Description
In The Curse of Cash, renowned economist Kenneth S. Rogoff challenges the conventional wisdom that cash is king. Drawing on historical analysis and contemporary evidence, Rogoff argues that while cash has served important functions throughout history, it now primarily enables illegal activities and hinders effective monetary policy.
The book explores how cash facilitates crime, terrorism, corruption, and tax evasion on a massive scale. Rogoff proposes a pragmatic roadmap for gradually phasing out large-denomination notes and transitioning toward digital payments, while addressing legitimate concerns about privacy, financial inclusion, and government overreach.
Rather than advocating for an immediate elimination of cash, Rogoff presents a nuanced argument for why policymakers should seriously consider reducing cash’s role in the economy. The work combines economic theory with practical policy recommendations, making it essential reading for those interested in monetary systems, financial crime, and the future of money.
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