What Happens When A Country Suddenly Gets Rid Of Most Of Its Cash?
The story of India's "demonetization" has given economists a one-of-a-kind opportunity to understand the role of money in an economy.
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On November 8, 2016, Narendra Modi, the Prime Minister of India, stepped in front of TV cameras and announced the nation would almost immediately begin getting rid of most of its cash. Indians would have to exchange or deposit their large rupee bills in a matter of weeks â or else they would become worthless. Poof. Gone. The policy was supposed to end
