’s in, 167 private equity in, 171–72 privatization and, 169–71 stock markets in, 167–68 US and European investments by, 163–64 venture capital in, 173–74 finance industry, US, 166 Asia and, 167 financial crises: Asian (1997–98), 61, 62, 121, 151 Western (2007–08), 3, 14, 17, 62, 147, 152, 164, 233, 299 fintech (financial technology), 158, 168, 169, 188, 213 Flanagan, Owen, 357 flashpoints, geopolitical, in Asia, 11 food: Asian demands for, 244, 248 Asian production of, 177, 180–81, 182 Foreign Affairs, 8 Fosun International, 159–60 Foxconn, 132, 153, 194, 228 France: Arab immigrants in, 253 Asian immigrants in, 253 Asian trade of, 244 Indochina colonized by, 45 and loss of Indochina, 52 West Asian mandates of, 49 Francis I, Pope, 358 Franco-Prussian War, 286 Freedom House, 308 free trade: Asia and, 8, 102, 124, 129, 133, 153, 154, 158, 223, 250, 252, 272, 273 Western promotion of, 2–3, 158 Fujimori, Alberto, 276 Fukuoka, 135–36 Funabashi, Yoichi, 8–9 Funan Kingdom, 34 Fung, Spencer, 184 Future Forward Party, Thailand, 307 Gama, Vasco da, 43 Gandhara, 32, 33, 34 Gandhi, Mohandas K., 49, 265, 316 Ganges region, 29, 32 Ganges River, 33, 35, 46 “Gangnam Style” (music video), 343 Gates, Bill, 317 Geely, 194 General Electric, 110, 168, 211 Genghis Khan, 39–40 Georgia, Republic of, 59 technocracy in, 307 Germany, Nazi, 50 Germany, unified: Arab refugees in, 255 Asian immigrants in, 253, 254, 256 Asia’s relations with, 242 multiparty consensus in, 284 Ginsberg, Allen, 331 Giving Pledge, 317 Global-is-Asian, 22 globalization: Asia and, 8–9, 162, 357–59; see also Asianization growth of, 14 global order, see world order Goa, 44, 89, 186 Göbekli Tepe, 28 Goguryeo Kingdom, 34 Go-Jek, 187 Golden Triangle, 123 Google, 199, 200, 208–9, 219 Gorbachev, Mikhail, 58 governance: digital technology in, 318–19 inclusive policies in, 303 governance, global: Asia and, 321–25 infrastructure and, 322 US and, 321 government: effectiveness of, 303 trust in, 291, 310 violence against minorities by, 308–9 Government Accountability Office (GAO), 293 GrabShare, 174–75 grain imports, Asian, 90 Grand Canal, China, 37, 42 Grand Trunk Road, 33 Great Britain: Asian investments in, 247 Brexit vote in, 283–84, 286, 293–94 civil service in, 293–94 colonial empire of, 46–47 industrialization in, 46 Iran and, 252 populism in, 283–84 South Asian immigrants in, 253, 254 West Asian mandates of, 49–50 Great Game, 47 Great Leap Forward, 55 Great Wall of China, 31 Greece, 60, 91, 248 Greeks, ancient, 29, 34 greenhouse gas emissions, 176–77, 182 gross domestic product (GDP), 2, 4, 150 Grupo Bimbo, 272 Guam, 50, 136 Guangdong, 42, 98 Guangzhou (Canton), 37, 48, 68 Gulf Cooperation Council (GCC), 58, 101, 102 Gulf states (Khaleej), 6, 9, 57, 62, 81 alternative energy projects in, 251 Asianization of, 100–106 China and, 101, 102 European investment in, 251 India and, 102 Israel and, 99–100, 105 Japan and, 102 oil and gas exports of, 62, 74, 100–101, 176 South Asian migrants in, 334 Southeast Asia’s trade with, 102 South Korea and, 102 technocracy in, 311–12 US arms sales to, 101 women in, 315 see also specific countries Gulliver, Stuart, 148, 150 Gupta Empire, 35 H-1B visas, 219 Hamas, 59, 100, 139 Hamid, Mohsin, 184 Han Dynasty, 32, 33, 34, 300 Hanoi, 180 Han people, 31–32, 37, 69 Harappa, 29 Hardy, Alfredo Toro, 275 Hariri, Saad, 95 Harun al-Rashid, Caliph, 37 Harvard University, 230 Haushofer, Karl, 1 health care, 201–2 Helmand River, 107 Herberg-Rothe, Andreas, 75 Herodotus, 30 heroin, 106–7 Hezbollah, 58, 95, 96, 106 Hindus, Hinduism, 29, 31, 32, 34, 38, 70–71 in Southeast Asia, 121 in US, 220, 221 Hiroshima, atomic bombing of, 51 Hispanic Americans, 217 history, Asian view of, 75 history textbooks: Asia nationalism in, 27–28 global processes downplayed in, 28 Western focus of, 27–28, 67–68 Hitler, Adolf, 50 Ho, Peter, 289 Ho Chi Minh, 52 Ho Chi Minh City, 56 Honda, 275 Hong Kong, 56, 74 American expats in, 234 art scene in, 342 British handover of, 60, 141 civil society in, 313 Hongwu, Ming emperor, 42 honor killings, 315 Hormuz, Strait of, 103, 106 hospitality industry, 190, 214 Houthis, 106, 107 Huan, Han emperor, 33–34 Hulagu Khan, 40 Human Rights Watch, 313 human trafficking, 318 Hunayn ibn Ishaq, 37 Hungary, 40, 248, 256 Huns, 35, 76 hunter-gatherers, 28 Huntington, Samuel, 15 Hu Shih, 332 Hussein, Saddam, 58, 62, 101 Hyundai, 104 IBM, 212 I Ching, 30 Inclusive Development Index (IDI), 150 income inequality: in Asia, 183–84 in US, 228, 285 India, 101, 104 Afghanistan and, 118 Africa and, 264–66 AI research in, 200 alternative energy programs in, 178–79, 322 Asian investments of, 118 Australia and, 128 British Raj in, 46, 49 charitable giving in, 316–17 China and, 19–20, 113, 117–18, 155, 156, 332 civil society in, 313 in Cold War era, 52, 55, 56 corporate debt in, 170 corruption in, 161, 305 demonetization in, 184, 186–87 diaspora of, 333–34 early history of, 29, 30–31 economic growth of, 9, 17, 148, 185–86 elections in, 63 European trade partnerships with, 250–51 expansionist period in, 38, 41–42 failure of democracy in, 302 family-owned businesses in, 160 film industry in, 349–51 financial markets in, 186 foreign investment in, 192 gender imbalance in, 315 global governance in, 322–23 global image of, 331–32 Gulf states and, 102 inclusive policies in, 304 infrastructure investment in, 63, 110, 185 Iran and, 116, 118 Israel and, 98–99 IT industry in, 204, 275 Japan and, 134, 156 Latin America and, 275 manufacturing in, 192 as market for Western products and services, 207 naval forces of, 105 Northeast Asia and, 154–55 oil and gas imports of, 96, 107–8, 176 Pakistan and, 53, 55, 61, 77–78, 117–18 partitioning of, 52–53 pharmaceutical industry in, 228, 275 population of, 15, 186 in post–Cold War era, 61, 62 privatization in, 170 returnees in, 226 Russia and, 86–87 service industry in, 192 Southeast Asia and, 154–55 special economic zones in, 185 spiritual heritage of, 332 technocracy in, 304–6 technological innovation in, 186–87 territorial claims of, 11 top-down economic reform in, 305 traditional medicine of, 355 West Asia and, 155 Indian Americans, 217, 218, 219–20, 222 Indian Institutes of Technology (ITT), 205 Indian Ocean, 38, 47, 74, 105, 261, 262, 266 European voyages to, 44 Indians, in Latin America, 276 IndiaStack, 187 Indochina, 45, 50, 52 see also Southeast Asia Indo-Islamic culture, 38 Indonesia, 53, 61, 121, 125, 182 art scene in, 342 in Cold War era, 54 economic growth of, 17, 148 eco-tourism in, 340 failure of democracy in, 302 foreign investment in, 187 illiberal policies of, 306 inclusive policies of, 304 Muslims in, 71 technocracy in, 304–5 Indus River, 32, 113 Industrial and Commercial Bank of China (ICBC), 92, 159 industrialization, spread of, 22 Industrial Revolution, 2, 46, 68 Indus Valley, 29 infrastructure investment, in Asia, 6, 62, 63, 85, 88, 93, 96, 104, 108, 109, 110–11, 185, 190, 191, 243–44 see also; Asian Infrastructure Investment Bank; Belt and Road Initiative Institut d’Études Politiques de Paris (Sciences Po), 257, 286–87 insurance industry, 210 intermarriage, 336, 337–38 International Monetary Fund (IMF), 162, 163, 166, 323 International North-South Transport Corridor (INSTC), 116 International Renewable Energy Agency (IRENA), 100 International Systems in World History (Buzan), 7 Internet of Things (IoT), 134, 136, 197 Interpol, 324 Iran, 11, 15, 62, 92, 95, 98, 101, 140 China and, 101, 106–7, 116 in Cold War era, 54 European trade with, 251–52 growing opposition to theocracy in, 312 India and, 116, 118 Islamic revolution in, 57 Israel and, 99, 100 nuclear program of, 62 oil and gas exports of, 50, 94, 106, 107–8, 118, 176 in post–Cold War era, 58–59 privatization in, 170 re-Asianization of, 81, 106 Russia and, 87 Saudi Arabia and, 95–96, 100, 105–6 Syria and, 106 tourism in, 252 Turkey and, 94 US sanctions on, 87, 107, 241, 251, 252 women in, 315 Yemen and, 107 Iran-Iraq War, 58, 106 Iraq, 9, 11, 16, 49 Kuwait invaded by, 59 oil exports of, 55, 96 Sunni-Shi’a conflict in, 312 Iraq Reconstruction Conference (2018), 96 Iraq War, 3, 62, 91, 217, 240 Isfahan, 41 Islam, 40, 316 politics and, 71–72 spread of, 36, 38–39, 43, 69–72, 74 Sunni-Shi’a conflict in, 95, 312 Sunni-Shi’a division in, 36 see also Muslims; specific countries Islamic radicalism, 58, 59, 62, 65, 68, 71, 72, 115, 117, 139 see also terrorism Islamic State in Iraq and Syria (ISIS), 63, 71, 94, 96, 117 Israel, 11, 54, 96 arms sales of, 98 China and, 98–99 desalinzation technology of, 181 EU and, 97 Gulf states and, 99–100, 105 India and, 98–99 Iran and, 99, 100 Russia and, 88 see also Arab-Israeli conflict; Palestinian-Israeli conflict Japan, 14, 16, 63, 68, 69, 73 Africa and, 265 Allied occupation in, 51 alternative energy technologies in, 322 Asian investments of, 118, 156 Asianization of, 81 Asian migrants in, 336–37 Asian trade with, 273 capitalism in, 159 cashless economy in, 189 China and, 19–20, 77, 134, 136–37, 140–42 in Cold War era, 5, 55 corporate culture of, 132 early history of, 29, 31, 34–35 economic growth of, 55, 132, 148, 158, 163 economic problems of, 132, 134–35 in era of European imperialism, 47–48 EU trade agreement with, 133 expansionist period in, 38, 42, 44 foreign investment in, 135 in global economy, 133–37 global governance and, 322–23 global image of, 331 Gulf states and, 102 immigration in, 135–36 India and, 134, 156 infrastructure investment in, 110 Latin America and, 275 precision industries in, 134, 135–36 robotic technology in, 134 Russia and, 82, 86–87 Southeast Asia and, 133, 153–54, 156 South Korea and, 141–42 technological innovation in, 134, 196, 197 territorial claims of, 11 tourism in, 135 US and, 136 in World War I, 49 in World War II, 50–51 Japan International Cooperation Agency (JICA), 265 Japan-Mexico Economic Partnership Agreement, 273 Java, 35, 38, 39, 45 Javid, Sajid, 254 Jericho, 28 Jerusalem, 54, 98 Jesus Christ, 35 jihad, 38 Jinnah, Muhammad Ali, 52 Jobs, Steve, 331 Joko Widodo (Jokowi), 305, 306, 320 Jollibee, 172 Jordan, 54, 62, 97, 99 Syrian refugees in, 63 Journal of Asian Studies, 352 Journey to the West, 353 Judaism, 36 Kagame, Paul, 268 Kanishka, Kush emperor, 35 Kapur, Devesh, 218 Karachi, 113 Karakoram Highway, 113 Kashmir, 53, 55, 61, 77–78, 117–18, 119 Kazakhstan, 59, 140, 207 China and, 20, 108 economic diversification in, 190 energy investment in, 112 as hub of new Silk Road, 111–12 Kenya, 262, 263 Kerouac, Jack, 331 Khaleej, see Gulf states Khmer Empire, 70 Khmer people, 34, 38, 239 Khmer Rouge, 56 Khomeini, Ayatollah, 57, 59 Khorgas, 108 Khrushchev, Nikita, 56 Khwarizmi, Muhammad al-, 37 Kiev, 40 Kim Il Sung, 55 Kim Jong-un, 142 Kish, 28 Kissinger, Henry, 357 Koran, 316 Korea, 11, 31, 51, 68, 69 early history of, 34 expansionist period in, 38 Japanese annexation of, 48 reunification of, 142–43 see also North Korea; South Korea Korea Investment Corporation, 164 Korean Americans, 217 Korean War, 51 Kosygin, Alexei, 56 K-pop, 343 Kuala Lampur, 121, 246 Kublai Khan, 40 Kurds, Kurdistan, 87, 94, 99, 256 Kushan Empire, 32, 35 Kuwait, 101 Iraqi invasion of, 59 Kyrgyzstan, 59, 108, 182 language, Asian links in, 68–69 Laos, 45, 52, 60, 122, 154 Latin America: Asian immigrants in, 275–76 Asian investment in, 273–75, 276–77 Indian cultural exports to, 350 trade partnerships in, 272–73, 274, 275 US and, 271–72 Lebanon, 49, 54, 58, 95, 106 Syrian refugees in, 63 Lee, Ang, 347 Lee, Calvin Cheng Ern, 131 Lee Hsien Loong, 296–97 Lee Kuan Yew, 56, 127, 268, 288, 289, 292–93, 299, 305 voluntary retirement of, 296 Lee Kuan Yew School of Public Policy, 22, 299 Lenin, Vladimir, 49, 89 Levant (Mashriq), 81, 95, 97 LG, 275 Li & Fung, 184–85 Liang Qichao, 48–49 Liberalism Discovered (Chua), 297 Lien, Laurence, 317 life expectancies, 201 literature, Asian, global acclaim for, 353–54 Liu, Jean, 175 Liu Xiaobo, 249 logistics industry, 243 Ma, Jack, 85–86, 160, 189 Macao (Macau), 44 MacArthur, Douglas, 51 McCain, John, 285 McKinsey & Company, 160, 213 Macquarie Group, 131 Maddison, Angus, 2 Made in Africa Initiative, 262 Magadha Kingdom, 31 Magellan, Ferdinand, 43 Mahabharata, 35 Mahbubani, Kishore, 3 Mahmud of Ghazni, Abbasid sultan, 38 Malacca, 38, 43, 44, 124 Malacca, Strait of, 37, 39, 102, 103, 118, 125 Malaya, 46, 50 Malay Peninsula, 39, 53 Malaysia, 53, 61, 188 Asian foreign labor in, 335 China and, 123, 124 in Cold War era, 54 economic diversification in, 190 economic growth of, 17 technocracy in, 308 Maldives, 105 Malesky, Edmund, 308 Manchuria, 38, 48, 50, 51 Mandarin language, 229–30, 257 Manila, 121, 245 Spanish colonization of, 44 Mansur, al-, Caliph, 37 manufacturing, in Asia, 192 Mao Zedong, 51–52, 55, 56, 261, 300, 301 Marawi, 71 Marcos, Ferdinand, 53–54, 61 martial arts, mixed (MMA), 340–41 Mashriq (Levant), 81, 95, 97 Mauritius, 268 Mauryan Empire, 32–33, 68 May, Theresa, 293 Mecca, 57 media, in Asia, 314 median ages, in Asia, 148, 149, 155 Median people, 29 Mediterranean region, 1, 6, 29, 30, 33, 68, 84, 92, 95, 99, 106 see also Mashriq Mehta, Zubin, 332 Mekong River, 122 Menander, Indo-Greek king, 33 mergers and acquisitions, 212–13 meritocracy, 294, 301 Merkel, Angela, 242, 254 Mesopotamia, 28 Mexico, 7 Asian economic ties to, 272, 273, 274, 277 Microsoft, 208 middle class, Asian, growth of, 3, 4 Mihov, Ilian, 309 mindfulness, 332 Ming Dynasty, 42–43, 44, 69, 73, 75, 76, 105, 137, 262 mobile phones, 157, 183–84, 187, 188, 189, 193, 199, 208–9, 211 Modi, Narendra, 63, 98, 117, 119, 154–55, 161, 180, 185, 222, 265, 305, 306, 307, 320 Mohammad Reza Pahlavi, Shah of Iran, 54 Mohammed bin Salman, crown prince of Saudi Arabia, 72, 247, 310, 312, 315 Mohenjo-Daro, 29 Moluku, 45 MoneyGram, 196 Mongolia, 92, 111–12 alternative energy programs in, 112, 182 technocracy in, 307 Mongols, Mongol Empire, 39–40, 42, 44, 68, 69, 73, 76, 77, 239 religious and cultural inclusiveness of, 40, 70–71 Monroe Doctrine, 271 Moon Jae-in, 142 Moscow, 81, 82 Mossadegh, Mohammad, 54 MSCI World Index, 166, 168 Mubadala Investment Company, 88, 103, 104 Mughal Empire, 41–42, 46 religious tolerance in, 70–71 Muhammad, Prophet, 36 Mumbai, 185–86 Munich Security Conference, 241 Murakami, Haruki, 354 Murasaki Shikibu, 353 music scene, in Asia, 343 Muslim Brotherhood, 59 Muslims, 70–72 in Southeast Asia, 38–39, 43, 70–71, 121 in US, 220 see also Islam; specific countries Myanmar, 60, 63, 161 Asian investment in, 118–19 charitable giving in, 316 failure of democracy in, 302 financial reform in, 184 Rohingya genocide in, 122–23 see also Burma Nagasaki, atomic bombing of, 51 Nanjing, 42, 49 Napoleon I, emperor of the French, 1 nationalism, 11, 20, 22, 49–50, 52–55, 77, 118, 137, 138–39, 222, 312, 329, 337, 352 Natufian people, 28 natural gas, see oil and gas natural gas production, 175–76 Nazism, 200 Nehru, Jawaharlal, 52, 55 Neolithic Revolution, 28 neomercantilism, 20, 22, 158 Nepal, 46, 119–20, 333 Nestorian Christianity, 36, 70 Netanyahu, Benjamin, 97, 98, 100 Netflix, 348 New Deal, 287 New Delhi, 245 Ng, Andrew, 199 NGOs, 313 Nigeria, 265 Nisbett, Richard, 357 Nixon, Richard, 56, 101 Nobel Prize, 48, 221, 249, 323, 353–54 nomadic cultures, 76 Non-Aligned Movement, 55 Non-Proliferation of Nuclear Weapons Treaty, 61 North America: Asian trade with, 13, 14, 207 as coherent regional system, 7 energy self-sufficiency of, 175, 272 internal trade in, 152 see also Canada; Mexico; United States North American Free Trade Agreement (NAFTA), 7 North Atlantic Treaty Organization (NATO), 2, 57, 92, 116 Northeast Asia, 141 India and, 154–55 internal trade in, 152 manufacturing in, 153 North Korea, 55, 61 aggressiveness of, 63 China and, 143 cyber surveillance by, 142 nuclear and chemical weapons program of, 142 Russia and, 143 South Korea and, 142 US and, 142–43 Obama, Barack, 18, 82, 229, 240 oil and gas: Asian imports of, 9, 62, 82–83, 84–85, 96, 102, 106, 107–8, 152, 175, 176, 207 Gulf states’ exports of, 62, 74, 100–103, 176 Iranian exports of, 50, 94, 106, 107–8, 118, 176 Iraqi exports of, 55, 96 OPEC embargo on, 57 price of, 61 Russian exports of, 82–83, 84, 87–88, 175, 176 Saudi exports of, 58, 87–88, 102, 103 US exports of, 16, 207 West Asian exports of, 9, 23, 57, 62, 152 Okakura Tenshin, 48 oligarchies, 294–95 Olympic Games, 245 Oman, East Asia and, 104 ONE Championship (MMA series), 341 OPEC (Organization of Petroleum Exporting Countries), 57 Operation Mekong (film), 123 opium, 47, 123 Organization for Security and Co-operation in Europe (OSCE), 241 Oslo Accords, 59 Osman I, Ottoman Sultan, 41 Ottoman Empire, 40–41, 43, 45, 46–47, 48, 73, 91 partitioning of, 49–50 religious tolerance in, 70–71 Out of Eden Walk, 4 Overseas Private Investment Company (OPEC), 111 Pacific Alliance, 272 Pacific Islands, 181–82 US territories in, 48 Pacific Rim, see East Asia Pakistan, 52–53, 58, 62, 72, 95, 102, 105 AI research in, 200 Asianization of, 81, 113–18 as Central Asia’s conduit to Arabian Sea, 113–14 China and, 20, 114–16, 117–18 corruption in, 161 failure of democracy in, 302 finance industry in, 168–69 foreign investment in, 115 GDP per capita in, 184 India and, 55, 61–62, 117–18 intra-Asian migration from, 334 logistics industry in, 185 as market for Western products and services, 207 US and, 114–15 Pakistan Tehreek-e-Insaf (PTI), 307 Palestine, Palestinians, 49, 54, 99 Palestine Liberation Organization (PLO), 59 Palestinian-Israeli conflict, 59, 62, 97, 100 Pan-Asianism, 48, 351–52 paper, invention of, 72 Paris climate agreement, 178, 240 Paris Peace Conference (1918), 49 Park Chung-hee, 56 Park Geun-hye, 313 parliamentary democracy, 295 Parthians, 33, 76 Pawar, Rajendra, 205 Pearl Harbor, Japanese attack on, 50 peer-to-peer (P2P) lending, 169 People’s Action Party (PAP), Singapore, 294 People’s Bank of China (PBOC), 110, 188 Pepper (robot), 134 per capita income, 5, 150, 183, 186 Persia, Persian Empire, 29, 30, 42, 45, 47, 50, 68, 75 see also Iran Persian Gulf War, 61, 101, 217 Peru: Asian immigrants in, 275, 276 Asian trade with, 272 Peshawar, 32 Peter I, Tsar of Russia, 45, 90 pharmaceutical companies, 209–10 Philippines, 61, 157, 165 alternative energy programs in, 180 Asian migrants in, 333 China and, 123–24 Christianity in, 74 in Cold War era, 53–54 eco-tourism in, 340 foreign investment in, 124 illiberal policies of, 306 inclusive policies in, 304 as market for Western products and services, 207 Muslims in, 71 privatization in, 170 technocracy in, 304–5 urban development in, 190 US acquisition of, 48 US and, 123–24 philosophy, Asian vs.

