THE END OF MONEY by David Wolman

THE END OF MONEY

Counterfeiters, Preachers, Techies, Dreamers--and the Coming Cashless Society

KIRKUS REVIEW

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.

Pub Date: Feb. 15th, 2012
ISBN: 978-0-306-81883-7
Page count: 240pp
Publisher: Da Capo/Perseus
Review Posted Online:
Kirkus Reviews Issue: Jan. 15th, 2012




BOOKS ON MONEY:

Nonfiction THE END OF MONEY by David Wolman
by David Wolman
Nonfiction THE BEHAVIOR GAP by Carl Richards
by Carl Richards
Nonfiction BORROW by Louis Hyman
by Louis Hyman
Nonfiction CURRENCY WARS by James Rickards
by James Rickards

MORE BY DAVID WOLMAN

NonfictionRIGHTING THE MOTHER TONGUE by David Wolman
by David Wolman
NonfictionA LEFT-HAND TURN AROUND THE WORLD by David Wolman
by David Wolman

SIMILAR BOOKS SUGGESTED BY OUR CRITICS:

NonfictionBORROW by Louis Hyman
by Louis Hyman
ChildrenTHE STORY OF MONEY by Betsy Maestro
by Betsy Maestro
NonfictionFOLLOW THE MONEY by Steve Boggan
by Steve Boggan