Perspective

Money and social contract

Print edition : December 23, 2016

The government's promise on currency notes works in terms of making the note an effective medium of exchange. The hundred rupee note, for instance, says: "I promise to pay the bearer the sum of one hundred rupees."

We are now in relatively uncharted economic territory in India. But this also means that we may be entering an entirely new phase of our social contract as well.
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