In the seventh century, precious metals—the traditional commodity of exchange—started becoming too unwieldy as trade relations opened up between farflung places. The first paper money was certificates of deposits issued by personalities of repute and backed up by metals or commodities. Paper currency not backed by commodities was first issued by Kublai Khan of the Yuan dynasty in China. Now, China (and countries like Sweden) is leading the race to eliminate paper currency as a whole; digital currencies issued by central banks (CBDCs) are slowly taking root worldwide.
In his book, The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, Professor Eswar Prasad argues that this historical symmetry is the indication of an impending massive disruption that will affect households, corporations and governments. Prasad is Tolani Senior Professor of Trade Policy at Cornell University.
この記事は THE WEEK の November 21, 2021 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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この記事は THE WEEK の November 21, 2021 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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William Dalrymple goes further back
Indian readers have long known William Dalrymple as the chronicler nonpareil of India in the early years of the British raj. His latest book, The Golden Road, is a striking departure, since it takes him to a period from about the third century BC to the 12th-13th centuries CE.
The bleat from the street
What with all the apps delivering straight to one’s doorstep, the supermarkets, the food halls and even the occasional (super-expensive) pop-up thela (cart) offering the woke from field-to-fork option, the good old veggie-market/mandi has fallen off my regular beat.
Courage and conviction
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EPIC ENTERPRISE
Gowri Ramnarayan's translation of Ponniyin Selvan brings a fresh perspective to her grandfather's magnum opus
Upgrade your jeans
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RECRUITERS SPEAK
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MORAL COMPASS
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COURSE CORRECTION
India's best b-schools are navigating tumultuous times. Hurdles include lower salaries offered to their graduates and students misusing AI