The Autonomous Revolution: Reclaiming the Future We’ve Sold to Machines
by William Davidow and Michael Malone
Published 18 Feb 2020

“Peer Pressure,” PWC, February 2015, https://www.pwc.com/us/en/consumer-finance/publications/assets/peer-to-peer-lending.pdf (accessed June 27, 2019); and Cloud Lending, 2018, https://www.cloudlendinginc.com/about-us/. 39. Jon Henley, “Sweden Leads the Race to Become Cashless Society,” The Guardian,, June 4, 2016, https://www.theguardian.com/business/2016/jun/04/sweden-cashless-society-cards-phone-apps-leading-europe (accessed June 27, 2019). 40. “Sharing Economy,” Wikipedia, https://en.wikipedia.org/wiki/Sharing_economy (accessed June 27, 2019). 41. Arun Sundararajan, The Sharing Economy (Cambridge, Mass.: The MIT Press, 2016), 27. 42.

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Only 2 percent of transactions in Sweden are made with cash. Nine hundred of its 1,600 banks keep no cash on hand and do not take cash deposits. Many are getting rid of ATMs.39 Half of the country’s population has used Swish, a mobile phone application, to make payments. The country is well on its way to becoming a cashless society. The banks of the future will be bits floating in cyberspace, their only real-world avatars the mobile payment systems that reside on customers’ smartphones. Customers will get their financial advice from a robot whose software is maintained in one of the world’s financial centers—London, New York, Tokyo.

Cryptoeconomics: Fundamental Principles of Bitcoin
by Eric Voskuil , James Chiang and Amir Taaki
Published 28 Feb 2020

As shown above, the Treasury also borrows money at discounted rates indirectly financed by the Fed, through the issuance of Treasury securities. While money is not printed and then deposited directly into the Treasury, the result is the same. State monopoly money [309] is not created ex nihilo by fraudulent bank accounting. It is literally created from old blue jeans [310] by the state. The transition to a modern “cashless society “ [311] implies that central banks would retain the existing form of accounting for not-yet-printed fiat, and simply perform all settlement internally. This eliminates printing and settlement transportation costs, and ensures full censorability. An instance of Fedcoin [312] , such as the experimental e-Krona [313] , would be required for people to transact with state money electronically.

