The Financialization of Finance? Demonetization and the Dubious Push to Cashlessness in India*

Feb 1st 2018, C.P. Chandrasekhar and Jayati Ghosh

This Debate contribution describes the promotion of digital rather than cash payments as a form of the financialization of finance, in its role as a payments system, with reference to recent Indian experience. The obsession with digital transactions as a marker of social and material progress is misplaced; it may become yet another means by which finance extracts rentier incomes out of relatively poor populations.

This article was originally posted in the Wiley Online Library

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