- Hardcover: 240 pages
- Publisher: Da Capo Press (1 Mar 2012)
- Language English
- ISBN-10: 0306818833
- ISBN-13: 978-0306818837
- Product Dimensions: 22.9 x 15.7 x 2.5 cm
- Amazon Bestsellers Rank: 47,821 in Books (See Top 100 in Books)
The End of Money
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Product Description
Review
"Kirkus Reviews", 1/15/12
"Alternating between in-depth reporting and personal rumination, "Wired" contributing editor Wolman tries to figure out what a cashless society would mean and whether it is an idea whose time has come...He has plenty of thoughts about what could replace physical money, but he is wise enough to understand that he cannot imagine all of the unexpected outcomes. An intriguing book on a topic that many readers have always taken for granted: the cash in their purses and wallets.""Publishers Weekly", 1/30/12"Wolman believes that physical cash will soon cease to be. He explores this compelling possibility by talking with a number of fascinating characters...Just as interesting is Wolman's discussion of money, culture, and poverty...Wolman's writing is clear and thoughtful, and his use of characters and places add color and personality to this excellent investigation of a timely topic" Biz Books, 2/5/12"You'll never look at a dollar bill without thinking its societal costs are more than a dollar." The Fiscal Times, 1/26/12
"An entertaining and engaging canter through the world of money, both real and electronic." King Features Syndicate, 2/20/12"[A] fascinating book..."The End of Money" will cause readers to rethink the contents of their wallets...This is an example of exceptional in-depth reporting that examines cash and predicts that in the near future our currencies will undergo a change that will be so dramatic it will change the way our world works." "The Bookworm Sez (nationally syndicated column)," 2/13/12"What you'll learn is surprising. Whether you've got greenbacks or gravy, pennies, pounds, or plastic in your pocket, I think you'll find "The End of Money" extremely interesting. Money might not buy happiness, but reading this book is the next best thing." SecondAct.com, 2/9/12
"A fascinating exploration of how we are evolving into a society that relies entirely on plastic and mouse-clicks to buy, sell and save what we need."
Product Description
The age of paper money and metal coins is coming to a close. "The End of Money" shines the spotlight on this revolution - and the people, technologies, and trends that are powering it. "The End of Money" is the story of hard currency - its history, conflicts, champions, detractors, and eventual demise. As the role of bills and coins in our everyday lives and in the economy lessens, real money is becoming not merely an abstraction, but an abstraction of an abstraction. What will an increasingly cashless future mean for society, and for the people whose careers are linked to the production, management, and collection of hard currency? This is their story, but it is also our story - because the fate of real money impacts all of our wallets. The tale spans from Britain's Master of the Mint, Isaac Newton, to massive zinc mines in Western Australia. David Wolman delivers an everyman-friendly explanation of the monetary policies espoused by titans like Jefferson, Keynes, Friedman, and Greenspan, while exploring the wider implications of PayPal's next-generation payment innovations. It examines the role of Las Vegas casinos as drivers of coin production, delves into Federal Reserve branch banks full of cash, showcases the boon in mobile phone banking in developing countries, and looks at the Secret Service's ongoing battle with counterfeiters. The book zooms from places like South Korea, where cell phone scans are used to pay for just about everything, to fMRI laboratories, where brain scientists are studying our emotional relationship to cash. From Bretton Woods and e-bullion businesses, to Andrew Jackson's "Specie Circular" of 1836, "The End of Money" takes readers on a cross-cultural journey into the world of hard currency - and peers into a future without it.
Inside This Book
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13 reviews
48 of 51 people found the following review helpful
Must-read to understand the future of money
1 Feb 2012
Format:Hardcover
Alternating between in-depth reporting and personal rumination, Wired contributing editor Wolman (Righting the Mother Tongue: From Olde English to Email, the Tangled Story of English Spelling, 2008, etc.) tries to figure out what a cashless society would mean and whether it is an idea whose time has come.
The author decided to live without spending cash for a year, but he does not develop that portion of the saga at length. Mostly he focuses on visionaries who are hoping, for a variety of reasons, to eliminate paper money and coins. Some of the advocates believe a cashless society would function more smoothly and reduce deficit spending. Others are more politically oriented, wanting to remove governments from printing/coining what has come to be called "money." In Iceland, Wolman looks at whether or not the citizenry will actually put an end to the national currency. In England, he mingles with deep-thinking reformers who discuss how to achieve a digital cash economy. In economies mired in poverty, including much of rural India, Wolman notes how cash transactions make little sense. In many economic circumstances, writes the author, writing checks against a bank account is both illogical in theory and costly in terms of savings lost. As the narrative progresses, Wolman riffs on dirty money (literally, since bills and coins transmit germs), the successes and failures of counterfeiters, the techies who have turned their smart phones into banks and many other twists spawned by thinking about money as a physical object. The author mostly keeps his biases masked, but he leans toward the belief that physical money is in its twilight. He has plenty of thoughts about what could replace physical money, but he is wise enough to understand that he cannot imagine all of the unexpected outcomes.
An intriguing book on a topic that many readers have always taken for granted: the cash in their purses and wallets.
[...]
