| "The money screamed across the wires, its provenance fading in a maze of electronic transfers, which shifted it, hid it, broke it up into manageable wads which would be withdrawn and redeposited elsewhere, obliterating the trail."
Nest of Vipers, a banking thriller
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Money was originally a physical substance like gold and silver. It could even be alive - cattle were one of the oldest forms of money. Today, although much of the money used by individuals in their everyday transactions is still in the form of notes and coins, its quantity is small in comparison with the intangible money that exists only as entries in bank records. Perhaps coins and banknotes will become as obsolete as cowrie shells. A major change in the nature of money would have significant unintended consequences. The advantages for criminals and tax evaders could be considerable, as illustrated by the quotation on the right. How can we maximize the benefits to society while reducing the risks? |
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For a narrative account of monetary history since the dawn of civilisation onwards see A History of Money from Ancient Times to the Present Day by Glyn Davies .
The web site based on the book includes an extensive annotated chronology as well as some essays by Roy Davies based on certain themes from the book. |