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The Winners And Losers Of A Cashless Society

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Courtesy of: The Money Project

 

There is a global push by lawmakers to eliminate the use of physical cash around the world. This movement is often referred to as “The War on Cash”, and there are three major players involved:

1. The Initiators
Who?
Governments, central banks.
Why?
The elimination of cash will make it easier to track all types of transactions – including those made by criminals.

2. The Enemy
Who?
Criminals, terrorists
Why?
Large denominations of bank notes make illegal transactions easier to perform, and increase anonymity.

3. The Crossfire
Who?
Citizens
Why?
The coercive elimination of physical cash will have potential repercussions on the economy and social liberties.

Is Cash Still King?

Cash has always been king – but starting in the late 1990s, the convenience of new technologies have helped make non-cash transactions to become more viable:

  • Online banking
  • Smartphones
  • Payment technologies
  • Encryption

By 2015, there were 426 billion cashless transactions worldwide

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managers.jpg?width=300

Individuals from less privileged backgrounds may face higher barriers to entry into prestigious positions, meaning only the most skilled advance and succeed.


In Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds (NBER Working Paper No. 22517), Oleg Chuprinin and Denis Sosyura find that mutual fund managers from poor families consistently achieve better investment results than fund managers from wealthier backgrounds. The researchers also find significant differences in promotion patterns and trading styles between these two types of fund managers.

Previous studies about the relationship between managers' upbringing and their performance have focused on educational differences, including whether the managers attended elite universities or had access to education-related networks of influential people who could later help boost their careers. Such studies tend to find that managers with a stronger educational background tend to deliver better performance.

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