Summary of The Future of Money

Looking for the book?
We have the summary! Get the key insights in just 10 minutes.

The Future of Money book summary
Start getting smarter:
or see our plans

Rating

6 Overall

3 Applicability

9 Innovation

7 Style


Recommendation

This book is a thoughtful, amply documented reflection on the future of currency. The dollar, euro and yen dominate the global monetary order, with the dollar now unrivaled at the top and unlikely to be threatened in the future. The countries that issue lesser currencies face a trade-off between monetary sovereignty and international acceptability (with all its economic advantages). Some economists say these lesser currencies should simply dollarize, that is, sacrifice their monetary sovereignty on the altar of international economic efficiency by adopting a stronger currency as their own. Author Benjamin J. Cohen argues that these countries are likely to reject dollarization because the emotional and political advantages of issuing one’s own currency are simply too strong. He suggests various alternate mechanisms that allow countries to maintain some monetary independence and authority while gaining the advantages of a fully liquid, widely used currency. Non-specialists may find his extensive discussions a bit dry or sometimes tedious, but getAbstract.com applauds the author’s ability to explore monetary economics in admirably lucid detail.

In this summary, you will learn

  • How and why governments issue currencies;
  • The advantages and disadvantages of various monetary policies, particularly for less powerful countries; and
  • Why the dollar, euro and yen may end up as the world’s only currencies.
 

About the Author

Benjamin J. Cohen is the Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara. He is the author of nine previous books, including Organizing the World’s Money, In Whose Interest and The Geography of Money.

 

Summary

Issuing Money: Currency and Territory
Money matters. A currency gives political advantages to its issuer. Even in the past, when currency was gold or silver coins, the mint retained a piece of the ingot for the king. Nowadays, the issuer of a currency receives valuable, real benefits - ...

More on this topic

Customers who read this summary also read

And the Weak Suffer What They Must?
And the Weak Suffer What They Must?
8
Cash Is Dead, Long Live Cash
Cash Is Dead, Long Live Cash
8
Virtual Billions
Virtual Billions
8
10 Economic Shocks to Look Out For in 2017
10 Economic Shocks to Look Out For in 2017
8
The Real Goldfinger: The London Banker Who Broke the World
The Real Goldfinger: The London Banker Who Broke the World
8
The Rise and Fall of Nations
The Rise and Fall of Nations
7

Related Channels

Comment on this summary