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* * * [10] https://libbitcoin.info [11] https://bitcoincore.org [12] Chapter: Dedicated Cost Principle [13] https://www.dtu.dk/english [14] https://twitter.com [15] https://libbitcoin.info [16] https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics [17] Chapter: Inflation Principle [18] Chapter: Savings Relation [19] https://en.wikipedia.org/wiki/Amir_Taaki [20] Chapter: Foreword [25] https://libbitcoininstitute.org [26] https://en.wikipedia.org/wiki/Free_Software_Foundation [27] https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations [28] Chapter: Value Proposition [51] https://en.wikipedia.org/wiki/Ludwig_von_Mises [52] https://en.wikipedia.org/wiki/Murray_Rothbard [53] Chapter: Inflation Principle [54] Chapter: Money Taxonomy [55] Chapter: Full Reserve Fallacy [56] Chapter: Censorship Resistance Property [57] Chapter: Depreciation Principle [83] https://en.wikipedia.org/wiki/Spherical_geometry [84] Chapter: Permissionless Principle [85] Chapter: Censorship Resistance Property [86] Chapter: Hearn Error [87] https://en.wikipedia.org/wiki/Confinity [88] Chapter: Value Proposition [89] https://en.wikipedia.org/wiki/PayPal [90] Chapter: Risk Sharing Principle [91] Chapter: Proof of Work Fallacy [92] Chapter: Side Fee Fallacy [93] Chapter: Axiom of Resistance [94] Chapter: Qualitative Security Model [95] Chapter: Pooling Pressure Risk [96] Chapter: Risk Sharing Principle [98] Chapter: Threat Level Paradox [99] https://en.wikipedia.org/wiki/Foreign_exchange_controls [100] Chapter: Risk Sharing Principle [101] Chapter: Threat Level Paradox [102] Chapter: Balance of Power Fallacy [103] Chapter: Pooling Pressure Risk [104] http://www.imf.org/external/index.htm [105] https://en.wikipedia.org/wiki/Seigniorage [106] Chapter: Threat Level Paradox [107] https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/ [110] Chapter: Fragmentation Principle [111] Chapter: Consolidation Principle [112] Chapter: Risk Sharing Principle [115] Chapter: Risk Sharing Principle [116] Chapter: Proof of Stake Fallacy [117] Chapter: Censorship Resistance Property [118] Chapter: Axiom of Resistance [119] Chapter: Money Taxonomy [120] Chapter: Reservation Principle [121] Chapter: Blockchain Fallacy [122] Chapter: Axiom of Resistance [123] https://en.wikipedia.org/wiki/Cognitive_dissonance [124] https://en.wikipedia.org/wiki/Wikipedia:Rage_quit [125] Chapter: Dumping Fallacy [126] Chapter: Qualitative Security Model [127] Chapter: Inflation Principle [128] Chapter: Lunar Fallacy [131] Chapter: Hearn Error [132] Chapter: Value Proposition [134] Chapter: Other Means Principle [135] https://en.m.wikipedia.org/wiki/Seigniorage [136] https://www.imf.org [137] Chapter: Pooling Pressure Risk [138] Chapter: Axiom of Resistance [139] Chapter: Risk Sharing Principle [140] https://en.wikipedia.org/wiki/Seigniorage [141] Chapter: Money Taxonomy [142] Chapter: Qualitative Security Model [143] https://en.wikipedia.org/wiki/Seigniorage [144] Chapter: Hearn Error [145] Chapter: Fedcoin Objectives [146] Chapter: Public Data Principle [147] Chapter: Proof of Work Fallacy [148] Chapter: Other Means Principle [149] Chapter: Censorship Resistance Property [150] https://en.wikiquote.org/wiki/Carl_von_Clausewitz [151] Chapter: Threat Level Paradox [152] https://mises.org/library/man-economy-and-state-power-and-market/html/p/1075 [153] Chapter: Pooling Pressure Risk [154] https://www.asicboost.com/patent [155] Chapter: Axiom of Resistance [156] Chapter: Risk Sharing Principle [157] Chapter: Public Data Principle [158] Chapter: Qualitative Security Model [159] Chapter: Threat Level Paradox [160] Chapter: Cryptodynamic Principles [161] Chapter: Value Proposition [162] Chapter: Other Means Principle [174] https://coinweek.com/bullion-report/bitcoin-vs-gold-10-crystal-clear-comparisons [175] Chapter: Stability Property [176] Chapter: Proximity Premium Flaw [177] Chapter: Risk Sharing Principle [178] Chapter: Balance of Power Fallacy [181] Chapter: Threat Level Paradox [182] https://en.wikipedia.org/wiki/Anonymizer [183] Chapter: Side Fee Fallacy [184] Chapter: Social Network Principle [185] https://en.wikipedia.org/wiki/Graph_(discrete_mathematics)#Directed_graph [186] https://en.wikipedia.org/wiki/Goodwill_(accounting) [189] Chapter: Axiom of Resistance [190] Chapter: Public Data Principle [191] Chapter: Balance of Power Fallacy [192] Chapter: Cockroach Fallacy [193] https://en.wikipedia.org/wiki/Blockchain [194] https://en.wikipedia.org/wiki/Cryptography [195] https://en.wikipedia.org/wiki/Free_and_open-source_software [196] Chapter: Prisoner’s Dilemma Fallacy [201] Chapter: Axiom of Resistance [203] Chapter: Money Taxonomy [204] Chapter: Risk Sharing Principle [205] Chapter: Axiom of Resistance [206] Chapter: Zero Sum Property [207] https://en.wikipedia.org/wiki/Subsidy [208] https://en.wikipedia.org/wiki/Black_market [209] https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177 [210] Chapter: Axiom of Resistance [211] Chapter: Pooling Pressure Risk [212] Chapter: Risk Sharing Principle [213] https://en.wikipedia.org/wiki/Attack_surface [214] https://en.wikipedia.org/wiki/Foreign_exchange_controls [215] Chapter: Centralization Risk [216] https://en.m.wikipedia.org/wiki/Seigniorage [217] https://en.m.wikipedia.org/wiki/Foreign_exchange_controls [218] https://en.m.wikipedia.org/wiki/Know_your_customer [220] Chapter: Money Taxonomy [221] Chapter: Scalability Principle [222] Chapter: Risk Sharing Principle [223] Chapter: Axiom of Resistance [224] Chapter: Value Proposition [225] Chapter: Other Means Principle [226] Chapter: Money Taxonomy [227] Chapter: Axiom of Resistance [229] Chapter: Risk Sharing Principle [230] https://en.m.wikipedia.org/wiki/Inflation [231] https://en.m.wikipedia.org/wiki/Seigniorage [232] Chapter: Depreciation Principle [233] Chapter: Money Taxonomy [234] https://en.m.wikipedia.org/wiki/Subjective_theory_of_value [235] Chapter: Time Preference Fallacy [236] https://en.m.wikipedia.org/wiki/Marginal_utility [237] https://en.m.wikipedia.org/wiki/Murray_Rothbard [238] https://mises.org/library/what-has-government-done-our-money/html/p/81 [246] Chapter: Money Taxonomy [247] https://en.wikipedia.org/wiki/Foreign_exchange_controls [248] https://en.wikipedia.org/wiki/Seigniorage [249] https://www.investopedia.com/articles/personal-finance/081616/understanding-taxes-physical-goldsilver-investments.asp [250] https://en.wikipedia.org/wiki/Inflation [251] https://en.wikipedia.org/wiki/Monetary_inflation [252] https://en.wikipedia.org/wiki/Exchange_rate#Parallel_exchange_rate [261] Chapter: Reserve Currency Fallacy [262] https://wiki.mises.org/wiki/Money_substitutes [263] Chapter: Reservation Principle [264] Chapter: Money Taxonomy [265] https://en.wikipedia.org/wiki/Monetary_inflation [266] https://en.wikipedia.org/wiki/Promissory_note [273] Chapter: Fedcoin Objectives [274] Chapter: Censorship Resistance Property [275] Chapter: Axiom of Resistance [276] Chapter: Cryptodynamic Principles [277] https://en.wikipedia.org/wiki/Lender_of_last_resort [278] https://en.wikipedia.org/wiki/Free_banking [279] Chapter: Thin Air Fallacy [280] https://en.wikipedia.org/wiki/Central_bank [281] https://en.wikipedia.org/wiki/Discount_window [282] https://en.wikipedia.org/wiki/Structure_of_the_Federal_Reserve_System [283] https://www.frbdiscountwindow.org/pages/discount-rates/current-discount-rates [309] Chapter: Money Taxonomy [310] https://www.washingtonpost.com/news/wonk/wp/2013/12/16/how-tight-jeans-almost-ruined-americas-money [311] https://www.nytimes.com/2018/11/21/business/sweden-cashless-society.html [312] Chapter: Fedcoin Objectives [313] https://www.riksbank.se/en-gb/payments--cash/e-krona [314] Chapter: Reserve Currency Fallacy [315] https://en.wikipedia.org/wiki/Gold_standard [316] Chapter: Value Proposition [320] https://en.wikipedia.org/wiki/Rate_of_return [324] Chapter: Pooling Pressure Risk [328] Chapter: Risk Sharing Principle [329] https://www.federalreserve.gov/aboutthefed/bios/board/default.htm [330] Chapter: Axiom of Resistance [331] https://www.coindesk.com/uasf-revisited-will-bitcoins-user-revolt-leave-lasting-legacy [332] Chapter: Proof of Work Fallacy [337] Chapter: Efficiency Paradox [338] Chapter: Stability Property [339] Chapter: Qualitative Security Model [340] Chapter: Variance Discount Flaw [341] Chapter: Censorship Resistance Property [342] Chapter: Axiom of Resistance [343] Chapter: Pooling Pressure Risk [344] Chapter: Relay Fallacy [345] Chapter: Censorship Resistance Property [346] Chapter: Efficiency Paradox [347] http://primecoin.io [349] https://en.wikipedia.org/wiki/Paradox [351] Chapter: Zero Sum Property [352] Chapter: Pooling Pressure Risk [355] https://en.wikipedia.org/wiki/Monotonic_function [356] Chapter: Money Taxonomy [357] https://en.m.wikipedia.org/wiki/Store_of_value [358] https://en.wikipedia.org/wiki/Subjective_theory_of_value [359] https://en.wikipedia.org/wiki/Proof-of-stake [360] Chapter: Proof of Stake Fallacy [361] Chapter: Utility Threshold Property [362] Chapter: Money Taxonomy [364] Chapter: Side Fee Fallacy [365] https://en.wikipedia.org/wiki/Step_function [366] http://www.investopedia.com/terms/e/economicprofit.asp [367] Chapter: Pooling Pressure Risk [368] https://en.wikipedia.org/wiki/Time_preference [369] Chapter: Proof of Work Fallacy [370] Chapter: Balance of Power Fallacy [371] https://en.wikipedia.org/wiki/Red_herring [372] Chapter: Risk Sharing Principle [375] https://en.wikipedia.org/wiki/Zero-sum_game [376] https://en.wikipedia.org/wiki/Win-win_game [377] https://en.wikipedia.org/wiki/Chaos_theory [379] Chapter: Side Fee Fallacy [380] Chapter: Pooling Pressure Risk [381] Chapter: Zero Sum Property [382] Chapter: Threat Level Paradox [385] Chapter: Balance of Power Fallacy [386] Chapter: Proximity Premium Flaw [387] Chapter: Variance Discount Flaw [388] https://en.wikipedia.org/wiki/Economies_of_scale [389] Chapter: Axiom of Resistance [390] https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/ [391] Chapter: Relay Fallacy [392] Chapter: Risk Sharing Principle [393] Chapter: Balance of Power Fallacy [394] https://www.federalreserve.gov [395] Chapter: State Banking Principle [396] https://en.wikipedia.org/wiki/Debasement [397] https://en.wikipedia.org/wiki/Legal_tender [398] https://en.wikipedia.org/wiki/Federal_Reserve_Note [399] Chapter: Money Taxonomy [400] https://en.wikipedia.org/wiki/Executive_Order_6102 [401] https://en.wikipedia.org/wiki/International_Monetary_Fund [404] https://en.wikipedia.org/wiki/Opportunity_cost [405] Chapter: Pooling Pressure Risk [406] Chapter: Variance Discount Flaw [407] Chapter: Axiom of Resistance [410] Chapter: Zero Sum Property [411] https://www.cs.cornell.edu/~ie53/publications/btcProcFC.pdf [413] Chapter: Pooling Pressure Risk [414] Chapter: Proximity Premium Flaw [416] https://en.wikipedia.org/wiki/Incentive_compatibility [418] Chapter: Pooling Pressure Risk [419] https://en.m.wikipedia.org/wiki/History_of_email_spam [420] Chapter: Risk Sharing Principle [423] Chapter: Pooling Pressure Risk [424] Chapter: Proximity Premium Flaw [425] Chapter: Axiom of Resistance [426] https://en.wikipedia.org/wiki/Zero-sum_game [427] Chapter: Pooling Pressure Risk [428] https://en.wikipedia.org/wiki/Closed_system [429] Chapter: Proximity Premium Flaw [430] Chapter: Variance Discount Flaw [431] https://en.wikipedia.org/wiki/Economies_of_scale [432] https://en.wikipedia.org/wiki/Subsidy [433] Chapter: Threat Level Paradox [434] http://gavinandresen.ninja/a-definition-of-bitcoin [435] https://bitcoin.org/bitcoin.pdf [436] Chapter: Cryptodynamic Principles [437] Chapter: Brand Arrogation [438] https://bitcoin.org/en/bitcoin-core [439] https://libbitcoin.info [440] Chapter: Maximalism Definition [441] Chapter: Custodial Risk Principle [443] https://en.wikipedia.org/wiki/Cryptographic_hash_function [444] Chapter: Risk Sharing Principle [446] Chapter: Money Taxonomy [447] Chapter: Cryptodynamic Principles [448] Chapter: Money Taxonomy [450] Chapter: Utility Threshold Property [451] Chapter: Money Taxonomy [452] https://en.wikipedia.org/wiki/Gresham%27s_law#Reverse_of_Gresham's_law_(Thiers'_law) [453] Chapter: Fragmentation Principle [460] Chapter: Money Taxonomy [461] https://en.wikipedia.org/wiki/Barter [462] https://en.wikipedia.org/wiki/Goods_and_services [463] Chapter: Consolidation Principle [464] Chapter: Network Effect Fallacy [465] Chapter: Dumping Fallacy [466] Chapter: Replay Protection Fallacy [467] https://en.m.wikipedia.org/wiki/Net_present_value [474] Chapter: Proof of Stake Fallacy [475] Chapter: Censorship Resistance Property [476] Chapter: Substitution Principle [478] Chapter: Consolidation Principle [479] Chapter: Side Fee Fallacy [482] Chapter: Money Taxonomy [483] Chapter: Censorship Resistance Property [484] Chapter: Axiom of Resistance [485] https://eprint.iacr.org/2017/893.pdf [486] Chapter: Energy Waste Fallacy [487] Chapter: Pooling Pressure Risk [488] Chapter: Proof of Memory Façade [489] Chapter: Energy Waste Fallacy [490] Chapter: Censorship Resistance Property [491] Chapter: Other Means Principle [495] Chapter: Cryptodynamic Principles [496] Chapter: Value Proposition [497] Chapter: Proof of Stake Fallacy [498] Chapter: Axiom of Resistance [499] Chapter: Proof of Memory Façade [500] Chapter: Credit Expansion Fallacy [501] Chapter: Money Taxonomy [502] https://en.wikipedia.org/wiki/Seigniorage [503] Chapter: State Banking Principle [504] https://www.frbdiscountwindow.org [505] https://www.fdic.gov/resources/deposit-insurance [507] Chapter: Dumping Fallacy [508] https://en.m.wikipedia.org/wiki/Hoarding_(economics) [509] Chapter: Replay Protection Fallacy [510] https://en.m.wikipedia.org/wiki/Net_present_value [511] Chapter: Consolidation Principle [515] Chapter: Depreciation Principle [516] https://mises.org/library/man-economy-and-state-power-and-market/html/p/996 [517] Chapter: Reserve Currency Fallacy [518] https://en.wikipedia.org/wiki/Foreign-exchange_reserves [519] https://en.wikipedia.org/wiki/Money_supply#United_States [520] https://en.wikipedia.org/wiki/Money_supply#Money_creation_by_commercial_banks [521] Chapter: State Banking Principle [522] https://www.federalreserve.gov/releases/h3/current/default.htm [543] Chapter: Savings Relation [544] https://en.wikipedia.org/wiki/Time_preference [545] Chapter: Unlendable Money Fallacy [548] Chapter: Production and Consumption [561] https://en.wikipedia.org/wiki/Monetary_inflation [562] Chapter: Unlendable Money Fallacy [563] https://en.m.wikipedia.org/wiki/Labor_theory_of_value [564] https://en.m.wikipedia.org/wiki/Catallactics [565] Chapter: Production and Consumption [566] Chapter: Depreciation Principle [569] Chapter: Time Preference Fallacy [570] Chapter: Labor and Leisure [571] https://en.wikipedia.org/wiki/Fractional-reserve_banking [572] Chapter: Money Taxonomy [573] Chapter: Thin Air Fallacy [574] https://en.wikipedia.org/wiki/Full-reserve_banking [602] https://en.wikipedia.org/wiki/Inflation [603] Chapter: Credit Expansion Fallacy [604] https://en.wikipedia.org/wiki/Gold_mining [605] Chapter: Time Preference Fallacy [607] Chapter: Risk Free Return Fallacy [635] https://en.wikipedia.org/wiki/Tautology_(logic) [636] Chapter: Production and Consumption [637] Chapter: Labor and Leisure [639] Chapter: Regression Fallacy [640] https://en.wikipedia.org/wiki/Seigniorage [641] https://en.wikipedia.org/wiki/Catallactics [642] Chapter: Speculative Consumption [643] https://en.wikipedia.org/wiki/Pump_and_dump [644] Chapter: Time Preference Fallacy [645] Chapter: Savings Relation [646] https://en.wikipedia.org/wiki/Use_value [647] https://en.m.wikipedia.org/wiki/Fungibility [648] Chapter: Dumping Fallacy [649] https://en.wikipedia.org/wiki/Action_axiom [650] Chapter: Production and Consumption [651] https://en.m.wikipedia.org/wiki/Goods_and_services [652] https://en.wikipedia.org/wiki/Waste [653] https://en.wikipedia.org/wiki/Murray_Rothbard [654] https://mises.org/library/man-economy-and-state-power-and-market/html/p/926 [655] Chapter: Expression Principle [656] Chapter: Time Preference Fallacy [657] Chapter: Pure Bank [658] Chapter: Reservation Principle [659] Chapter: Depreciation Principle [661] https://en.wikipedia.org/wiki/Action_axiom [662] https://en.m.wikipedia.org/wiki/Goods_and_services [663] Chapter: Depreciation Principle [664] Chapter: Labor and Leisure [665] https://en.wikipedia.org/wiki/Waste [666] Chapter: Pure Bank [667] Chapter: Reserve Definition [668] https://en.m.wikipedia.org/wiki/Dividend [677] https://en.wikipedia.org/wiki/Free_banking [678] https://en.wikipedia.org/wiki/Federal_Reserve [679] https://www.fdic.gov [680] https://en.wikipedia.org/wiki/Discount_window [681] https://en.wikipedia.org/wiki/Seigniorage [682] Chapter: Money Taxonomy [683] Chapter: Inflation Principle [684] https://en.wikipedia.org/wiki/Inflation [685] https://en.wikipedia.org/wiki/Deflation [686] Chapter: Time Preference Fallacy [687] https://en.m.wikipedia.org/wiki/Arbitrage [688] https://en.wikipedia.org/wiki/Demurrage_(currency) [689] https://en.wikipedia.org/wiki/Settlement_(finance) [690] https://en.wikipedia.org/wiki/Maturity_(finance) [691] Chapter: Depreciation Principle [692] https://en.wikipedia.org/wiki/Opportunity_cost [693] https://en.wikipedia.org/wiki/Compound_interest [699] Chapter: Savings Relation [700] Chapter: Inflation Principle [704] Chapter: Time Preference Fallacy [705] https://en.wikipedia.org/wiki/Catallactics [706] https://en.wikipedia.org/wiki/Murray_Rothbard [707] https://mises.org/library/man-economy-and-state-power-and-market/html/p/989 [708] https://en.wikipedia.org/wiki/Capital_requirement [709] Chapter: Expression Principle [715] Chapter: Depreciation Principle [726] Chapter: Savings Relation [727] Chapter: Time Preference Fallacy [732] Chapter: Depreciation Principle [733] Chapter: Full Reserve Fallacy [734] Chapter: Credit Expansion Fallacy [735] Chapter: Money Taxonomy [739] Chapter: Credit Expansion Fallacy [740] Chapter: Time Preference Fallacy [741] Chapter: Money Taxonomy [742] Chapter: Inflation Principle [756] Chapter: Speculative Consumption [757] Chapter: Regression Fallacy [758] https://en.m.wikipedia.org/wiki/Use_value [759] https://en.m.wikipedia.org/wiki/Barter [760] https://en.m.wikipedia.org/wiki/Medium_of_exchange [761] https://mises.org/library/human-action-0/html/pp/778 [762] Chapter: Money Taxonomy [763] https://en.m.wikipedia.org/wiki/Commodity [764] https://en.m.wikipedia.org/wiki/Tautology_(logic) [765] Chapter: Money Taxonomy [766] https://en.wikipedia.org/wiki/Currency [767] https://wiki.mises.org/wiki/Money_substitutes [779] Chapter: Credit Expansion Fallacy [780] https://en.wikipedia.org/wiki/Promissory_note [788] https://en.wikipedia.org/wiki/Legal_tender [789] https://en.wikipedia.org/wiki/Seigniorage [790] Chapter: Stability Property [791] https://en.wikipedia.org/wiki/Fiat_money [797] https://en.wikipedia.org/wiki/Monetary_inflation [798] https://en.wikipedia.org/wiki/Purchasing_power [799] Chapter: Inflation Principle [803] https://en.wikipedia.org/wiki/Commodity_money [808] https://wiki.mises.org/wiki/Money_substitutes [809] https://financial-dictionary.thefreedictionary.com/Contractual+Claim [810] Chapter: Debt Loop Fallacy [811] https://en.wikipedia.org/wiki/Securitization [812] https://en.wikipedia.org/wiki/Banknote [813] https://en.wikipedia.org/wiki/Gold_certificate [814] https://en.wikipedia.org/wiki/Representative_money [815] https://www.investopedia.com/terms/e/electronic-money.asp [816] Chapter: Regression Fallacy [819] https://en.wikipedia.org/wiki/Counterfeit_money [823] Chapter: Cryptodynamic Principles [824] https://en.wikipedia.org/wiki/Currency [825] Chapter: Credit Expansion Fallacy [826] Chapter: Reserve Definition [827] https://wiki.mises.org/wiki/Regression_theorem [828] Chapter: Money Taxonomy [829] https://en.m.wikipedia.org/wiki/Use_value [830] https://en.m.wikipedia.org/wiki/Barter [831] https://mises.org/library/human-action-0/html/pp/778 [833] Chapter: Collectible Tautology [837] Chapter: Depreciation Principle [838] Chapter: Savings Relation [843] https://en.wikipedia.org/wiki/Risk-free_interest_rate [844] Chapter: Credit Expansion Fallacy [855] Chapter: Full Reserve Fallacy [856] https://en.wikipedia.org/wiki/Representative_money [857] Chapter: Credit Expansion Fallacy [858] https://en.wikipedia.org/wiki/Inflation [860] https://wiki.mises.org/wiki/Money_substitutes [861] Chapter: Money Taxonomy [874] https://en.m.wikipedia.org/wiki/Talking_past_each_other [875] https://en.m.wikipedia.org/wiki/Use_value [876] Chapter: Value Proposition [877] https://en.m.wikipedia.org/wiki/Metallism [878] Chapter: Regression Fallacy [879] https://en.m.wikipedia.org/wiki/Chartalism [880] Chapter: Debt Loop Fallacy [886] https://en.wikipedia.org/wiki/Bank_run [887] https://en.wikipedia.org/wiki/Central_bank [888] https://en.wikipedia.org/wiki/Lender_of_last_resort [889] Chapter: State Banking Principle [890] https://en.wikipedia.org/wiki/Monetary_inflation [891] https://en.wikipedia.org/wiki/Fisher_equation [892] https://en.wikipedia.org/wiki/Monetary_inflation [893] Chapter: Depreciation Principle [894] Chapter: Money Taxonomy [895] https://en.wikipedia.org/wiki/Seigniorage [897] Chapter: Inflation Principle [898] https://en.wikipedia.org/wiki/Inflation [899] Chapter: Time Preference Fallacy [901] Chapter: Speculative Consumption [905] https://medium.com/@paulbars/magic-internet-money-how-a-reddit-ad-made-bitcoin-hit-1000-and-inspired-south-parks-art-b414ec7a5598 [906] Chapter: Money Taxonomy [907] Chapter: Depreciation Principle [908] Chapter: Stability Property [909] https://www.fool.com/investing/2017/05/25/could-the-price-of-bitcoin-go-to-1-million.aspx [910] https://en.wikipedia.org/wiki/Gross_world_product [911] https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 [912] Chapter: Stock to Flow Fallacy [913] Chapter: Reservation Principle [914] Chapter: Reserve Currency Fallacy [915] https://en.wikipedia.org/wiki/Catallactics [916] https://mises.org/library/man-economy-and-state-power-and-market/html/p/949 [917] Chapter: Money Taxonomy [918] Chapter: Credit Expansion Fallacy [919] Chapter: Time Preference Fallacy [920] https://en.wikipedia.org/wiki/Central_bank [921] Chapter: State Banking Principle [922] https://en.wikipedia.org/wiki/Settlement_(finance) [923] Chapter: Debt Loop Fallacy [924] https://en.wikipedia.org/wiki/Money_supply#United_States [931] Chapter: Permissionless Principle [932] https://en.wikipedia.org/wiki/Seigniorage [933] https://voxeu.org/index.php?

