In this presentation at Mines and Money Asia in Hong Kong on Friday, 6 April 2018, I discuss India’s demonetization, its economic consequences, and what it reveals about the incompetence and arbitrariness of the Indian state.

The presentation examines how the sudden cancellation of high-denomination banknotes damaged the informal economy, disrupted ordinary lives, and exposed the fragility of India’s institutions. What was sold as a campaign against corruption became a case study in state overreach, economic ignorance, and the destructive consequences of policies made without understanding the society upon which they are imposed.

Watch the full presentation below:

Key Takeaways:

• Why India’s demonetization damaged the informal economy
• How sudden monetary policy can punish ordinary people while failing to stop corruption
• Why the policy exposed the incompetence and arbitrariness of the Indian state
• How low-trust societies struggle with cashless systems and bureaucratic shocks
• What demonetization reveals about India’s institutions, governance, and economic fragility