The main advantage of a cashless society is that a record of all economic transactions through electronic means makes it almost impossible to sustain black market or underground economies that often prove damaging to national economies, according to Infowars.com. Because it is also much more risky to conduct criminal transactions or avoid the proper payment of due taxes in a cashless society, such violations are likely to be greatly reduced.Continue Reading
Recent technological developments and the ubiquity of debit cards in developed economies have greatly reduced the use of cash in consumer transactions worldwide. According to Infowars.com, the governments of countries such as Sweden and Israel are considering or have implemented policies to move their countries to cashless economies. And even in the United States, where the symbolic value of the dollar and thus cash is more pervasive, up to 80 percent of consumer transactions are conducted without using cash.
The legal and macroeconomic benefits mentioned above are not likely to bring about a cashless society on their own. If history is taken into account, the customer convenience benefits brought about by debit cards and smart cards are more likely to be the driving force to a cashless society, according to Wikipedia. Even though consumer rights groups have warned about loss of privacy and security concerns by completely relying on electronic transactions, customers continue to use them at a rapidly growing pace.Learn more about Economics
Feudalism is refers to an overall structure of society such as that which existed in Western Europe during the Middle Ages, while manorialism refers to the type of economic system that controlled the means of production during that era. Manorialism is the economic component of the larger societal system generally called feudalism. The terms feudalism and manorialism have been exchanged for each other at times, such as in the case of Adam Smith, who in his influential work, "The Wealth of Nations," uses the term feudalism in more of an economic sense than as a reference to the societal and political structure that was prevalent during the Middle Ages.Full Answer >
According to the World Trade Organization, the chief advantage to importing products is an increase in market choices. With the importation of products, local markets can improve the variety of their offerings, providing consumers with goods that are either not available locally or items that can serve as competition to locally produced goods.Full Answer >
According to The Nest, the main advantage of the barter system is its flexibility, which enables the exchange of one product for another. Bartering also helps save money that may have otherwise been used to travel to a shop to buy an item. In some cases, bartering does not entail exchanging or losing the possession of an item. In such cases, service such as maintenance is exchanged for a good.Full Answer >
Using GDP in macroeconomics gives the advantage of easy calculation, because most GDP calculations use the same methodology and it correlates with development measures such as literacy levels. Disadvantages of using GDP include that it excludes the underground economy and ignores the value of household labor.Full Answer >