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The Future of Money
How the Digital Revolution Is Transforming Currencies and Finance
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See moreNew technologies are shaking the foundations of traditional finance. Leading economist Eswar Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Meta’s Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people.
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Description
An Economist Book of the Year
A Financial Times Book of the Year
A Foreign Affairs Book of the Year
A ProMarket Book of the Year
One of The Week's Ten Best Business Books of the Year
"A road map for money managers, market strategists, and others seeking to understand this new world." — Barron's
"Money shapes economies, economies shape nations, nations shape history. It follows that the future of money is profoundly important. Here is a definitive report on where we are and where we are going." — Lawrence H. Summers, former Secretary of the Treasury
"Prasad manages to make the financial system intelligible and interesting without resorting to shortcuts and exaggeration. Previous overhauls mainly improved existing systems, he notes. The end of cash—likely within a decade or two—is revolutionary." — The Economist
The world of finance is on the cusp of a major disruption that will affect corporations, bankers, states—indeed, all of us. As Eswar Prasad makes clear, the end of physical cash will fundamentally rewrite how we live. Bitcoin, Ethereum, and other cryptocurrencies are just the beginning: spurred by their emergence, central banks will increasingly develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve dramatically as global corporations like Facebook, Apple, and Amazon join the game.
Prasad shows how these innovations will redefine the very concept of money, unbundling its traditional functions. This transformation promises greater efficiency and flexibility, but also carries the risk of instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.
Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?
The book by Eswar S. Prasad delves into the transformative impact of digital technologies on finance, exploring the potential disappearance of physical money and the rise of digital currencies. Reviews highlight Prasad's expertise in discussing the social and economic implications, particularly how central banks might adapt, and the interplay between regulation and technological advances. The book is praised for offering a thorough, accessible insight into the future of digital money, making it a valuable resource for both financial experts and laypersons.
Book Details
INFORMATION
ISBN: 9780674293892
Publisher: Harvard University Press
Format: Paperback / softback
Date Published: 05 September 2023
Country: United States
Imprint: Harvard University Press
Illustration: 17 photos, 8 illus.
Audience: Professional and scholarly
DIMENSIONS
Spine width: 33.0mm
Width: 156.0mm
Height: 235.0mm
Weight: 567g
Pages: 496
About the Author
Eswar S. Prasad is the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a research associate at the National Bureau of Economic Research. He is the author of Gaining Currency: The Rise of the Renminbi and The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance.
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