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Virtual Money : Understanding the Power and Risks of Money's High-Speed Journey into Electronic Space by Elinor Harris Solomon (1997, Hardcover)

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The amount of virtual money that circles the globe every day is truly staggering. The Federal Reserve's Fedwire and the New York-based CHIPS alone send out well over $2 trillion daily. Retail systems such as credit and debit cards deliver several hundred billion more. In fact, the combined dollar flow in one day equals over one-third of our gross domestic product for the entire year. Trillions of dollars of ethereal money soar around the globe, perched atop a very narrow "real" money base, and with the recent dramatic growth of the Internet, these vast numbers can only grow. In Virtual Money, the first book-length account of the electronic money phenomenon, economist Elinor Harris Solomon takes us on a fascinating tour of money's brave new world, offering an informative look at the pluses and minuses of virtual money in its myriad forms. Solomon provides a wide ranging introduction to electronic monies, describing in down-to-earth terms how each system works. Starting on familiar ground, with gold and paper money, she examines the growth of the credit card from the mid-sixties, when it was a status symbol for the wealthy, to its present nearly universal use throughout America, and she offers an engaging discussion of exotic new e-monies, such as "Smart Cards," e-cash, electronic wallets, and cybermoney, as well as upcoming innovations such as electronic benefits transfers (EBT), which may replace food stamps by 1999. Equally important, the book offers a clear picture of the advantages and disadvantages of electronic money. Clearly there are great benefits to consumers, investors, and corporations, as goods and services competing in world markets can be purchased instantly from anywhere across the globe. Yet there are hazards as well. For instance, the very size of virtual money movements creates an enormous float that exceeds the amount of monetary reserves to back it up at any given moment. Digital glitches can mean chaos, as in 1995 when a snafu that delayed the opening of Wall Street's Big Board by just 60 minutes caused the Nasdaq Composite to fall 27 points. Moreover, we face increased risks of fraud, piracy, and invasion of privacy, as well as threats to national security. Solomon takes us inside the world of international money laundering--a three-hundred-billion-dollar-a-year business--to show how today's vast electronic wire transfers help conceal illegal activities. For example, in 1994, two agents for American Express Bank International were convicted on eleven counts of money laundering and four counts of deceiving the Federal Reserve. Their countless wire transfers of seven figures had proved far simpler than smuggling duffel bags of cash across the border. Whether describing sophisticated encryption methods, or the Russian computer hacker who managed to steal $400,000 from Citicorp, or the behind-the-scenes transactions of a simple credit card charge, Virtual Money is an illuminating look at a very recent phenomenon, one that can only grow in importance.

Product Identifiers

Publisher
Oxford University Press, Incorporated
ISBN-10
0195097475
ISBN-13
9780195097474
eBay Product ID (ePID)
685519

Product Key Features

Book Title
Virtual Money : Understanding the Power and Risks of Money's High-Speed Journey into Electronic Space
Author
Elinor Harris Solomon
Format
Hardcover
Language
English
Topic
Banks & Banking, International / Economics, General, E-Commerce / General (See Also Computers / Electronic Commerce)
Publication Year
1997
Genre
Business & Economics
Number of Pages
304 Pages

Dimensions

Item Length
9.3in
Item Height
1.1in
Item Width
6in
Item Weight
20.5 Oz

Additional Product Features

Lc Classification Number
Hg1710.S65 1997
Reviews
"A fascinating discussion that continually surprises with facts and figures concerning how much money is moved from place to place electronically.... The book may or may not make you feel more secure about purchasing a product via the Internet, but it certainly provides a good understanding ofthe potential risk and many others where electric money is concerned."--The Washington Times, "A fascinating discussion that continually surprises with facts andfigures concerning how much money is moved from place to placeelectronically.... The book may or may not make you feel more secure aboutpurchasing a product via the Internet, but it certainly provides a goodunderstanding of the potential risk and many others where electric money isconcerned."--The Washington Times, "With a background that includes service as a financial economist with the Federal Reserve Board and senior economist at the Department of Justice, Solomon has the credentials to provide an informed look at the pitfalls associated with virtual money."--Library Journal, "With a background that includes service as a financial economist with theFederal Reserve Board and senior economist at the Department of Justice, Solomonhas the credentials to provide an informed look at the pitfalls associated withvirtual money."--Library Journal
Copyright Date
1998
Target Audience
Trade
Lccn
97-006556
Dewey Decimal
332.1/0285
Dewey Edition
21
Illustrated
Yes

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Virtual Money : Understanding the Power and Risks of Money's High-Speed Journey into Electronic Space by Elinor Harris Solomon (1997, Hardcover)

About this product

Product Information

Product Identifiers

Product Key Features

Dimensions

Additional Product Features

All listings for this product

item 1 Virtual Money by Elinor Harris Solomon (HCVR, Like New)

item 2 Virtual Money: Understanding the Power and Risks of Money's High-Speed Journey i

item 3 Virtual Money: Understanding the Power and Risks of Money's High

item 4 Virtual Money by Elinor Harris Solomon: Used

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