Choose Yourself!
by James Altucher
Published 14 Sep 2013

It actually made the podcast more interesting to me, because it gave me the perfect starting question: What were you doing during the past hour? Thiel’s answer: “We were looking at new innovations in financial technology.” There are many things happening in the financial technology world. For starters, the rise of the cashless economy. What Thiel started when he cofounded PayPal is ongoing. Can I go to a hotel, pick up my key at a kiosk, go to my room, stay overnight, and then walk out, without having to pay or deal with a line and tips and a desk clerk and so on? Yes, I can. And this is only one example of the sort of thing that will begin to happen in every service industry.

…

He just suggests doing the following: find your niche, then find a small or a nonexistent market where you can enter and dominate 80 percent of the market, as if you were a monopoly. Two examples that immediately come to mind are companies he’s either started or invested in: PayPal and Facebook. Peter had a vision of a cashless economy. He wanted people to be able to e-mail payments back and forth to each other over the Internet rather than exchange cash or (worse) private credit card information. Although the service was available to every retailer and consumer, he found a niche market where many online transactions were occurring and he decided to build his monopoly there: eBay customers.

The (Honest) Truth About Dishonesty: How We Lie to Everyone, Especially Ourselves
by Dan Ariely
Published 27 Jun 2012

From all the research I have done over the years, the idea that worries me the most is that the more cashless our society becomes, the more our moral compass slips. If being just one step removed from money can increase cheating to such a degree, just imagine what can happen as we become an increasingly cashless society. Could it be that stealing a credit card number is much less difficult from a moral perspective than stealing cash from someone’s wallet? Of course, digital money (such as a debit or credit card) has many advantages, but it might also separate us from the reality of our actions to some degree.

…

Abagnale, Frank, 173 academia: conflicts of interest in, 82, 84–85 financial services industry’s influence in, 84–85 group-based projects in, 217–18 pharmaceutical companies’ influence in, 82 academic credentials, misrepresentation of, 135–36, 153, 154 accounting firms: collaborative dishonesty in, 218–21 “in good faith” notion and, 219–20 Adam and Eve, 98 Adams, Mike, 107 advertising agencies, link between creativity and dishonesty in, 186–87 aesthetic preferences, impact of favors on, 75–77 Afghanistan War, 152 altruistic cheating, 222–23, 225–26, 232 supervisory effect and, 227–28 American Medical Association, 79 Amir, On, 15, 18, 31–32, 39, 262 Apple, 184 atheists, swearing on bible and, 40, 41, 42 Atlantic, 214–15 Austen, Jane, 154–55 Avnaim-Pesso, Liora, 102 Ayal, Shahar, 197, 225, 263 bacterial infections, 192–93 Balleisen, Ed, 188 bankers, cheating among politicians vs., 243 banks: small misbehaviors of, 240 see also financial services industry Barkan, Racheli, 21, 23, 262 Barlow, John Perry, 1, 2 baseball, steroids in, 156 Bateson, Melissa, 224 Baumeister, Roy, 100, 104, 262–63 Baylor College of Medicine, 75–77 Bazerman, Max, 45, 260 Becker, Gary, 3–4, 14, 26 Be’er Sheva, Israel, farmer’s market in, 23–24 being caught, probability of, 4–5, 13, 14, 27 varying, in matrix task, 20–22 benevolent behavior, 23–24 Bible, as moral reminder, 40, 41, 42 billable hours, overstating of, 35–37 blind customers, benevolent behavior toward, 23–26 brain: higher connectivity in, 170 left-right split in, 164–65 of pathological liars, 169–70 Broken Windows Theory, 214–15, 249 businesspeople, self-monitoring of, 56–57 business schools, 248 group-based projects in, 217–18 cab drivers, benevolent behavior of, toward blind customer, 25–26 CAD/CAM equipment, in dentistry, 67–71 Cain, Daylian, 89 Canada, cheating in, 242 care for customers, in illegal businesses, 138–39 car mechanics, 93 Carnegie Mellon University, 197–207 car recommendation software, “fixing” answers in, 166–67 Cary, Apoth E., 246 cashless society, implications for dishonesty in, 34 Catch Me If You Can (Abagnale), 173 certificates for (false) achievements, 153–54 Chance, Zoë, 145, 264 charitable behavior, 23–24 cheating: aggressive cheaters and, 239 altruistic, 222–23, 225–26, 227–28, 232 being made blatantly aware of, 156–57 being watched and, 223–25, 227 collaborative, see collaborative cheating desire to benefit from, 12–14, 27, 29, 237 ego depletion, 104–6, 111–12 fake products’ impact on, 125–31 in golf, 55–65 honor codes and, 41–45 increasing creativity to increase level of, 184–87 as infection, 191–216; see also infectious nature of cheating infidelity and, 244–45 on IQ-like tests, self-deception and, 145–49, 151, 153–54, 156–57 reducing amount of, 39–51, 248–54 removing oneself from tempting situation and, 108–11 signing forms at top and, 46–51 Ten Commandments and, 39–40, 41, 44 what-the-hell effect and, 127–31, 136 see also dishonesty China, cheating in, 241–42 Chloé accessories, studies with, 123–34 Civil War veterans, 152 classes, infectious nature of cheating in, 195–97 Coca-Cola, stealing money vs., 32–33 cognitive dissonance, 81 cognitive load: ability to resist temptation and, 99–100 judges’ parole rulings and, 102–3 Cognitive Reflection Test (CRT), 173–74 coin logic, 167–68 collaborative cheating, 217–35 altruism and, 222–23, 225–26, 227–28, 232 being watched or monitored and, 223–25, 227–28, 234–35 emphasis on working as group or team and, 217–18 infectious nature of cheating in relation to, 221–22 social utility and, 222–23 companies: being one step removed from money and, 34–37 irrationality of, 51 see also corporate dishonesty compliments, insincere, 159 conflicts of interest, 67–95, 238, 248 in academia, 82, 84–85 in dentistry, 67–71, 93, 94, 230 disclosure and, 88–92 dots task and, 129 eradication of, 92–95 exclusion of experimental data and, 86–88 expert witnesses and, 85–86 in financial services industry, 83–85, 93, 94 governmental lobbyists and, 77–78, 94 honesty threshold and, 130–31 inherent inclination to return favors and, 74–75 medical procedures and, 71–74, 92–94, 229 pharmaceutical companies’ influence in academia and, 82 pharma reps and, 78–82 what-the-hell effect and, 129–31 congressional staffers, cheating among, 243 Congress members, PAC money misused by, 208–10 contractors, 93 Conway, Alan, 150–51 Cooper, Cynthia, 215 Cornell University, 250–51 corpora callosa, 164–65 corporate dishonesty: cheating a little bit and, 239–40 Enron collapse and, 1–3, 192, 207, 215, 234 recent spread of, 192, 207–8 cost-benefit analysis, 4–5, 26–27, 237, 239 infectious nature of cheating and, 201–3, 205 see also Simple Model of Rational Crime counterfeits, see fake products creativity, 88, 163–89, 238 brain structure and, 164–65 dark side of, 187–89 fooling oneself and, 165–67 increasing, to increase level of cheating, 184–87 infidelity and, 244 intelligence vs., as predictor of dishonesty, 172–77 link between dishonesty and, 170–72, 186–89 logical-sounding rationales for choices and, 163–64 measures of, 171 moral flexibility and, 186–87 pathological liars and, 168–70 revenge and, 177–84 credit card companies, 239–40 crime, reducing, 52 cultural differences, 240–43 Danziger, Shai, 102 decision making: creating efficient process for, 167–68 effectiveness of group work in, 217–18 rationalization process and, 163–67 Denfield, George, 75 dentists: continuity of care and, 228–31 treating patients using equipment that they own, 67–68, 93–94 unnecessary work and, 67–71 depletion, see ego depletion dieting, 98, 109, 112–13, 114–15 what-the-hell effect and, 127, 130 “dine-and-dash,” 79 diplomas, lying about, 135–36, 153, 154 disabled person, author’s adoption of role of, 143–44 disclosure, 88–92, 248 study on impact of, 89–92 discounting, fixed vs. probabilistic, 194 dishonesty: causes of, 3–4, 5 collaborative, see collaborative cheating cultural differences and, 240–43 discouraging small and ubiquitous forms of, 239–40 importance of first act of, 137 infectious nature of, 191–216; see also infectious nature of cheating intelligence vs. creativity as predictor of, 172–77 link between creativity and, 170–72, 186–89 opportunities for, passed up by vast majority, 238 of others, fake products and assessing of, 131–34 rational and irrational forces in, 254 reducing amount of, 39–51, 248–54 society’s means for dealing with, 4–5 summary of forces that shape (figure), 245 when traveling, 183n see also cheating dissertation proposals and defenses, 101 distance factors, 238 in golf, 58–59 stealing Coca-Cola vs. money and, 32–33 token experiment and, 33–34 doctors: consulting for or investing in drug companies, 82, 93 continuity of care and, 228–29 lecturing about drugs, 81 pharma reps and, 78–82 treating or testing patients with equipment that they own, 92–94 Dodd-Frank Wall Street Reform and Consumer Protection Act, 234 dots task: conflict of interest and, 129 description of, 127–29 link between creativity and dishonesty and, 171–72, 185–86 what-the-hell effect and, 129–31 downloads, illegal, 137–39 dressing above one’s station, 120–21 Ebbers, Bernie, 13 ego depletion, 100–116, 238, 249 basic idea behind, 101 cheating and, 104–6 in everyday life, 112–16 removing oneself from tempting situations and, 108–11, 115–16 of Sex and the City’s Samantha Jones, 103 sometimes succumbing to temptation and, 114–15 sudden deaths among students’ grandmothers at exam time and, 106–8 ego motivation, 27 England, cheating in, 242 Enron, 1–3, 192, 207, 215, 234 essay mills, 210–13 exams, sudden deaths among students’ grandmothers and, 106–8 exhaustion, 249 consumption of junk food and, 97–98 judges’ parole rulings and, 102–3 see also ego depletion experimental data, exclusion of, 86–88 expert witnesses, 85–86 explanations, logical-sounding, creation of, 163–65 external signaling, 120–22 dressing above one’s station and, 120–21 fake products and, 121–22 failures, tendency to turn blind eye to, 151 “fair,” determination of what is, 57 fake products, 119, 121–40, 238 illegal downloads and, 137–39 misrepresentation of academic credentials and, 135–36 rationalizations and, 134–35 self-signaling and, 123–26, 135 signaling value of authentic version diluted by, 121–22 suspiciousness of others and, 131–34 what-the-hell effect and, 127–31, 135 farmer’s market, benevolent behavior toward blind customer in, 23–24 fashion, 117–26 counterfeit goods and, 119, 121–22, 121–40, 123–26; see also fake products dressing above one’s station and, 120–21 external signaling and, 120–22 self-signaling and, 122–26 Fastow, Andrew, 2 favors, 74–82 aesthetic preferences and, 75–77 governmental lobbyists and, 77–78 inherent inclination to return, 74–75 pharma reps and, 78–82 see also conflicts of interest Fawal-Farah, Freeda, 117, 118 FBI, 215 Fedorikhin, Sasha, 99–100 Feynman, Richard, 165 financial crisis of 2008, 83–85, 192, 207, 234, 246–47 financial favors, aesthetic preferences and, 77 financial services industry: anonymous monitoring and, 234–35 cheating among politicians vs., 243 conflicts of interest in, 83–85, 93, 94 government regulation of, 234 fishing, lying about, 28 Frederick, Shane, 173 friends, invited to join in questionable behavior, 195 fudge factor theory, 27–29, 237 acceptable rate of lying and, 28–29, 91 distance between actions and money and, 34–37 getting people to cheat less and, 39–51 infidelity and, 244 rationalization of selfish desires and, 53 stealing Coca-Cola vs. money and, 32–33 Gazzaniga, Michael, 164–65 Generally Accepted Accounting Principles (GAAP), 219–20 generous behavior, 23–24 Get Rich Cheating (Kreisler), 14 Gilovich, Tom, 250, 263–64 Gino, Francesca, 45, 104, 123, 127, 131, 145, 170, 184, 197, 225, 234–35, 242, 258–59 Glass, Ira, 6 Gneezy, Ayelet, 177, 257–58 golf, 55–65 cheating by “average golfer” vs. study participants and, 63–64 mistallying score in, 61–64 moving location of ball in, 58–59, 63 mulligans in, 60–61, 63–64 self-monitoring in, 56–57 survey on cheating in, 57–64 government regulations, 234 grandmothers, sudden deaths of, at exam time, 106–8 gray matter, 169–70 Green, Jennifer Wideman, 117 grocery shopping, ego depletion and, 109, 112–13 group or team work, 220–23 performance unaffected by, 233 possible benefits of, 223 predominance of, in professional lives, 217–18, 235 social utility and, 222–23 see also collaborative cheating Grüneisen, Aline, 210–11, 257 guilt, self-inflicted pain and, 250–52 Harford, Tim, 3–4 Harper’s Bazaar, 117–18 Harvard Medical School, 82 Harvey, Ann, 75 Henn, Steve, 209 heretics, external signaling of, 120 Hinduism, 25 honesty threshold, 130–31 honor codes, 41–45, 204 ideological organizations, 232n “I knew it all along” feeling, 149 illegal businesses, loyalty and care for customers in, 138–39 impulsive (or emotional) vs. rational (or deliberative) parts of ourselves, 97–106 cognitive load and, 99–100 ego depletion and, 100–106 exhaustion and, 97–98 Inbar, Yoel, 250, 264 infectious nature of cheating, 191–216, 249 bacterial infections compared to, 192–93 in class, 195–97 collaborative cheating in relation to, 221–22 Congress members’ misuse of PAC money and, 208–10 corporate dishonesty and, 192, 207–8 cost-benefit analysis and, 201–3, 205 essay mills and, 210–13 matrix task and, 197–204 positive side of moral contagion and, 215–16 regaining ethical health and, 214–15 slow and subtle process of accretion in, 193–94, 214–15 social norms and, 195, 201–3, 205–7, 209 social outsiders and, 205–7 vending machine experiment and, 194–95 infidelity, 244–45 “in good faith” notion, 219–20 Inside Job, 84–85 insurance claims, 49–51 intelligence: creativity vs., as predictor of dishonesty, 172–77 measures of, 173–75 IQ-like tests, cheating and self-deception on, 145–49 certificates emphasizing (false) achievement and, 153–54 increasing awareness of cheating and, 156–57 individuals’ tendency to turn a blind eye to their own failures and, 151 IRS, 47–49 Islam, 249 Israel, cheating in, 241 Italy, cheating in, 242 Jerome, Jerome K., 28 Jobs, Steve, 184 Jones, Bobby, 56 Jones, Marilee, 136 Judaism, 45, 249 judges, exhausted, parole decisions and, 102–3 junk food, exhaustion and consumption of, 97–98 Keiser, Kenneth, 135 Kelling, George, 214–15 John F.

