Pre-1900 utopian visions of the ‘cashless society’

papers.ssrn.com

The falling use of cash and the advent of digital technologies support the possibility of reconfiguration of monetary transactions without any intermediation of physical monetary tokens. The introduction of electronic money, especially in the guise card-based technologies but also as pre-charged software enhanced the optimism for a quick passage to a cashless, even a moneyless society. Nonetheless the prognoses for the elimination of cash have proved wrong so far and it is rather electronic money that struggles for survival. This paper explains why the initial enthusiasm about electronic money is running of steam. After defining what electronic money is and analyzing the data about its penetration in different countries a series of reasons for its failure are offered; even in the case where e-money is considered a success, the success story is contested. The small importance of e-money in retail payments today suggests the possibility of a society with minimal use of cash but without e-money. This is a more appropriate context for engaging with the projects of Singapore’s Electronic Legal Tender and of the Single Euro Payment Area.

2017

This paper is a written account of the pitching research experience two UQ Research Scholars’ (Matthew & Marisol) underwent, as part of the UQ Summer Research Program. It elaborates the use of Faff’s (2015) pitching research framework by the duo to develop a full ‘fantasy pitch’ in studying how the usage of digital money can alter the social construct, and the value of money. Comments on how the individuals has benefited from such a learning experience can be found at the end of the paper in ‘personal reflections’.

SSRN Electronic Journal, 2000

We analyze the evolution of payments in the Low Countries during the period 1500-1800 to argue for the historical importance of money of account or ghost money. Aided by the adoption of new bookkeeping practices such as ledgers with current accounts, this convention spread throughout the entire area from the 14th century onwards. Ghost money eliminated most of the problems associated with paying cash by enabling people to settle transactions in a fictional currency accepted by everyone. As a result two functions of money, standard of value and means of settlement, penetrated easily, leaving the third one, store of wealth, to whatever gold and silver coins available. When merchants used ghost money to record credit granted to counterparts, they in effect created a form of money which in modern terms might count as M1. Since this happened on a very large scale, we should reconsider our notions about the volume of money in circulation during the Early Modern Era.

This paper discusses the historical development of "money" with the objective of analyzing the possible challenges and prospects of ensuring a "cashless" economy in the less developed countries. A literaturebased inquiry has been conducted, taking the peculiar features of developing countries into consideration. This paper tries to answer if there is a unique feature in the transition process from fiat money to a cashless economy as compared to the historical transition that the world has made on its way from a gold standard currency system to a fiat money system. Though tremendous progress has already been achieved, especially in the developed economies, in terms of introducing digital economies, every country in the world could not be on the same page due to the fact that the new system requires the use of intensive technologies and infrastructural setups accompanied by technology-friendly communities who are capable of pursuing the new technology. To recapitulate, while it is unlikely that cash will be completely replaced by digital payment systems, a significant shift in advanced economies is expected, while the transition in developing countries will be slow.

's fascinating book approaches the only seemingly obvious act of 'making money' by examining what it actually means to 'make money'. While Desan does acknowledge the physical act involved in this process, such as the striking of coins and the printing of bills, her primary focus is to study what gave money value and validated it as a reliable medium of egalitarian exchange. She makes it very clear that in order for money to function, i.e. circulate and be accepted, it needed to be centrally enforced. This enforcement became easier when kingdoms were united. However, to give individuals confidence in a currency, there needed to be an obvious demand for it. The central government would create and perpetuate this demand through taxation, and accepting their money as payment (p. 50). Her first chapter also emphasises the main arguments that run throughout the book: she does not believe that markets created money-it was money that created the market. This certainly makes sense when the reader considers that the exchange of goods would be difficult without a standardised measure of value. Desan also notes that this standardisation of value through money would only work in a world created by money (pp. 60-1). The creation of standardised value through coinage also enabled the value of labour to be defined, which would ultimately ensure that labourers with no goods to trade could still gain access to the market.

Int. J. Critical Accounting, 2021

The vast majority of what has been written about the monetary system and its theories was developed when money was totally or partially backed by some type of merchandise. At present, commodity money no longer exists, only debt money. This paper addresses money from its transition to the current situation, through this 'manifesto of money', for the construction of a new theoretical framework that adapts to the current reality and adopting money as a real medium of exchange. This paper uses the methodology of historical review and of existing power relations in this historical moment in time called the archaeological and genealogical methodology by Foucault. Using this tool, a review of the related economic literature is made and the incongruities of the current monetary system are described. The central axis of this work is the 'neutrality of money' which is used to develop a proposal for a national currency and a proposal for an international exchange currency as the basis for the construction of a new model.

Humanities Research, 1999

2015

2017

We conceptualize the emergence and spread of monies in society based on the metaphor of a game actors learn to play which is grounded by the emergence of institutions supporting this game. Based on this approach, Bitcoin is viewed as an emerging money game shaped by different groups and interests pitted against other established money games played in society. We find that the Bitcoin money game has been evolving since its inception, moving through three different phases: a confrontational phase following the inception of Bitcoin, a phase of horizontal integration with incumbent firms and merchants, and a phase of an emerging vertical integration with powerful state actors. While claims about Bitcoin's antagonism towards the incumbents of the financial system are not entirely unwarranted, private firms and government agencies have significantly contributed to the shaping of the Bitcoin money game even to this day. Contesting the idea of Bitcoin as a merely disruptive force, we offer a re-reading of the evolution of Bitcoin up to date which points out that Bitcoin might end up fortifying the position of the central money games in society whose power it was meant to challenge.

2017

The End of Money: A Cultural-Economic Revolution Or An Unplanned Venture By: Ujjwal Dubey & Naman Gambheer India, an incredible cash-centric economy, recently faced the removal of 86% of its currency from circulation. This giant step of demonetization was taken by the Government of India in order to build up an inertia against the persisting black money problem and eradicate it by a subsequent drive towards the Proceedings of International Conference 2017, Organized by TMIMT Moradabad. 1 development of cashless economy in India. It promises reduction in tax avoidance and expenses on currency issuance along with speedy and satisfactory universal availability of banking services. The move towards cashless economy came forward with the face of a charade when it wa s realized that more than 95% of all transactions were carried out in cash. Thousands of millions of people were left without cash unable to fulfill their basic and urgent requirements. Demonetization in India has effects whi...