Does Less Cash = Less Crime

The precipitous decline of American crimes rates in the 1990s—leading, in some places, to levels today that were last seen in the 1960s—remains one of the great debates in the social sciences. The list of suggested causes includes improved policing methods, the end of the crack epidemic, the economic renaissance of American urban areas, immigration, technology, and even, thanks to “freakonomist” Steven Levitt, the legalization of abortion. Is it time to add the great transition from cash to plastic to the list?