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How demonetization created chaos in India





Within hours, chaos ensued in the streets of India, with people lining up to the banks by the hundreds of thousands, with their savings stuffed in their bags and pockets, in a desperate attempt to save their life savings from financial oblivion.
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One year later, economists, who have kept a close eye on the evolution of the economic situation, are drawing their conclusions. Economist Vivek Kaul reviews  what he dubs an epic failure: "As many as 250,000 units in the unorganised sector were closed and the real estate sector was badly affected, with a large number of workers losing their jobs. India's demonetisation is unprecedented in international economic history, in that it combined secrecy and suddenness amidst normal economic and political conditions. All other sudden demonetisations have occurred in the context of hyperinflation, wars, political upheavals or other extreme circumstances."

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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