Daily Archives: Oct 8, 2022 at 04:50 am EDT

Book Bits: 8 October 2022

The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology
Martin Chorzempa
Summary via publisher (Public Affairs Books)
The future of finance – the way Wall Street operates and how individuals manage their money – is on the verge of upheaval. And the force underlying the change comes from China, where finance and technology are being merged into a system with consequences that resonate far beyond China’s border. The changes of this global revolution in finance and technology – fintech – will be as powerful as those wrought in social media, retailing and advertising by giants such as Amazon, Facebook, Google, and Twitter, which have overturned how we shop and communicate. China reinvented money with lightning speed, transforming a backward, antiquated cash-based finance system into one centered on super-apps created by technology giants Alibaba and Tencent.

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