The author decided to live without spending cash for a year, but he does not develop that portion of the saga at length. Mostly he focuses on visionaries who are hoping, for a variety of reasons, to eliminate paper money and coins. Some of the advocates believe a cashless society would function more smoothly and reduce deficit spending. Others are more politically oriented, wanting to remove governments from printing/coining what has come to be called "money." In Iceland, Wolman looks at whether or not the citizenry will actually put an end to the national currency. In England, he mingles with deep-thinking reformers who discuss how to achieve a digital cash economy. In economies mired in poverty, including much of rural India, Wolman notes how cash transactions make little sense. In many economic circumstances, writes the author, writing checks against a bank account is both illogical in theory and costly in terms of savings lost. As the narrative progresses, Wolman riffs on dirty money (literally, since bills and coins transmit germs), the successes and failures of counterfeiters, the techies who have turned their smart phones into banks and many other twists spawned by thinking about money as a physical object. The author mostly keeps his biases masked, but he leans toward the belief that physical money is in its twilight. He has plenty of thoughts about what could replace physical money, but he is wise enough to understand that he cannot imagine all of the unexpected outcomes.
An intriguing book on a topic that many readers have always taken for granted: the cash in their purses and wallets.
[...]
11 of 12 people found the following review helpful
A Well Written - Somewhat Timid - Look at Digital Cash
10 Feb 2012
Format:Hardcover|Amazon Verified Purchase
This book well written. It's an easy read... filled with some very interesting and eccentric characters. But in his effort to provide an impartial look at the future of cash, the author comes across as a bit timid.
What you're left with is some insightful and entertaining material... what you'd find in an average episode of 60 Minutes. But it seems like the author ran away from the big questions, such as faith in the U.S. dollar as reserve currency... and how exactly digital money will overcome cash in developed markets like the U.S. and Europe.
Long story short, I think this book is a little short on depth. It raises more questions than it answers. And if that was the author's intent, then well done. But I was expecting more conclusive evidence and deeply held conviction than was on display in The End of Money.
The title and powerful endorsements from Larry Summers, Chris Anderson, etc. were the strongest part of the book.
The End of Money is a good introduction to the subject of a cashless society. As to whether it should be considered the definitive book on the death of cash? I don't think so. But I'm not sure it was intended to be... which is why I've awarded it 3 stars.
What you're left with is some insightful and entertaining material... what you'd find in an average episode of 60 Minutes. But it seems like the author ran away from the big questions, such as faith in the U.S. dollar as reserve currency... and how exactly digital money will overcome cash in developed markets like the U.S. and Europe.
Long story short, I think this book is a little short on depth. It raises more questions than it answers. And if that was the author's intent, then well done. But I was expecting more conclusive evidence and deeply held conviction than was on display in The End of Money.
The title and powerful endorsements from Larry Summers, Chris Anderson, etc. were the strongest part of the book.
The End of Money is a good introduction to the subject of a cashless society. As to whether it should be considered the definitive book on the death of cash? I don't think so. But I'm not sure it was intended to be... which is why I've awarded it 3 stars.
9 of 10 people found the following review helpful
Superb Book! Here is why you will want to read & SHARE!
5 Feb 2012
Format:Hardcover|Amazon Verified Purchase
As a college instructor and business writer, I try to keep up with prevaling trends and perhaps no trend is of more interest and/or controversy than the coming cashless society. Feared by religious groups and criminal concerns yet strongly sought out by politicians and "one worlders", everything from mobile money (via cell phones) to the history of how we arrived to the use of money is covered.
The author is very engaging - no dry stories or antiquated examples in here! Readers will be delighted to encounter a fun yet informative set of facts that provide ample opportunity to gain greater understanding of the history, trends, promises and pitfalls surrounding what is likely to be one of the most dramatic changes to society in eras.
Those wishing for more resources and references will be pleased to encounter the inclusion of documented citations and references. However, there are also liberal examples, opinions and interveiw segments included which add insight into how people around the nation/world think about the topic. Agree or disagree...it doesn't really matter...it makes for great reading!
Now, keep in mind, this book is NOT a technical mannifesto nor does it attempt to provide guidance/insight into anticipated changes. Emphasis is on people and perception rather than the "nuts and bolts" of going cashless.
Very enjoyable read! Terrific for those interest in politics, economics and of course, history as well as future trends. Would make an excellent supplement to course readings or other topical areas of study.
The author is very engaging - no dry stories or antiquated examples in here! Readers will be delighted to encounter a fun yet informative set of facts that provide ample opportunity to gain greater understanding of the history, trends, promises and pitfalls surrounding what is likely to be one of the most dramatic changes to society in eras.
Those wishing for more resources and references will be pleased to encounter the inclusion of documented citations and references. However, there are also liberal examples, opinions and interveiw segments included which add insight into how people around the nation/world think about the topic. Agree or disagree...it doesn't really matter...it makes for great reading!
Now, keep in mind, this book is NOT a technical mannifesto nor does it attempt to provide guidance/insight into anticipated changes. Emphasis is on people and perception rather than the "nuts and bolts" of going cashless.
Very enjoyable read! Terrific for those interest in politics, economics and of course, history as well as future trends. Would make an excellent supplement to course readings or other topical areas of study.
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