Cashless Society

Topics: Money, Crime, Electronic funds transfer Pages: 3 (930 words) Published: June 27, 2009
Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be implemented by the government since the government is the organization that prints and controls the supply of cash in society. With the implementation of a cash free society the major government agencies, such as, the IRS, FBI, and CIA would be in total control. The main issue of having a cashless society is whether the benefits would outweigh disadvantages.

The main disadvantages of a cashless society consist of privacy issues and computer hackers. One of the main issues regarding the implementation of a smart card/chip that would record and control all financial transactions electronicallyis the assault on privacy. With all private monetary data exposed to government officials many citizens may believe that the government has substantial power over society by having access to these types of confidential information. Another major disadvantage with a cashless society is the risk of computer hackers. Computer experts, working for themselves or for hire, might alter our records, create fictitious millionaires, set up dummy companies, and so on. In short, they could create an electronic underground society as well as contribute to the issue of identity theft. Warwick attempts to persuade the reader that the major benefits...

Cited: Bacard, Andre A cash-free society: Nirvana or nightmare? The Humanist. Washington, DC: Jan 1994. Vol. 54, Iss. 1; pg. 41, 2 pgs
Warwick, David R., Toward a Cashless Society. Futurist; Jul/Aug2004, Vol. 38 Issue 4, p38-42, 5p,
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