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The Cashless Revolution: China's Reinvention of Money and the End of America's Domination of Finance and Technology Hardcover – October 4, 2022

by Martin Chorzempa (Author)
4.3 4.3 out of 5 stars 36 ratings
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Financial Times, Best Books of 2022: Economics

The startling picture of how China’s revolution in finance and technology is changing both Wall Street and the way individuals manage their personal finances.

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. More powerful than anything available outside of China, they allow their billion users to pay, borrow, invest, buy goods and services, travel, chat (and far more) all fused together in one mobile phone application. Think Facebook, Google, Twitter, Goldman Sachs, Amazon, J.P. Morgan Chase all rolled into one app.

We in the West need to understand China’s cashless revolution for reasons ranging from the macroeconomic to issues of personal liberty: The cutting edge of finance is now in China, forcing major financial firms in the United States and the West to figure out how not to be left behind.. China’s cashless revolution is also a harbinger of our future if we let the genie out of the bottle and allow big tech to become big finance. As money goes digital and central banks around the world consider launching digital currencies, we may have both immense convenience and a frightening concentration of power that could violate our privacy, stifle competition, increase financial risk, and give big firms or the government more control over our financial lives. And, once this genie is out of the bottle, the struggle to put it back in may be impossible.
 
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  1. Print length
    320 pages
  2. Language
    English
  3. Publisher
    PublicAffairs
  4. Publication date
    October 4, 2022
  5. Dimensions
    6.3 x 1.4 x 9.55 inches
  6. ISBN-10
    1541700708
  7. ISBN-13
    978-1541700703
  8. See all details
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From the Publisher

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Editorial Reviews

Review

“China is profoundly important, fintech is profoundly important, so how they come together will have much to do with how the global financial system plays out. The Cashless Revolution is a very valuable and important summary of the relevant issues.”

―Lawrence H. Summers, Charles W. Eliot University Professor, Harvard University, and former secretary of the treasury

“A comprehensive, highly readable look at China’s cashless revolution: what went right, what went wrong, and how we can learn from China’s experience as we strive to modernize our own payments system.”―Sheila Bair, former chair of the US Federal Deposit Insurance Corporation

“In this superb account, Chorzempa chronicles the breakneck speed in the development of the fintechs in China, starting from their humble origins as payment add-ons in e-commerce to all-seeing big techs that later incur the ire of the authorities, all within the space of ten years. Chorzempa’s sure grasp of the political economy provides much-needed context to understand current developments. The Cashless Revolution is a must-read for any serious observer of digital innovation and of China.”―Hyun-Song Shin, Bank for International Settlements

“Chorzempa brings us an extraordinary look into the future of money and with it, the future of both global power and daily life. Having taught himself Mandarin and immersing in Chinese life, he tells the incredible story of the rise of China’s powerhouse fintechs—their reining in by the Chinese government, and the dilemmas now facing all the world in seeking to harness the leveling power of technology while protecting privacy and averting state power on a scale never seen before—enabled by financial technology. Equal parts business chronicle, social and political analysis, and storytelling, The Cashless Revolution is one of those rare books that opens readers’ eyes. The world will never look the same.”―Jo Ann Barefoot, CEO and founder, Alliance for Innovative Regulation, and former deputy controller of the currency

“The Cashless Revolution is a fascinating analysis of how Chinese entrepreneurs, despite setbacks along the way, transformed Chinese finance from a low-tech backwater to the world’s largest and most-advanced market for digital finance.”―Nicholas Lardy, author of The State Strikes Back

“China is at the forefront of digital financial innovation, from mobile payment to online investment, and from digital lending to central bank digital currency. While rapidly transforming the financial structure, Chinese fintech also created immense new challenges for the policymakers. The Cashless Revolution offers an authoritative analysis of this very dynamic new financial sector—what happened, which factors contributed to the dramas, and where it will likely head.”

―Yping Huang, Peking University

“[T]he book is an authoritative, comprehensive and thoughtful account of a remarkable episode in technology and finance that offers lessons for the United States as it seeks to encourage innovation in finance without putting consumer or financial stability at risk.”―Washington Post

“Based on the author’s experience of living in China during the period when the country’s fintech industry underwent its most dramatic advances, The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology establishes Chorzempa as a leading light on the subject, whose views are bound to carry significant weight in financial capitals—deservedly so.”―Centre for International Governance Innovation

“The days of hard cash may be numbered. Having invented paper money more than 1,000 years ago, China is now leading the charge into credit-card free online payments… Martin Chorzempa’s The Cashless Revolution engagingly describes this state of affairs and, along the way, presents a cautionary tale, since dozens of countries around the world are contemplating the launch of their own digital currencies.”―Wall Street Journal

About the Author

Martin Chorzempa is senior fellow at the Peterson Institute for International Economics. He lived in China from 2013 to 2015, where he conducted research on China’s economy and financial system, first as a Luce Scholar at Peking University’s China Center for Economic Research and then at the China Finance 40 Forum, China’s leading independent think tank. Martin graduated from the Harvard Kennedy School of Government with a masters in public administration in international development. He has appeared on NPR multiple times, including recently to discuss issues including digital currency and the fate of Chinese firms in US equity markets. He is regularly cited in major media on issues of Chinese technology regulation, digital currency, fintech, and US-China economic relations, including in the Wall Street Journal, New York Times, Financial Times, The Economist, Washington Post, MIT Technology Review, and Foreign Affairs.
 