What Would Google Do?
by Jeff Jarvis
Published 15 Feb 2009

When the internet arrived, so did some online-only banks, but they never flourished and many were bought up: in the U.K., Egg was acquired by Citi, First Direct by HSBC. They didn’t offer us enough incentive to change our habits. If online banks had passed savings onto us—the internet dividend in cash—maybe we’d have been motivated to go virtual. The cashless society will probably come to the U.S. a day after the paperless office does—that is, never. We keep hearing about people in Finland and Japan buying Cokes and paying for parking with their mobile phones, but we haven’t seen that happen in the States. Microsoft wanted to become the cash register of the web with its Passport service, but I think no one trusted Microsoft to handle our money.

…

See application programming interfaces Apple, 14–15, 93–94, 226–28 advertising and, 150 honesty and, 96 application programming interfaces (APIs), 127 Aptera Motors, 175, 193 Arnold, Bonnie, 84 Arrington, Michael, 107 attention, 240 "&" Worldnet, 30 auction marketplace, 69 automobile industry, 110, 172–77 The Baby Name Wizard (Wattenberg), 233 Baker, Stephen, 159 Ball, James, 205–6 banking, 195–98 Barlow, John Perry, 239 Barton, Rich, 80 Bebo, 49–50 Benioff, Marc, 62 beta versions, 93–95 Betaworks, 193 Bezos, Jeff, 4, 71–72 Biggs, Peter, 146 BlogAds, 50 Blogger, 24–25, 43 Bloglines, 15 Blogpulse, 20 blogs, 22–23 advertising and, 149–50 collaboration and, 25, 99 Comcast and, 168 Dell and, 12–19 interacting with, 23 lawyers and, 222–23 listening to, 15–16 9/11 and, 24–25 profit from, 55–56 restaurants and, 155 search engines, 20 VC and, 190 video, 157 Blurb.com, 73 BMW, 174 Bono, 163 book publishing, 73–74, 104 136–43 Bowling Alone (Putnam), 50 Bracconot, Paula, 142 branding, 45, 149 Brilliant, Larry, 163 Brin, Sergey, 85 on energy, 163–65 on evil, 99 Gore v., 217 Bruzzo, Chris, 61–62 Bubblegeneration.com, 64 Buckmaster, Jim, 116–17 Burda, 29–30, 128, 180 Burnham, Brad, 47 Bush, George W., 92 BusinessWeek, 14 Butterfield, Stewart, 45, 89 Buzzmachine, 55–56 CafePress.com, 180 Calacanis, Jason, 60 Caravan Project, 140 Carlin, George, 70 Carr, Nicholas, 235 cash flow, innovation v., 110 cashless society, 198 censorship, 99–100, 219, 237 centralization, 27–28 Cerf, Vint, 232 certification, 214 Chicago Tribune, 124 China, 99–100, 105–6 Chowhound.com, 155 Chrome browser, 140, 169 CleverCommute, 188 Clickable, 190 clicks, 28, 66 The Cluetrain Manifesto (Locke Searls & Weinberger), 3, 82, 96–97, 149 c, mm, n hydrogen car, 175 CNN, 105, 134–35 Coase, Ronald, 151 Coelho, Paulo, 121, 141–43, 240 colas, 178 The Colbert Report, 96 Colbert, Stephen, 96, 136 Cole, Jeffrey, 125 collaboration, 98–99 Apple and, 226 blogging and, 25 with customers, 3–4 entertainment and, 135 with government, 219 links and, 27 newspapers and, 127–28 ownership v., 28 Comcast, 107, 167–68 Comedy Central, 136 commodification, 67–68 communication, 217 customers with, 16–17 direct, 25 communities on airlines, 183 automobile industry and, 173–74 elegant organization and, 48–53 health care and, 200 restaurants and, 155–56 complaints, 236–37 construction, 225 consumer products, 177–81 consumers focus on, 146 input of, 87–88 content commodification of, 67–68 free, 76–80 Glam and, 29–30 control Apple and, 226 customer, 3, 11–12 trust v., 82–83 conversations, 96–97 Cork’d, 159 corporate value, 27–28 corrections, 91 Covestor, 197 craigslist, 31, 38–39, 116–18 newspaper ads v., 148 Cramer, Jim, 36, 79, 157–58 Cranley, Chris, 205 Crawford, Colin, 70–71 creation, 239–40 credibility, 91 credit crisis, 197 CRM.

Spam Nation: The Inside Story of Organized Cybercrime-From Global Epidemic to Your Front Door
by Brian Krebs
Published 18 Nov 2014

In response to U.S. sanctions against Russia for funding and organizing pro-Russian separatists who were causing unrest and armed conflict in Ukraine, Visa and MasterCard in March 2014 stopped servicing payments for clients of at least two top Russian banks. Russian President Vladimir Putin responded by signing into law a bill that required the creation of a homegrown, cashless national payments system to route around the credit card companies. The law also imposed stiff new requirements on international payments providers operating in Russia. In a telephone interview shortly after his release, Vrublevsky told me that his lawyers had strictly forbidden him from discussing his case.

The Choice Factory: 25 Behavioural Biases That Influence What We Buy
by Richard Shotton
Published 12 Feb 2018

Contactless cards could be the difference between remembering a shopping trip as expensive or cheap. It is this memory that determines whether shoppers return. A positive recollection can either be achieved by steep discounting, which erodes profits, or by an innovative approach to payment. How to apply this effect 1. Invest in cashless payment technology Contactless terminals still haven’t been universally adopted. Too many retailers regard them as an unnecessary cost, rather than an opportunity to encourage sales. If you haven’t introduced them at your retail outlets, do so quickly. But don’t worry, changing price perceptions doesn’t require costly, complex technology.

Pocket Stockholm Travel Guide
by Lonely Planet

Nightly, DJs play everything from alternative pop to ’80s retro, while behind the bar mixologists sling elaborate summery cocktails. (%08-644 70 20; Åsögatan 140; h5pm-1am Mon-Sat; dMedborgarplatsen) UnderstandCashless Society In typical ahead-of-the-curve Swedish style, Stockholm today is fast becoming a cashless society. Many businesses in the city, including several museums and major hotels, no longer accept payment by cash; debit or credit cards are considered safer. Payments by SMS are increasingly common too. Entertainment 3Södra TeaternTHEATRE, LIVE MUSIC MAP GOOGLE MAP Accessible from Mosebacketorg and adjoining Mosebacke Etablissement, up the winding streets of old Södermalm, Södra Teatern is the original multifunctional event space, with its assortment of bars, stages and a restaurant.

Snowden's Box: Trust in the Age of Surveillance
by Jessica Bruder and Dale Maharidge
Published 29 Mar 2020

Law enforcement already has a formidable array of surveillance technologies, ranging from license plate readers to the cell site simulators nicknamed “stingrays” that mimic mobile phone towers to facial recognition and access to credit card transactions — an area of data that is mushrooming as some areas of the country move towards a cashless economy. Meanwhile, Amazon has quietly been licensing its own facial recognition software, called Rekognition, to law enforcement agencies. In November 2018, alarmed members of Congress wrote a letter to Jeff Bezos, demanding to know more about how Rekognition was being used. Weeks later, a new Amazon patent application went public.

Quality Investing: Owning the Best Companies for the Long Term
by Torkell T. Eide , Lawrence A. Cunningham and Patrick Hargreaves
Published 5 Jan 2016

It computerized its data in the 1960s and added vast information from electoral rolls and court records, and began commercializing the product in 1980. In 1996, GUS acquired the leading US credit rating agency, owned by TRW, whose founders include Dr. Si Ramo, the rocket scientist. Among Ramo’s prescient prophecies (besides his 1961 vision of a cashless society) were automating credit reporting, predicting payment patterns, and scoring credit quality. Ramo and TRW spent decades vindicating those prophesies, as they collected and standardized volumes of consumer credit information. In 2007, Experian (as the combined UK and US business was then known) acquired Serasa, Brazil’s market leader in the field, founded in 1968 by a consortium of regional banks.

Future Politics: Living Together in a World Transformed by Tech
by Jamie Susskind
Published 3 Sep 2018

The first is when we engage technology for a particular purpose. That might be when we use a social media, communications, or shopping platform, or ride in a self-driving car. Almost everything we do will be mediated or facilitated by digital platforms and systems of one sort or another. Most of the time we won’t have a choice in the matter: in a fully cashless economy, for example, we’ll have no option but to use the digital payment platform or platforms. The second is as passive subjects—when, for instance, surveillance cameras track our progress down a street. Just going about our lives we’ll necessarily, and often unconsciously, engage with technology.

…

And even if we could and did read the terms and conditions, ticking a box once a decade is not a satisfactory means of surrendering important rights and freedoms. Another difficulty with the consent principle is that often we won’t have a choice whether or not to engage with a particular technology. This might be because of ubiquity (like public surveillance systems) or equally necessity (in a cashless economy, we’ll have no choice but to use the standard payment technology). To confer legitimacy, consent must be free and informed. Necessary consent is not really consent at all. Finally, to return to the Google example, the consent principle doesn’t protect us at a systemic level from abuses, even if it can justify an ad hoc exercise of power over a single search.

Humans as a Service: The Promise and Perils of Work in the Gig Economy
by Jeremias Prassl
Published 7 May 2018

Magdalen College, Oxford Hilary Term MMXVIII * * * * * * Index Aasmäe, Mailin 183 automata 1 Adams, Abi 111, 178 automation 89, 135, 136 ‘additional income’ 81–2 limits of 137–9 airbnb 143 robots 136–7 Airtasker 114 autonomous vehicles 89, 137 Akerlof, George 158 autonomy 53–5 (see also Albin, Einat 175, 176 self-determination) algorithms 2, 5, 7, 8, 12, 13, 84 algorithmic control and 55–8 control mechanisms 55–8 sanctions and 61–3 limitations 138, 139 wages and 58–61 rating algorithms 54, 55, 87–8 Autor, David 138–9, 185, 186 discrimination 113 Avent, Ryan 89, 171 Amazon ‘artificial artificial intelligence’ 6, 139 Badger, Emily 182 CEO 1–2, 3, 6 Balaram, Brhmie 38, 149, 150, 153, ‘humans as a service’ 3 155, 158, 180 MTurk 2, 3, 4, 11, 12, 24–5, 76, 139, Balkin, Jack 170 161–2, 163 bargaining power 9, 48, 65, 66, 82, 107, algorithmic control mechanisms 56 110, 111, 113, 116 (see also business model 100, 101, 103, 104 collective bargaining) commission deductions 63 Barry, Erin 166 digital work intermediation 14, 15 Benjamin, Robert 73 matching 19 Bertram, Jo 115 payment in gift vouchers 105 Berwick, Barbara Ann 99 quality control 120 Bevin, Ernest 86 TurkOpticon 114, 162, 163, 179 Bezos, Jeff 1–2, 3, 6, 72 wage rates 59, 60, 61 Bhuiyan, Johana 162 termination of agreements 63 Biewald, Lukas 4 ‘web services’ 1–2 bilateral relationships 100 Andersen, Hans Christian 71, 166 BlaBlaCar 43 Apple 35 BlancRide 43 apps 5 Blasio, Bill de 36 arbitration clauses 67, 165 Bonaparte, Napoleon 1 Arlidge, John 163 Booth, Robert 182 ‘artificial artificial intelligence’ 6, 139 Boswell, Josh 182 Ashley, Mike 40 Bradshaw, Tim 151 associated costs 60 Brazil, Noli 133, 184 asymmetric information 32, 54, 87, 131 Bruckner, Caroline 126–7, 183 Australia 109, 110–11, 114, 121, 176, 177 Brynjolfsson, Erik 137, 138, 185 * * * 192 Index Burger King 60 consumer satisfaction 25 business models 12–13, 44, 100, 101, 102 contracts of employment 94 structural imbalances 130–2 bilateral relationships 100 Busque, Leah 46, 51 contractual agreements 8 Butler, Sarah 155 contractual prohibitions 66–7 Bythell, Duncan 89, 166, 167, 168, control mechanisms 54, 55–7 169, 172 ‘cost of switching’ 165 Craigslist 20 Cala, Ryan 123, 131, 182, 184 Croft, Jane 173, 182, 186 Callaway, Andrew 58, 161 ‘crowd-based capitalism’ 40, 73 capitalism 2, 3, 40, 73 CrowdFlower 4, 58 Carr, Paul Bradley 39, 154 wage rates 59 Carson, Biz 173 crowdsourcing 7, 11 Case, Steve 73, 166 classification and differentiation 13 cash burn 22–3 crowdwork 2, 54 cashless payment 5 classification and differentiation 13 ‘casual earners’ 29 Crump, W. B. 169 casual loading 109, 110–11 Curran, Hannah 167 casual task platforms 2 ‘cyber-proletariat’ 27 Chartered Institute of Personnel and Development 115–16 Dal Bó, Ernesto 151 Chassany, Anne-Sylvaine 167 dangerous working conditions 57 cheap labour 89, 90 data portability 112 Chen, Adrian 161 Davies, A.

