Cash, Corruption and Economic Development: 1st Edition (Hardback) book cover

Cash, Corruption and Economic Development

1st Edition

By Vikram Vashisht

Routledge

124 pages | 1 B/W Illus.

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Hardback: 9781138063860
pub: 2017-05-23
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Description

Have you ever asked yourself what gives comfort to someone who demands and accepts a bribe, sells drugs or commits professional crimes for money? The majority of these people are not wealthy, and they accept small amounts of money every day from their victims.

Cash, Corruption and Economic Development examines the causes of corruption and crime and highlights what brings comfort to all those who accept bribes and kickbacks, arguing that it is paper currency because it does not leave a signature of its movement from one entity to another. The author proposes that today, with the technology available, we can make the transition to a paper currency-free economy, which will help reduce corruption and crime and give a boost to economic development. The book analyses the causes of corruption and presents a replacement for the current model, to be implemented by a central bank and followed by banks operating within its jurisdiction.

This book will be of interest to economists, students of economics and finance, and all those who have suffered as a result of corruption and professional crime and want these practices to end.

Table of Contents

List of illustrations

Preface

1 We the people

Impact of corruption on development

Impact of movement of dirty money on development

Factors impacting the level of corruption

An honest bottom cannot have a corrupt top

Trade brings economic development

Development has to be sustainable

2 Corruption no more

Impact of transition on corruption

Impact of transition on economic development

How are payments made after transition to a paper currency- free economy?

Transfer of money

The use of fake currency

Our fight against crime

Our right to privacy of information

The sellers of contraband

Collection of tax revenue

Solutions for the visually impaired, elderly and those who may lack literacy

The threat of digital fraud

The threat of digital fraud – cont’d

The transition does not need smartphones or computers

You can travel alone

An active step

3 The technicalities

Partial or complete transition

The cost of transition

Factors influencing transition

Ability to open a bank account with a fake identity

The speed of processing

Development of alternative currencies

The legal tender

The electronic currency

The electronic currency account

The rolling out of the system

The rolling out of the system – cont’d

Why does a central bank need the ability to monitor the electronic currency accounts of banks in real time?

How is the authenticity of electronic currency verified?

Recalling and replacement of paper currency – the most important factor for transition

Recalling and replacement procedure – cont’d 1

Recalling and replacement procedure – cont’d 2

Recalling and replacement procedure – cont’d 3

Recalling and replacement procedure – cont’d 4

Recalling and replacement procedure – cont’d 5

Need for paper currency to settle international transactions

Which currency is used and which bank accounts are affected when entities settle their transactions?

Undirectional conversion needs oversight and direction

Platforms for the electronic transfer of money

How will criminals evade the system?

Central bank is in the centre

The choice rests with us

Index

About the Author

Vikram Vashisht is a Certified Practising Accountant (CPA), Master of Accounting, Bachelor of Laws (LLB) and Bachelor of Commerce (BCom), and has previously served as a finance officer in the Australian Army.

About the Series

Routledge Focus on Economics and Finance

The fields of economics is constantly expanding and evolving. This growth presents challenges for readers trying to keep up with the latest important insights. Routledge Focus on Economics and Finance presents short books on the latest big topics, linking in with the most cutting edge economics research.

Individually, each title in the series provides coverage of a key academic topic, whilst collectively, the series forms a comprehensive collection across the whole spectrum of economics.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS001000
BUSINESS & ECONOMICS / Accounting / General
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS027000
BUSINESS & ECONOMICS / Finance
BUS045000
BUSINESS & ECONOMICS / Money & Monetary Policy
BUS069020
BUSINESS & ECONOMICS / International / Economics
BUS079000
BUSINESS & ECONOMICS / Government & Business