The Electronic Money Revolution

Most journalistic accounts of the new forms of electronic money misleadingly spin the story as the emergence of yet another convenience for the technologically pampered. So what if we can pull out a "smart card" rather than carry coins? Big deal. These new forms of money sound like power windows on cars, or remote control for TV sets. Maybe we'd be better off without these gadgets.

But media coverage has failed to look far enough into the future, and to comprehend the full extent of the changes that will be wrought by new forms of electronic money, as people and businesses invent new ways of doing business. Electronic money is not a channel changer: as it develops, it will help transform the world economy.

Two benefits of electronic money stand out, and will likely contribute to its growth. Most important, it will have profound intellectual benefits by creating incentives for the active pursuit of ideas. Second, electronic money will advance globalization , expanding the scope and versatility of the Internet and making it easier for people to interact constructively with others around the world. Taken together, these two benefits will enable millions of minds to work together far more effectively than ever before.

To continue reading, please log in or enter your email address.

To read this article from our archive, please log in or register now. After entering your email, you'll have access to two free articles from our archive every month. For unlimited access to Project Syndicate, subscribe now.

required

By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in

http://prosyn.org/weSc6jS;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.