Where Does Money Come From?: A Guide to the UK Monetary & Banking System
by Josh Ryan-Collins , Tony Greenham , Richard Werner and Andrew Jackson
Published 14 Apr 2012

Over time, this monopoly came to be shared with commercial banks, when deposits and their transfer via checks and giros became widely accepted. Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking, cashless payment instruments became increasingly used, at the expense of banknotes.113 Today virtually all (most estimates are between 97 to 98 per cent) money in circulation is commercial bank money.114 As shown in Figure 7, its growth has been exponential. As recently as 1982, the ratio of coins and notes to bank deposits was 1:12 – by 2010 this ratio had risen to 1:37.* These figures and Figure 7 may appear to run counter to our everyday lived experience of using money.

Shadow Work: The Unpaid, Unseen Jobs That Fill Your Day
by Craig Lambert
Published 30 Apr 2015

In 1994, a Pizza Hut franchise in Santa Cruz, California, tested the possibility, and nearby Silicon Valley got it established as techies ordered their pizzas delivered for dinner without budging from their screens. (In Sydney, Australia, Pompei’s Pizza has rolled out a Pizza Gio kiosk at a shopping center. It cooks an eleven-inch pizza in three minutes, and its touchscreen accepts cashless payments. Pizza Gio holds eighty-four refrigerated pizzas that are about halfway cooked. The customer completes the baking process.) With web ordering, “I can do it at my own pace, and stare at the menu as long as I like,” says Melanie, a marketing specialist in St. Paul, Minnesota. “And I never get put on hold.”

The New Silk Roads: The Present and Future of the World
by Peter Frankopan
Published 14 Jun 2018

It is perhaps hard to believe that one of the most vibrant centres for tech start-ups in the world today is Iran, where one unexpected side effect of being distanced from western competition has been a surge in new businesses and incubators for start-up companies, like Sarava, that help fledgling concepts off the ground.59 Among those selected to appear at the appropriately named Silk Road Startup in Kish in the spring of 2018 were a marketplace for water-friendly food and agriculture products, an eco-friendly and online fashion marketplace for women to buy and sell pre-owned wearables, and a handheld device that measures the level of blood glucose with infrared spectroscopy and artificial intelligence.60 Such successes do not scratch the surface of what is going on India and China, whose adoption rates of new financial technologies (FinTech) for money transfers and payments, savings and investments and borrowing are far higher than any other country in the world – including the US.61 In both countries, the scope for growth seems to be almost limitless. Ant Financial, hived off from the e-commerce giant Alibaba before the latter floated in the world’s largest initial public offering (or IPO) in history in 2014, is itself preparing to undertake a fundraising round that will value the cashless payment business at a jaw-dropping $150bn.62 This makes the valuation of India’s Paytm (in which Alibaba is a shareholder) of just $10bn look conservative – not bad for a company only founded a few months before Prince William and Kate Middleton got engaged in autumn 2010.63 This all sounds impressive – because it is.

Vassal State
by Angus Hanton
Published 25 Mar 2024

In July 2023, Worldpay was once again taken over, with the new owner GTCR saying it expected ‘sustained, long-term growth’ from the company.19 At each stage Worldpay increased the number of UK transactions from which it was taking a cut. As Luca Bassi, a director of Bain Capital, put it: ‘Everything where cash isn’t there, is good.’20 Cashless payments represent a tariff on ordinary trade that transfers money out of the domestic economy and into the pockets of US corporations. Far from watching carefully and acting to protect consumers and producers alike, the UK government does not seem concerned. In 2022, Al Kelly, the chair of Visa, had a reported personal fortune of $177 million while, at Mastercard, former chairman Ajay Banga, who remains a shareholder, had assets said to be worth $162 million.21 And, each time a cashless transaction is made using their corporations’ services their personal wealth will rise again.

Buffett
by Roger Lowenstein
Published 24 Jul 2013

(“Checks That Never Bounce,” Reader’s Digest gushed.)2 Half a billion dollars of the company’s scrip was in circulation, accepted as readily as money itself. Of equal import, by 1963 one million people carried the American Express card, introduced, merely five years earlier, in the innocent era in which citizens thought it necessary to travel about with hard coin. Time heralded the advent of the “cashless society.”3 A revolution was at hand, and American Express was its beacon. And then the bottom fell out. The trouble began, as it often will, in a remote and seemingly minor colony of the corporate empire—in this case, a warehouse in Bayonne, New Jersey, that was owned by an American Express subsidiary.

…

Warren Buffett, appendix to letter to partners, 1964. 43. Warren Buffett, letter to partners, January 18, 1963. Chapter 5. PARTNERS 1. Warren Buffett, letter to partners, January 20, 1966. 2. Frederic Sondern, Jr., “Checks That Never Bounce,” Reader’s Digest, August 1963. 3. “Credit: Toward a Cashless Society,” Time, November 5, 1965. 4. American Express Co., 2963 Annual Report, 22. 5. Howard Clark. 6. See the Pulitzer-prize-winning account of Norman C. Miller in the Wall Street Journal, “How Phantom Salad Oil Was Used to Engineer $100 Million Swindle,” December 2, 1963; Murray Kempton, “The Salad Oil Mystery,” New Republic, July 24, 1965. 7.

Brave New Work: Are You Ready to Reinvent Your Organization?
by Aaron Dignan
Published 1 Feb 2019

The experiences and entertainment that participants bring to life are almost beyond comprehension. Massive art installations, mutant vehicles, and elaborate parties celebrate the ideals and values of the community. You may find yourself. You may find God. You may run into Elon Musk (no relation). And the total cost to participate in this cashless economy where you’ll be totally reliant on the people around you? It could be $2,000 or more. Tickets for last year’s event sold out in just thirty-five minutes. This isn’t Lollapalooza. It’s not a few hours in the sun with your friends. This is a way of life. Burning Man is a classic example of membership done well.

Live Work Work Work Die: A Journey Into the Savage Heart of Silicon Valley
by Corey Pein
Published 23 Apr 2018

Responding to criticism of the policy, the government offered up various, often contradictory rationales: rebalancing the cash supply, boosting the economy, and fighting corruption (it’s much harder to bribe someone or avoid taxes with an app that records every transaction than it is with cash). But there was one justification the government never backed away from: demonetization, it said, was modernization. India was leapfrogging toward a “digital and cashless economy,” with a big assist from some well-connected tech startups. The sudden announcement was accompanied by a tremendous marketing campaign for government-approved mobile payment apps. These included full-page ads that took over the front pages of all the major newspapers showing Modi’s smiling face along with his endorsement for a new smartphone payments app called Paytm, which had arrived just in time to capitalize on the government-mandated disruption of the national currency.

Road to Nowhere: What Silicon Valley Gets Wrong About the Future of Transportation
by Paris Marx
Published 4 Jul 2022

When an Amazon Fresh store opened in West London in March 2021, a journalist observed an old man trying to go in to pick up some groceries, but he gave up when he was told all the steps he would have to take just to enter. “Oh f*** that, no, no, no—can’t be bothered,” he said, then kept walking to reach a normal grocery store.7 But in the future he may run into similar issues at even more stores as countries like Sweden pioneer a cashless economy and the Amazon model inevitably spreads. The extension of inequities, and even the creation of new ones, is a key part of the frictionless society that gets hidden by the digital services that claim to increase convenience and reduce the barriers to consumption. Researcher Chris Gilliard coined the term “digital redlining” to describe the series of technologies, regulatory decisions that enable them, and investments that allow them to scale as actions that “enforce class boundaries and discriminate against specific groups.”8 In the same way that biases in artificial intelligence systems were long ignored, if not purposefully hidden, to protect the business interests of various companies, these frictionless tools also claim they will eliminate inequities, even as Gilliard argued that “the feedback loops of algorithmic systems will work to reinforce these often flawed and discriminatory assumptions.

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global
by Rebecca Fannin
Published 2 Sep 2019

They are also transforming deliveries with white-glove service and super-speedy scooters. Alibaba’s futuristic Freshippo grocery stores employ robots and are more advanced and extensive than Amazon Go’s limited number of automated convenience stores in the United States. •Mobile payments: China today is a cashless society. China’s mobile payments market led by WeChat Pay and Alipay already exceeds US credit and debit card usage. •Fintech: Alibaba affiliate Ant Financial is a one-stop financial services giant that uses big data and machine learning to dominate in money market funds, lending, insurance, mobile payments, wealth management, and blockchain services.

The Social Life of Money
by Nigel Dodd
Published 14 May 2014

What we gain in convenience with transactions like this, we lose in the discount the merchant has to pay to the provider of the payment service in question. This is the “cut”—usually between 1 and 4 percent—that is sliced from an increasing number of everyday transactions: not just those involving credit and debit cards but virtually all cashless forms of payment that we make. Those forms of payments that seem to liberate us from the clutches of banks and large corporations base their attractiveness on an underlying sense that they are enabling us to escape from the old vested interests that were present—somewhere in the background—whenever we used money.

…

Zettel, Berkeley and Los Angeles, University of California Press. Wolf, M. (2010). Fixing Global Finance, New Haven, CT/London, Yale University Press. Wolff, K. H., Ed. (1950). The Sociology of Georg Simmel, New York, The Free Press. Wolman, D. (2012). The End of Money: Counterfeiters, Preachers, Techies, Dreamers—and the Coming Cashless Society, Philadelphia, Da Capo Press. Wray, L. R. (1998). “Modern Money.” Jerome Levy Economics Institute, Working Paper No. 74, Annandale-on-Hudson, NY, Levy Economics Institute of Bard College. www.levyinstitute.org/pubs/wp252.pdf. Wray, L. R. (2004a). “Conclusion: The Credit Money and State Money Approaches.”

Borrow: The American Way of Debt
by Louis Hyman
Published 24 Jan 2012

Yet while Joe could spend $10,000 to live like a millionaire, it would have been nearly impossible for him to spend $10,000 to live like a middle-class person—much less a working-class guy from a Lower East Side tenement. The way we use credit cards today—to pay for groceries, fast food, and coffee—was heralded as futuristic in the 1960s—a hallmark of a wondrous cashless world of tomorrow! It would be a distributed landscape of credit where cards would replace cash. One of the reasons this vision of the future seemed so impossible was because of the very real technological limits on where credit could be used and the moral limits on where it should be. Joe’s story reflected those limits, and the story we are about to examine shows how those limits disappeared.

12 Bytes: How We Got Here. Where We Might Go Next
by Jeanette Winterson
Published 15 Mar 2021

But then feminism spoiled the party. She or he could, of course, in time, be a double agent. In a Blade Runner world, I could be turned in to the authorities by my own virtual mini-me. And she’ll know where the money is. Where the bodies are. Who my friends are, and how to find them. Can I run away? In a cashless world I will be using my phone to pay for everything at first – and then iris recognition, or fingerprints, or chip implant will do away with the need for external devices. I will be my own device. No need for a wallet, or a phone, or a set of keys, or an office-swipe. I will be free. And followed everywhere.

The Fourth Revolution: The Global Race to Reinvent the State
by John Micklethwait and Adrian Wooldridge
Published 14 May 2014

This is creating a flourishing market, particularly in Copenhagen, ranging from academic schools for traditionalists to religious ones for Muslims to experimental ones for children of aging hippies. And it has also become a leader in what some call the intelligent state. The Danes are ahead in the transition to both e-government and the cashless economy. Locals boast that they pay their taxes by SMS. Instead of ordering wheelchairs from the same old provider, Denmark is now asking companies to come up with broader “mobility solutions” in the hope that this will spawn a new industry. Not all these innovations work: A fat tax, which was supposed to “nudge” people into leading healthier lives, had to be withdrawn.

MegaThreats: Ten Dangerous Trends That Imperil Our Future, and How to Survive Them
by Nouriel Roubini
Published 17 Oct 2022

They may not deliver the libertarian dream of decentralized finance outside the reach of governments, but they cater to consumers with an expanding array of user-friendly products and services. Investor enthusiasm has spawned a growing list of investment vehicles dedicated to fintech, where bullish observers see lofty growth potential in cashless payments. Not everyone welcomes newcomers. Banks trapped in outdated technology face massive costs to convert their legacy systems. If customers bolt for fintech options, money will flow out of traditional banks, draining deposits that underpin lending capacity. By luring money away, disintermediation could put banks out of business.

Matchmakers: The New Economics of Multisided Platforms
by David S. Evans and Richard Schmalensee
Published 23 May 2016

So, when you look at the turbocharged matchmakers of today, whether sharing ones or others, don’t fall into the end-of-history illusion that all the good stuff has already happened. It almost certainly hasn’t. Shortly after the credit card became popular in the late 1950s, pundits started predicting the death of cash. The Economist wrote about “The Cashless Society” on July 9, 1966. A half century later, Americans use cash for about 26 percent of transactions. Many of these are small, so cash accounts for only 10 percent of the money people spend on the sorts of things they could pay for with a card.16 Yet, while cash use has indeed declined over time, even in developed countries, it accounts for a large fraction of transactions.17 Pundits also predicted that e-commerce would kill brick-and-mortar stores.

Modernising Money: Why Our Monetary System Is Broken and How It Can Be Fixed
by Andrew Jackson (economist) and Ben Dyson (economist)
Published 15 Nov 2012

Deposit banking was only able to resume in Western Europe in the 12th century following improvements in numeracy, literacy, and financial and trade innovations4 that came about after an increase in available coinage5 led to a resurgence in international trade (Spufford, 2002). In this environment the moneychangers prospered, and adopted the merchant companies' practice of accepting deposits. By also holding deposits with each other, their customers were able to make cashless payments between each other (even when this took accounts into overdraft) (Spufford, 2002). Deposit banking, as it had been practised by the Athenians, was thus rediscovered. Banking in England In mediaeval England, there were no private moneychangers for banks to develop out of, since this was a royal monopoly associated with the mints (Spufford, 2002).

