In economies where services are dominant — and service industries in the UK (including banking) account for more than 80 per cent of employment — the role of banks requires radical redefinition. Basic economic theory says that money serves three purposes: it’s…
Tag: banks
Cashless experiment in Manchester today; bankless economy everywhere tomorrow
On 21 June, a street in Manchester in the UK tested cashless shopping. For a single day shops and businesses on the city’s Beech Road accepted only debit and credit card payments and no notes or coins. The results were…