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Essay on E-COMMERCE ACCOUNTING
Today we face precisely such a situation with the shift from paper money to electronic money. Having gradually replaced central bank notes and bank checks with plastic cards, electronic fund transfers and automated clearing-houses, the world is now readying itself for the next step in the automation of money. Electronic commerce conducted on the internet is bound to spur a variety of online-payment mechanisms, and such cybercash may very well multiply the uses of the internet as marketplace, in production, and for financial transactions. We are at the threshold of a new industrial revolution, fuelled by the proliferation of digital-money forms.
This change in money form will have a major impact on all the activities relying on it. We can expect similarly dramatic changes to unfold during the next couple of decades as cybercash grows into the dominant payment mechanism. That new money form will help to create a new type of capitalism, just as its predecessor—elastic bank money in paper form—did in the aftermath of World War II. Cybercash will turn the internet into a vector of structural change which will transform all economic activities organized as monetary circuits—exchange, production and credit. The cybercash powered online economy will fuel the growth of two qualitatively new types of capital, intangible (productive) capital and fictitious (financial) capital, which together with electronic money form the foundations for the development of ‘virtual’ capitalism. (Wegenek, Robert. 2002.)
The act of exchange, involving a swap of goods, services or assets for money, will be profoundly impacted by cybercash. Such an impact will extend to the markets organizing exchange, not least by moving them online and structuring them there around a high-tech form of money which carries a lot more information content than any other money form preceding it. The repercussions of cybercash for the modalities of exchange will have many channels and will be felt across a large variety of markets....
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