Confessions of a Bookseller
by Shaun Bythell
Published 8 Aug 2019

This was in part because it is a bit of a pain, and also because we incur a small charge from the bank, but since Transport for London introduced contactless payment on the Tube in 2014 an increasing number of people seem to find it acceptable to pay for even the smallest of transactions this way. I suppose we will have to adapt to the inevitability of the cashless society. By closing there was still no sign of the man who said he’d collect his wildfowling books today, so I went for a pint with Callum and Tracy, who has finally managed to get a job interview. She’s going to Turnberry to apply for a receptionist’s job. Despite his best efforts, most of the people of south-west Scotland refuse to refer to the hotel and golf course as the egomaniacally renamed ‘Trump Turnberry’.

No Such Thing as a Free Gift: The Gates Foundation and the Price of Philanthropy
by Linsey McGoey
Published 14 Apr 2015

Which was lucky for Vodafone, because a company rep has gone on record stating that without the £1 million from DFID, he could never have persuaded Vodafone executives to invest in the venture.33 Most popular press articles on M-PESA celebrate the entrepreneurial acumen of Vodafone and Safaricom. They don’t mention DFID. A recent article in Wired, for example, hails M-PESA as a ‘non-governmental, cashless system’, calling it a ‘rare example of Africa successfully leapfrogging the developed world’s legacy infrastructure and moving straight into a mobile system’.34 Despite the fact that private companies are often remarkably risk-averse, begging governments for a leg-up on innovation ladders, there’s a widespread belief among the public and economists that private actors are inherently more innovative and entrepreneurial than governments.

Future Files: A Brief History of the Next 50 Years
by Richard Watson
Published 1 Jan 2008

This will be good news for governments, because about 25% of all cash in circulation worldwide is used for illegal purposes, so any restriction on its availability will be benefi126 Money and Financial Services 127 cial. Cash is anonymous and difficult to trace; e-payments are not. Equally, a cashless society will appeal to business because it will speed up transactions, saving banks and other organizations a bundle of money. Indeed, the only people who will be against the idea of a cash-free society will be some ordinary, law-abiding citizens who rather like the look and feel of paper money — much in the same way that many people prefer real newspapers and books to their online equivalents.

How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
by Mehrsa Baradaran
Published 5 Oct 2015

PREPAID CARDS One of the most recognizable products on the market, prepaid cards allow the user to load money onto a card and then use the card as if it were a debit card. This provides the unbanked an alternative to checking accounts, with the ability to avoid the threat of overdraft fees and to make cashless payments for goods and services, including online purchases. Unlike a bank account, the funds on the card are not FDIC insured.63 Some banks, as well as companies like Target, Wal-Mart, Western Union, American Express, and H&R Block, offer prepaid cards. MasterCard even issues Suze Orman, Magic Johnson, and Russell Simmons prepaid cards.

Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US
by Rana Foroohar
Published 5 Nov 2019

I think you’ll see China owning the digital ecosystem not only at home, but also in ASEAN [Association of Southeast Asian Nations] and many Middle Eastern countries.” It’s easy to make that argument. There are vastly more Internet users in China—some 800 million—than in America. The country has become a largely cashless society in which the majority of the population use locally developed apps for everything from mobile banking to food delivery to bicycle rental. As big as American Big Tech firms are, the Chinese giants Alibaba, Tencent, and Baidu are even bigger in relative terms. The Chinese, who’ve come of age in a system with no assumptions of Western-style personal freedom, seem happy to give up personal privacy in exchange for the many conveniences of Big Data.

The Irrational Bundle
by Dan Ariely
Published 3 Apr 2013

From all the research I have done over the years, the idea that worries me the most is that the more cashless our society becomes, the more our moral compass slips. If being just one step removed from money can increase cheating to such a degree, just imagine what can happen as we become an increasingly cashless society. Could it be that stealing a credit card number is much less difficult from a moral perspective than stealing cash from someone’s wallet? Of course, digital money (such as a debit or credit card) has many advantages, but it might also separate us from the reality of our actions to some degree.

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Abagnale, Frank, 173 academia: conflicts of interest in, 82, 84–85 financial services industry’s influence in, 84–85 group-based projects in, 217–18 pharmaceutical companies’ influence in, 82 academic credentials, misrepresentation of, 135–36, 153, 154 accounting firms: collaborative dishonesty in, 218–21 “in good faith” notion and, 219–20 Adam and Eve, 98 Adams, Mike, 107 advertising agencies, link between creativity and dishonesty in, 186–87 aesthetic preferences, impact of favors on, 75–77 Afghanistan War, 152 altruistic cheating, 222–23, 225–26, 232 supervisory effect and, 227–28 American Medical Association, 79 Amir, On, 15, 18, 31–32, 39, 262 Apple, 184 atheists, swearing on bible and, 40, 41, 42 Atlantic, 214–15 Austen, Jane, 154–55 Avnaim-Pesso, Liora, 102 Ayal, Shahar, 197, 225, 263 bacterial infections, 192–93 Balleisen, Ed, 188 bankers, cheating among politicians vs., 243 banks: small misbehaviors of, 240 see also financial services industry Barkan, Racheli, 21, 23, 262 Barlow, John Perry, 1, 2 baseball, steroids in, 156 Bateson, Melissa, 224 Baumeister, Roy, 100, 104, 262–63 Baylor College of Medicine, 75–77 Bazerman, Max, 45, 260 Becker, Gary, 3–4, 14, 26 Be’er Sheva, Israel, farmer’s market in, 23–24 being caught, probability of, 4–5, 13, 14, 27 varying, in matrix task, 20–22 benevolent behavior, 23–24 Bible, as moral reminder, 40, 41, 42 billable hours, overstating of, 35–37 blind customers, benevolent behavior toward, 23–26 brain: higher connectivity in, 170 left-right split in, 164–65 of pathological liars, 169–70 Broken Windows Theory, 214–15, 249 businesspeople, self-monitoring of, 56–57 business schools, 248 group-based projects in, 217–18 cab drivers, benevolent behavior of, toward blind customer, 25–26 CAD/CAM equipment, in dentistry, 67–71 Cain, Daylian, 89 Canada, cheating in, 242 care for customers, in illegal businesses, 138–39 car mechanics, 93 Carnegie Mellon University, 197–207 car recommendation software, “fixing” answers in, 166–67 Cary, Apoth E., 246 cashless society, implications for dishonesty in, 34 Catch Me If You Can (Abagnale), 173 certificates for (false) achievements, 153–54 Chance, Zoë, 145, 264 charitable behavior, 23–24 cheating: aggressive cheaters and, 239 altruistic, 222–23, 225–26, 227–28, 232 being made blatantly aware of, 156–57 being watched and, 223–25, 227 collaborative, see collaborative cheating desire to benefit from, 12–14, 27, 29, 237 ego depletion, 104–6, 111–12 fake products’ impact on, 125–31 in golf, 55–65 honor codes and, 41–45 increasing creativity to increase level of, 184–87 as infection, 191–216; see also infectious nature of cheating infidelity and, 244–45 on IQ-like tests, self-deception and, 145–49, 151, 153–54, 156–57 reducing amount of, 39–51, 248–54 removing oneself from tempting situation and, 108–11 signing forms at top and, 46–51 Ten Commandments and, 39–40, 41, 44 what-the-hell effect and, 127–31, 136 see also dishonesty China, cheating in, 241–42 Chloé accessories, studies with, 123–34 Civil War veterans, 152 classes, infectious nature of cheating in, 195–97 Coca-Cola, stealing money vs., 32–33 cognitive dissonance, 81 cognitive load: ability to resist temptation and, 99–100 judges’ parole rulings and, 102–3 Cognitive Reflection Test (CRT), 173–74 coin logic, 167–68 collaborative cheating, 217–35 altruism and, 222–23, 225–26, 227–28, 232 being watched or monitored and, 223–25, 227–28, 234–35 emphasis on working as group or team and, 217–18 infectious nature of cheating in relation to, 221–22 social utility and, 222–23 companies: being one step removed from money and, 34–37 irrationality of, 51 see also corporate dishonesty compliments, insincere, 159 conflicts of interest, 67–95, 238, 248 in academia, 82, 84–85 in dentistry, 67–71, 93, 94, 230 disclosure and, 88–92 dots task and, 129 eradication of, 92–95 exclusion of experimental data and, 86–88 expert witnesses and, 85–86 in financial services industry, 83–85, 93, 94 governmental lobbyists and, 77–78, 94 honesty threshold and, 130–31 inherent inclination to return favors and, 74–75 medical procedures and, 71–74, 92–94, 229 pharmaceutical companies’ influence in academia and, 82 pharma reps and, 78–82 what-the-hell effect and, 129–31 congressional staffers, cheating among, 243 Congress members, PAC money misused by, 208–10 contractors, 93 Conway, Alan, 150–51 Cooper, Cynthia, 215 Cornell University, 250–51 corpora callosa, 164–65 corporate dishonesty: cheating a little bit and, 239–40 Enron collapse and, 1–3, 192, 207, 215, 234 recent spread of, 192, 207–8 cost-benefit analysis, 4–5, 26–27, 237, 239 infectious nature of cheating and, 201–3, 205 see also Simple Model of Rational Crime counterfeits, see fake products creativity, 88, 163–89, 238 brain structure and, 164–65 dark side of, 187–89 fooling oneself and, 165–67 increasing, to increase level of cheating, 184–87 infidelity and, 244 intelligence vs., as predictor of dishonesty, 172–77 link between dishonesty and, 170–72, 186–89 logical-sounding rationales for choices and, 163–64 measures of, 171 moral flexibility and, 186–87 pathological liars and, 168–70 revenge and, 177–84 credit card companies, 239–40 crime, reducing, 52 cultural differences, 240–43 Danziger, Shai, 102 decision making: creating efficient process for, 167–68 effectiveness of group work in, 217–18 rationalization process and, 163–67 Denfield, George, 75 dentists: continuity of care and, 228–31 treating patients using equipment that they own, 67–68, 93–94 unnecessary work and, 67–71 depletion, see ego depletion dieting, 98, 109, 112–13, 114–15 what-the-hell effect and, 127, 130 “dine-and-dash,” 79 diplomas, lying about, 135–36, 153, 154 disabled person, author’s adoption of role of, 143–44 disclosure, 88–92, 248 study on impact of, 89–92 discounting, fixed vs. probabilistic, 194 dishonesty: causes of, 3–4, 5 collaborative, see collaborative cheating cultural differences and, 240–43 discouraging small and ubiquitous forms of, 239–40 importance of first act of, 137 infectious nature of, 191–216; see also infectious nature of cheating intelligence vs. creativity as predictor of, 172–77 link between creativity and, 170–72, 186–89 opportunities for, passed up by vast majority, 238 of others, fake products and assessing of, 131–34 rational and irrational forces in, 254 reducing amount of, 39–51, 248–54 society’s means for dealing with, 4–5 summary of forces that shape (figure), 245 when traveling, 183n see also cheating dissertation proposals and defenses, 101 distance factors, 238 in golf, 58–59 stealing Coca-Cola vs. money and, 32–33 token experiment and, 33–34 doctors: consulting for or investing in drug companies, 82, 93 continuity of care and, 228–29 lecturing about drugs, 81 pharma reps and, 78–82 treating or testing patients with equipment that they own, 92–94 Dodd-Frank Wall Street Reform and Consumer Protection Act, 234 dots task: conflict of interest and, 129 description of, 127–29 link between creativity and dishonesty and, 171–72, 185–86 what-the-hell effect and, 129–31 downloads, illegal, 137–39 dressing above one’s station, 120–21 Ebbers, Bernie, 13 ego depletion, 100–116, 238, 249 basic idea behind, 101 cheating and, 104–6 in everyday life, 112–16 removing oneself from tempting situations and, 108–11, 115–16 of Sex and the City’s Samantha Jones, 103 sometimes succumbing to temptation and, 114–15 sudden deaths among students’ grandmothers at exam time and, 106–8 ego motivation, 27 England, cheating in, 242 Enron, 1–3, 192, 207, 215, 234 essay mills, 210–13 exams, sudden deaths among students’ grandmothers and, 106–8 exhaustion, 249 consumption of junk food and, 97–98 judges’ parole rulings and, 102–3 see also ego depletion experimental data, exclusion of, 86–88 expert witnesses, 85–86 explanations, logical-sounding, creation of, 163–65 external signaling, 120–22 dressing above one’s station and, 120–21 fake products and, 121–22 failures, tendency to turn blind eye to, 151 “fair,” determination of what is, 57 fake products, 119, 121–40, 238 illegal downloads and, 137–39 misrepresentation of academic credentials and, 135–36 rationalizations and, 134–35 self-signaling and, 123–26, 135 signaling value of authentic version diluted by, 121–22 suspiciousness of others and, 131–34 what-the-hell effect and, 127–31, 135 farmer’s market, benevolent behavior toward blind customer in, 23–24 fashion, 117–26 counterfeit goods and, 119, 121–22, 121–40, 123–26; see also fake products dressing above one’s station and, 120–21 external signaling and, 120–22 self-signaling and, 122–26 Fastow, Andrew, 2 favors, 74–82 aesthetic preferences and, 75–77 governmental lobbyists and, 77–78 inherent inclination to return, 74–75 pharma reps and, 78–82 see also conflicts of interest Fawal-Farah, Freeda, 117, 118 FBI, 215 Fedorikhin, Sasha, 99–100 Feynman, Richard, 165 financial crisis of 2008, 83–85, 192, 207, 234, 246–47 financial favors, aesthetic preferences and, 77 financial services industry: anonymous monitoring and, 234–35 cheating among politicians vs., 243 conflicts of interest in, 83–85, 93, 94 government regulation of, 234 fishing, lying about, 28 Frederick, Shane, 173 friends, invited to join in questionable behavior, 195 fudge factor theory, 27–29, 237 acceptable rate of lying and, 28–29, 91 distance between actions and money and, 34–37 getting people to cheat less and, 39–51 infidelity and, 244 rationalization of selfish desires and, 53 stealing Coca-Cola vs. money and, 32–33 Gazzaniga, Michael, 164–65 Generally Accepted Accounting Principles (GAAP), 219–20 generous behavior, 23–24 Get Rich Cheating (Kreisler), 14 Gilovich, Tom, 250, 263–64 Gino, Francesca, 45, 104, 123, 127, 131, 145, 170, 184, 197, 225, 234–35, 242, 258–59 Glass, Ira, 6 Gneezy, Ayelet, 177, 257–58 golf, 55–65 cheating by “average golfer” vs. study participants and, 63–64 mistallying score in, 61–64 moving location of ball in, 58–59, 63 mulligans in, 60–61, 63–64 self-monitoring in, 56–57 survey on cheating in, 57–64 government regulations, 234 grandmothers, sudden deaths of, at exam time, 106–8 gray matter, 169–70 Green, Jennifer Wideman, 117 grocery shopping, ego depletion and, 109, 112–13 group or team work, 220–23 performance unaffected by, 233 possible benefits of, 223 predominance of, in professional lives, 217–18, 235 social utility and, 222–23 see also collaborative cheating Grüneisen, Aline, 210–11, 257 guilt, self-inflicted pain and, 250–52 Harford, Tim, 3–4 Harper’s Bazaar, 117–18 Harvard Medical School, 82 Harvey, Ann, 75 Henn, Steve, 209 heretics, external signaling of, 120 Hinduism, 25 honesty threshold, 130–31 honor codes, 41–45, 204 ideological organizations, 232n “I knew it all along” feeling, 149 illegal businesses, loyalty and care for customers in, 138–39 impulsive (or emotional) vs. rational (or deliberative) parts of ourselves, 97–106 cognitive load and, 99–100 ego depletion and, 100–106 exhaustion and, 97–98 Inbar, Yoel, 250, 264 infectious nature of cheating, 191–216, 249 bacterial infections compared to, 192–93 in class, 195–97 collaborative cheating in relation to, 221–22 Congress members’ misuse of PAC money and, 208–10 corporate dishonesty and, 192, 207–8 cost-benefit analysis and, 201–3, 205 essay mills and, 210–13 matrix task and, 197–204 positive side of moral contagion and, 215–16 regaining ethical health and, 214–15 slow and subtle process of accretion in, 193–94, 214–15 social norms and, 195, 201–3, 205–7, 209 social outsiders and, 205–7 vending machine experiment and, 194–95 infidelity, 244–45 “in good faith” notion, 219–20 Inside Job, 84–85 insurance claims, 49–51 intelligence: creativity vs., as predictor of dishonesty, 172–77 measures of, 173–75 IQ-like tests, cheating and self-deception on, 145–49 certificates emphasizing (false) achievement and, 153–54 increasing awareness of cheating and, 156–57 individuals’ tendency to turn a blind eye to their own failures and, 151 IRS, 47–49 Islam, 249 Israel, cheating in, 241 Italy, cheating in, 242 Jerome, Jerome K., 28 Jobs, Steve, 184 Jones, Bobby, 56 Jones, Marilee, 136 Judaism, 45, 249 judges, exhausted, parole decisions and, 102–3 junk food, exhaustion and consumption of, 97–98 Keiser, Kenneth, 135 Kelling, George, 214–15 John F.