Product details

  • Publisher ‏ : ‎ PublicAffairs (October 4, 2022)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 320 pages
  • ISBN-10 ‏ : ‎ 1541700708
  • ISBN-13 ‏ : ‎ 978-1541700703
  • Item Weight ‏ : ‎ 1.15 pounds
  • Dimensions ‏ : ‎ 6.3 x 1.4 x 9.55 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 36 ratings

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Martichorzempa

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Customer reviews

4.3 out of 5 stars
4.3 out of 5
We don’t use a simple average to calculate the overall star rating and percentage breakdown by star. Our system gives more weight to certain factors—including how recent the review is and if the reviewer bought it on Amazon. Learn more
36 global ratings

Top reviews from the United States

The Sexton
5.0 out of 5 stars Entertaining, Informative, Articulate
Reviewed in the United States on February 5, 2024
Verified Purchase
A very engaging narrative about the battles and cooperations between FinTech and the CCP. Details the competing phenomena of innovation and commercial growth vs. economic and political stability that China tries to balance. The author is an excellent writer and explains things clearly.

Author argues that other nations must strike a balance between libertarianism and authoritarianism to avoid the dangers of technological revolutions.
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Henry J Sienkiewicz
5.0 out of 5 stars Compelling read
Reviewed in the United States on May 30, 2023
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It was a well thought out and put together book and provided wonderful insights on Chinese fintech fundamentals.
One person found this helpful
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Todd Payne
3.0 out of 5 stars Fascinating topic. Dull, unpolished book.
Reviewed in the United States on January 21, 2023
Verified Purchase
The development of FINTECH in China and the implications of the development of a digital currency are fascinating subjects. Unfortunately, this book fails to deliver a compelling account of either. The book is sorely in need of editing and full of empty stock phrases more like an undergraduate term paper than a thoughtful analysis. Hard pass.
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Jose Antonio La Rosa
5.0 out of 5 stars Awesome book!
Reviewed in the United States on December 4, 2022
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Awesome book! Thank you very much!!! Very well written and informed. As a China admirer and international investor this book contains a lot of highly valuable information.
Loved reading it!!!
One person found this helpful
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Evelinar
5.0 out of 5 stars Very good book!
Reviewed in the United States on October 17, 2022
Verified Purchase
Very good book. I was looking for a guide to Chinese fintech that walked the line between academic and entertaining, and this struck the perfect balance. The book also has some pretty good anecdotes on well-known figures of China's Fintech giants (Pony Ma, Jack Ma, etc.). For a fast moving industry like Fintech, the book is very relevant and current. Would definitely recommend.
One person found this helpful
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Peter Renton
5.0 out of 5 stars Excellent history of Chinese fintech and why it is important
Reviewed in the United States on November 1, 2022
Verified Purchase
I have known the author for many years and was excited for this book to come out (I interviewed Martin on my podcast). He has done the fintech community a great service with this book. It takes us through the stunning rise of Chinese fintech from backward copycats to world leaders in less than a decade.

The rise of Chinese fintech in the 2010s is one of the most exciting and intriguing stories in all of fintech and this book captures the larger-than-life personalities of the two men driving the charge. These characters are so interesting that it often reads like a novel with twists and turns along the way as well as a spectacular rise and fall.

There are lessons here for us in the west as we continue to grapple with new financial technologies.
3 people found this helpful
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joseph F.
1.0 out of 5 stars badly structured, a total mess
Reviewed in the United States on June 5, 2024
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This book is a total mess!!!! Badly and confusingly written, badly structured. The book is informative but the writer jumps around and confuses the reader. One of the worst books written on China from a structural point of view
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Daniel Greenland
5.0 out of 5 stars Great insights into China’s tech development
Reviewed in the United States on November 26, 2022
Verified Purchase
Chorzempa has put together a very important review of the forces that shaped the development and subsequent crackdown of China’s tech giants. Beyond just digital payments, Cashless Revolution has valuable lessons for economists and policymakers.
One person found this helpful
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Top reviews from other countries

Anthony Dason
4.0 out of 5 stars The journey of the two 'Mah's' in China
Reviewed in Canada on December 23, 2022
Verified Purchase
Enjoyed reading the book, which is well researched and lucid. Central control of liquidity in markets is as equally dangerous as virtual money in the hands of private companies. China's action in curbing the control of credit ratings by virtual banks, is an important step to unbridled lending, ultimately to the chagrin of tax payers, a lesson lost in liberal capitalistic democracies.
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Omar Al-Aqel
5.0 out of 5 stars interesting read and informative
Reviewed in the United Kingdom on December 31, 2022
Verified Purchase
My only comment is, it could have been shorter - half way one can sense reparative-ness and the same story
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Kindle Customer
5.0 out of 5 stars Excellent
Reviewed in the United Kingdom on December 18, 2022
Verified Purchase
Well written and well researched, a good insight into the future of money, with China leading the way of fin tech developments
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