Join PIIE for a presentation by Senior Fellow Martin Chorzempa on his new book, The Cashless Revolution: China's Reinvention of Money and the End of America's Domination of Finance and Technology.
Global finance is on the verge of upheaval resulting from China’s dramatic innovations in financial technology (fintech). In The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology, Martin Chorzempa reveals how this global revolution will be as powerful as those wrought in social media, retailing, and advertising by giants such as Amazon, Facebook, Google, and Twitter.
China has in effect reinvented the concept of money, transforming a backward, antiquated cash-based finance system into one centered on super-apps created by technology giants Alibaba and Tencent. This book is a portrait of a system grappling with unprecedented challenges, an investigation into the financial and ethical questions in their wake, and an exploration of the impact on the lives and habits of people across the globe.