Extreme Economies: Survival, Failure, Future – Lessons From the World’s Limits
by Richard Davies
Published 4 Sep 2019

Atef’s screen shows 73,000 beneficiaries for credit, and that this month the cards will be loaded with a total of 1.4 million dinars. The WFP then reimburses Tazweed and Safeway in respect of the credit spent in each store. The system is designed so that money flows directly from the donors to the supermarket owners, without passing through the refugees’ hands. Zaatari is intended to be a cashless economy. Atef explains that each month a family’s card is reloaded with 20 dinars per person. This includes kids, so that a couple with three children will receive 100 dinars per month. When Tazweed first opened there were huge queues, crushes and arguments. He explains how everyone arrived at the same time, as soon as the credit was granted: ‘Just imagine what it is like when everyone has been waiting for one month to get food.’

Who’s Raising the Kids?: Big Tech, Big Business, and the Lives of Children
by Susan Linn
Published 12 Sep 2022

Profits for fast- and junk-food companies depend on unthinking consumption of unhealthy food. Children, at risk for life-threatening conditions of obesity and type 2 diabetes, need honest, fact-based information about nutrition. Profits for credit card companies increase when customers consistently carry an interest-accruing balance. Kids growing up in an increasingly cashless world and at risk for credit card debt as young adults need to understand the temptations and consequences of spending money they don’t have. Big Tech companies, profiting from selling personal information to advertisers, need users who don’t think much about privacy policies. Children, as the objects of surveillance that enables powerfully personalized web advertising, benefit from indepth understanding of how and when their personal information is usurped and exploited.

The End of Work
by Jeremy Rifkin
Published 28 Dec 1994

Aetna closed up its warehouse facility where employees "did nothing but update manuals."21 Loewenberg says that Aetna is moving quickly toward a paperless office "because its a more efficient way of delivering and maintaining information."22 Many in the computer software industry compare the paperless office to the cashless society and predict that most companies will convert to the new way of doing business well before the second decade of the next century. Nirex, a UK company, already processes its mail electronically. When paper-based correspondence arrives in the 148 THE DECLINE OF THE GLOBAL LABOR FORCE mailroom, an electronic image of the letter appears on a screen.

The fortune at the bottom of the pyramid
by C. K. Prahalad
Published 15 Jan 2005

“By combining the features of a handy credit/debit card with the advantages of . . . storage capacity . . . the smart card provides secure identification, a store of value and an ability to function off line while maintaining an audit trail of all the transactions.”35 Smart cards were launched in October 2000 by ICICI at the Infosys Campus in Bangalore and at Manipal Academy of Higher Education (MAHE) to create a cashless economy. However, many problems exist with smart cards, such as high cost and lack of technological infrastructure for widespread adoption. The high cost is especially amplified at the rural level. However, ICICI is watching closely what BASIX is doing currently with smart card technology to see if it is cost-effective and viable.

How Money Became Dangerous
by Christopher Varelas
Published 15 Oct 2019

SmarTalk and Bob Lorsch are already forgotten, especially in the age of unlimited mobile phone minutes, and so prepaid calling cards might now seem like an insignificant thing, but nearly all evolutionary developments are made up of a series of incremental changes. As we shifted from a cash to a cashless society, people became increasingly comfortable with monetary value existing in forms besides dollars and coins. We no longer needed to stuff bills into our wallets or carry quarters for the pay phone. The popularity of credit cards helped push this change along, as consumers started thinking about money differently.

Hit Refresh: The Quest to Rediscover Microsoft's Soul and Imagine a Better Future for Everyone
by Satya Nadella , Greg Shaw and Jill Tracie Nichols
Published 25 Sep 2017

The combination of industrial policy, public sector investment, and entrepreneurial energy is what many other countries will also look to replicate from China’s success. I see the beginnings of this in India with the creation of the new digital ecosystem known as IndiaStack. India is leapfrogging from once being an infrastructure-poor country to now leading in digital technology. IndiaStack ushers in a presence-less, cashless, paperless economy for all its citizens. On a trip to Bengaluru I engaged in a conversation with Nandan Nilekani about IndiaStack and its future road map. Nandan is the legendary founder of Infosys, who went on to create a new startup working with the Indian Government—Aadhaar—the identity system that is at the center of IndiaStack.

Fully Automated Luxury Communism
by Aaron Bastani
Published 10 Jun 2019

The company’s model is straightforward and, perhaps rather predictably, resembles the kind of contract associated with mobile phones. Customers pay a deposit of KES 3,500 (approximately $35) to take the system home and then a further KES 50 ($0.50) a day for a year before owning the system outright. Daily payments are made through M-Pesa, a mobile phone–based money system. Consumer renewable energy paid for by cashless, digital payments – the reality of African energy in the early twenty-first century. Offering their products through a network of licensed dealers across Kenya, Tanzania and Uganda, the company’s latest ‘M-Kopa 4’ package offers an eight-watt solar panel that charges appliances through USB ports, as well as two LED bulbs with light switches, a rechargeable LED torch and a radio.

Addiction by Design: Machine Gambling in Las Vegas
by Natasha Dow Schüll
Published 15 Jan 2012

Ticket-in/ticket-out (TITO) technology, which debuted in 1999 and now runs in most casinos, made coin payouts obsolete even for gamblers without player loyalty cards by paying out credits in the form of bar-coded slips of paper printed instantly at the machine, redeemable at self-service kiosks or immediately reusable at another machine.54 TITO quickly proved its revenue-generating power by reducing “downtime” on machines (i.e., the time wasted acquiring and handling coins or waiting for payoffs) and increasing the overall speed and magnitude of play by an impressive 20 percent.55 Upon its introduction, this fully “cashless” system was promoted to gamblers as one of “unprecedented player convenience—they no longer need to wait for change or hand-paid jackpots, nor lug around heavy plastic cups and dirty their hands by handling coins.”56 For casinos the system did more than increase gambling revenue; it increased cost efficiencies as well, by eliminating the need for staff to fix coin jams, supply coins to players, or transport coins across the casino floor and feed them through coin-counting machines.

Addiction by Design: Machine Gambling in Las Vegas
by Natasha Dow Schüll
Published 19 Aug 2012

Ticket-in/ticket-out (TITO) technology, which debuted in 1999 and now runs in most casinos, made coin payouts obsolete even for gamblers without player loyalty cards by paying out credits in the form of bar-coded slips of paper printed instantly at the machine, redeemable at self-service kiosks or immediately reusable at another machine.54 TITO quickly proved its revenue-generating power by reducing “downtime” on machines (i.e., the time wasted acquiring and handling coins or waiting for payoffs) and increasing the overall speed and magnitude of play by an impressive 20 percent.55 Upon its introduction, this fully “cashless” system was promoted to gamblers as one of “unprecedented player convenience—they no longer need to wait for change or hand-paid jackpots, nor lug around heavy plastic cups and dirty their hands by handling coins.”56 For casinos the system did more than increase gambling revenue; it increased cost efficiencies as well, by eliminating the need for staff to fix coin jams, supply coins to players, or transport coins across the casino floor and feed them through coin-counting machines.

Lonely Planet Iceland (Travel Guide)
by Lonely Planet , Carolyn Bain and Alexis Averbuck
Published 31 Mar 2015

There are also 31 highly detailed topographic maps at a scale of 1:100,000, covering the entire country and ideal for hikers, plus themed maps (for example on sagas, geology or birdwatching). Serious hikers can ask for maps at local tourist information centres or at national park visitor centres, both of which often stock inexpensive maps detailing regional walks and hikes. Money Iceland is an almost cashless society where credit is king. Locals use plastic for even small purchases. As long as you’re carrying a valid card, you’ll have no need for travellers cheques and will need to withdraw only a limited amount of cash from ATMs. Contact your financial institution to make sure that your card is approved for overseas use.

The Pay Off: How Changing the Way We Pay Changes Everything
by Gottfried Leibbrandt and Natasha de Teran
Published 14 Jul 2021

But Europeans remain stubbornly national in their payment habits, and Visa and Mastercard have long dominated the field. Changing either will not be easy. ______________________________________________________________________ 1 Lehman Brothers collapsed in September 2008. 2 The Single Euro Payments Area (SEPA) harmonises the way in which cashless euro payments are made across Europe. It allows European consumers, businesses and public administrations to make and receive payment transactions under the same basic conditions. A collaborative cross-industry initiative, it was pushed by the EU Commission and is supported by EU regulation (directive 2007/64/EC and regulations EU 924/2009 and 260/2012). 3 In comparison, there are about 1.2 billion Visa cards in circulation and just short of a billion Mastercard cards, according to creditcards.com.

Debt: The First 5,000 Years
by David Graeber
Published 1 Jan 2010

The American Express card, the first general-purpose credit card, had been invented a mere thirteen years before, and the modern national credit-card system had only really come into being with the advent of Visa and MasterCard in 1968. Debit cards were later, creatures of the 1970s, and the current, largely cashless economy only came into being in the 1990s. All of these new credit arrangements were mediated not by interpersonal relations of trust but by profit-seeking corporations, and one of the earliest and greatest political victories of the U.S. credit-card industry was the elimination of all legal restrictions on what they could charge as interest.

The Tube: Station to Station on the London Underground
by Oliver Green
Published 15 Feb 2012

A Platform for Art exhibition by Japanese pop artist Chiho Aoshima in 2006 on the walls of Gloucester Road station, built in 1868. All three of these systems are now managed for the Mayor of London by TfL as part of an integrated multi-modal transport system for the capital. They all appear on the Tube map and use the same cashless Oyster card ticketing system. By 2018 new deep tunnels for Crossrail will be carrying mainline services from east to west below London. Technically Crossrail will not be part of the Underground, but all the new stations will have direct interchange with the Tube, and feel seamlessly integrated into London’s familiar underground travelling environment.

Lonely Planet Iceland
by Lonely Planet

Colonies of puffins are poised and ready for their close-up at numerous coastal cliffs and offshore isles, including Heimaey, Grímsey, Drangey, Látrabjarg and Borgarfjörður Eystri. Puffins | Patrick Dieudonne / robertharding/Getty Images © Need to Know Currency Icelandic króna (kr or ISK) Language Icelandic; English widely spoken Visas Generally not required for stays of up to 90 days. Money Iceland is an almost cashless society where credit cards reign supreme, even in the most rural reaches. PIN required for purchases. ATMs available in all towns. Mobile Phones Mobile (cell) coverage is widespread. Visitors with GSM phones can make roaming calls; purchase a local SIM card if you’re staying a while. Time Western European Time Zone (equal to GMT) When to Go High Season (Jun–Aug) AVisitors descend en masse, especially to Reykjavík and the south.

Lonely Planet Norway
by Lonely Planet

Changing Money Don't assume that all banks will change money: in some places you may need to shop around to find one that does. Rates at post offices and tourist offices are generally poorer than at banks, but can be convenient for small amounts outside banking hours. Credit & Debit Cards Norway is well on its way to becoming a cashless society – you'll find the vast majority of transactions these days are by card. Visa, Eurocard, MasterCard, Diners Club and American Express cards are widely accepted throughout Norway. If your card is lost or stolen, report it immediately. American Express (%22 96 08 00) Diners Club (%21 01 53 00) MasterCard (%80 01 26 97) Visa (%80 01 20 52) Currency The Norwegian krone is most often represented either as Nkr (preceding the number), NOK (preceding the number) or simply kr (following the amount).

Hype: How Scammers, Grifters, and Con Artists Are Taking Over the Internet―and Why We're Following
by Gabrielle Bluestone
Published 5 Apr 2021

Because I had access to their bank accounts, and it was often zero,” Coffie said. It was only thanks to a last-minute investing round led by McFarland months later that the artists were even paid on their contracts—and only then after a Wall Street Journal article threatened to derail the whole thing.140 Then, with less than a month to go, Fyre suddenly switched to a cashless, RFID system that would require that concertgoers prepay to load their wristbands with funds in order to pay for things like food and water—despite the lack of Wi-Fi at the site. “The numbers they were attaching to this were the kind of numbers that make it exclusive, but in reality the reason they were doing that was because they ran out of cash.

The Euro: How a Common Currency Threatens the Future of Europe
by Joseph E. Stiglitz and Alex Hyde-White
Published 24 Oct 2016

The advantages of electronic transactions are, nonetheless, overwhelming, which is why even with monopoly pricing, there has been a shift toward this system. 8 The major exception, for the purchase of goods and services from abroad, is discussed later in this chapter. 9 Indeed, European authorities effectively encouraged the creation of such a system when they imposed restrictions on how much money people in Greece and Cyprus could take out of their accounts. This system goes just a little further: rather than limiting the amount that can be taken out of one’s bank account to a very little amount—say, €50 a day—it puts the limit at zero, forcing the economy to move to a cashless electronic economy. 10 In the preface, we noted the role that this issue played in America’s election in 1896. 11 There are several other “slips between the cup and the lips.” Central banks in Europe, the United States, and Japan have increased their own balance sheet, providing more liquidity to their banks; but their banks have simply put much of the money back in deposit at the central bank, not even creating more private credit.

Uberland: How Algorithms Are Rewriting the Rules of Work
by Alex Rosenblat
Published 22 Oct 2018

As we talk, he reaches for the pocket on his cargo shorts, indicating that the thieves missed his wallet when they grabbed his bag of food and the cash he carried to make change for food deliveries. Now he’s driving a large Suburban for Uber and Lyft in New York City, and he finds that the cashless exchange of payments facilitated by the apps gives a huge boost to his perceived sense of safety on the job. He invested in a larger vehicle to accommodate his big and growing family: his new baby is five months old, and his wife will go back to work at her job in a nail salon once her parents arrive from China to stay at home with their baby.

Secrets and Lies: Digital Security in a Networked World
by Bruce Schneier
Published 1 Jan 2000

It’s easier to design a secure pay-for-parking system if you assume that crooks can’t empty the parking meters into their pockets. It’s easier to design a secure library if you assume that people can’t sneak books out of the building inside their overcoats. And it’s easier to design an electronic wallet if you assume that people can’t arbitrarily modify the amount of money they have. Here’s a perfect cashless monetary system: Everyone carries around a piece of paper with a number on it representing the number of ducats in his wallet. When someone spends money, he crosses out the number and writes the lower number. When he receives money, he does the opposite. If everyone is honest, this system works. As soon as someone notices that he can write whatever number he wants on the paper, the system falls apart.

Money: 5,000 Years of Debt and Power
by Michel Aglietta
Published 23 Oct 2018