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Review request- Analysis of an issue. [#permalink]
13 Oct 2009, 09:41
“For hundreds of years, the monetary system of most countries has been based on the exchange of metal coins and printed pieces of paper. However, because of recent developments in technology, the international community should consider replacing the entire system of coins and paper with a system of electronic accounts of credits and debits.” Discuss the extent to which you agree or disagree with the opinion stated above. Support your views with reasons and/or examples from your own experience, observations, or reading.
I very much agree with the view expressed above because of two main reasons. The old monetary system based on the exchange of metal coins and printed pieces of paper is not only slow but also vulnerable to malpractices. With the advent of cutting edge technologies ,which is allowing banks to manage their entire financial transactions safely, it is certainly a practical proposition for nations to replace their coin and paper based monetary system with a monetary system of electronic accounts of credits and debits.
Let me elaborate on above stated points. Even though paper based monetary system is in existence for centuries, no one can deny the fact that it is open to malicious manipulations such as creation of fake currencies, illegal money laundering etc. By making the entire system completely electronic, most of these manipulations can be effectively countered. In an electronic system, which is completely safe and secured, all the transactions will be in recorded form, making it more difficult for the manipulators to carry their nefarious activities.
Electronic systems also make this monetary system more dynamic, helping nations to assess their financial worth periodically and more frequently, which is so important in this increasingly emerging global economy. The nations will be able to forecast the economy well in advance and take necessary steps to prevent any economic catastrophe. All in all, it will be a step towards achieving global economic stability.
On the other hand, if we continue to use the old system without even giving a consideration to moving the old system to technology oriented robust system, I consider it as inability of the government bureaucracy all over the world to use technology to better the systems and a wasted opportunity.
To summarize, I believe that it is worthwhile to consider moving the monetary system from old methods to new methods making use of cutting edge technology because it will be a high impact change and capable of providing so many benefits of high magnitude to the global society. If we fail in this endeavor, we always have the old guard to fall back on.