A spirited argument to move beyond a cherished American institution, the physical dollar, into a digital payment future.
An intriguing, balanced study of a future cashless society.
Warwick’s (Ending Cash: The Public Benefits of Federal Electronic Currency, 1998) book centers on the premise that a cashless society could significantly increase efficiency, cut costs, and reduce crime. Despite his belief that abolishing cash has “profound advantages,” Warwick is careful to balance his own bias against the reality that some consumers still love cash. His goal is not only to convince Americans of the benefits of cashlessness, but to prompt government officials to advocate replacement currencies in the form of digital funds. The author recognizes that such a sea change would require a considerable transformation; after all, he reports that cash “still accounts for 40 percent of the nation’s payment transactions.” But Warwick points to the wide acceptance of online payments, debit cards, prepaid cards, and EFT in general as harbingers of a cashless society. Perhaps most compelling are the astounding statistics Warwick cites in support of eliminating cash; for example, he writes, “some $40 billion in cash is stolen from businesses in the United States each year.” His calculations—which include such line items as “Cash Handling,” the “Underground Economy,” and cash-related crimes—suggest that the annual costs for using cash amount to $660 billion—$1.8 billion a day. To counterbalance his own argument, Warwick objectively addresses some of the real fears consumers have about online security and privacy as well as the stumbles of such digital currencies as Bitcoin. In fact, his discussion of Bitcoin’s deficiencies is among the more informed and revealing on the subject. Nevertheless, Warwick claims that “conditions in the United States, aside from public misperceptions about digital risks, are ripe for cashlessness.” While he admits “talk of abolition of cash is politically unwelcome,” Warwick passionately lobbies for its acceptance. With his book’s extensive documentation (over 550 footnotes), sharp presentation, and solid reasoning, readers might have a hard time disagreeing.
A spirited argument to move beyond a cherished American institution, the physical dollar, into a digital payment future.Pub Date: July 8, 2015
ISBN: 978-1-5147-0571-1
Page Count: 288
Publisher: CreateSpace
Review Posted Online: Aug. 28, 2015
Kirkus Reviews Issue: Oct. 15, 2015
Review Program: Kirkus Indie
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.
A well-constructed critique of an economic system that, by the author’s account, is a driver of the world’s destruction.
Harvard Business School professor Henderson vigorously questions the bromide that “management’s only duty is to maximize shareholder value,” a notion advanced by Milton Friedman and accepted uncritically in business schools ever since. By that logic, writes the author, there is no reason why corporations should not fish out the oceans, raise drug prices, militate against public education (since it costs tax money), and otherwise behave ruinously and anti-socially. Many do, even though an alternative theory of business organization argues that corporations and society should enjoy a symbiotic relationship of mutual benefit, which includes corporate investment in what economists call public goods. Given that the history of humankind is “the story of our increasing ability to cooperate at larger and larger scales,” one would hope that in the face of environmental degradation and other threats, we might adopt the symbiotic model rather than the winner-take-all one. Problems abound, of course, including that of the “free rider,” the corporation that takes the benefits from collaborative agreements but does none of the work. Henderson examines case studies such as a large food company that emphasized environmentally responsible production and in turn built “purpose-led, sustainable living brands” and otherwise led the way in increasing shareholder value by reducing risk while building demand. The author argues that the “short-termism” that dominates corporate thinking needs to be adjusted to a longer view even though the larger problem might be better characterized as “failure of information.” Henderson closes with a set of prescriptions for bringing a more equitable economics to the personal level, one that, among other things, asks us to step outside routine—eat less meat, drive less—and become active in forcing corporations (and politicians) to be better citizens.
A readable, persuasive argument that our ways of doing business will have to change if we are to prosper—or even survive.Pub Date: May 1, 2020
ISBN: 978-1-5417-3015-1
Page Count: 336
Publisher: PublicAffairs
Review Posted Online: Feb. 16, 2020
Kirkus Reviews Issue: March 15, 2020
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