Once we paid for things with bills, coins, or checks. Today we
pay with zeroes and ones --digital entries on credit and debit
cards, or electronic messages sent over the Internet. In "Moving
Money," distinguished analysts explore this trend, its development
and likely future, and the ramifications of this
transformation.
This is a book about money as a medium of exchange --in the
past, in the present, but particularly in the future. What forms
has money taken over the years? Moreover, how have those means of
payment changed in recent years, and how will they develop in the
future? And what (if anything) should policymakers do to facilitate
those changes, or at least allow them to develop and mature?
Brookings economists Robert E. Litan and Martin Neil Baily and a
distinguished group of experts dissect these issues and peer into
the future of consumer payments.
The landscape of the consumer payments industry will be shaped
at least in part by public policies. Historically, governments have
had monopolies on the manufacture of money. Any form of payment
clearly requires trust on the part of both the seller and the
buyer, and the government must establish and enforce laws to secure
this relationship. More controversial is the issue of whether, and
to what extent, government is also needed to protect the market in
private sector payments systems.
Why do these issues matter? The payments industry is a large and
important sector of developed economies. In the United States,
private-sector payments providers generate approximately $280
billion a year in revenue, while the government invests substantial
resources into making money (minting coins and printing bills) or
moving it (via checks and various electronic transfers). And the
way we pay for things influences our purchases --what we spend
money on, how much we spend, and where we spend it. Thus the future
of consumer payments is intertwined with the health of national
economies.
Contributors: Martin Neil Baily (Brookings), Thomas P. Brown
(O'Melveny & Myers), Kenneth Chenault (American Express
Company), Vijay D'Silva (McKinsey and Company), Nicholas Economides
(New York University), David S. Evans (Market Platform Dynamics),
Robert E. Litan (Brookings and Kaufmann Foundation), Drazen Prelec
(Massachusetts Institute of Technology), Richard Schmalensee
(Massachusetts Institute of Technology)
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