Paper Promises: Money, Debt and the New World Order
Philip Coggan
Paper Promises: Money, Debt and the New World Order
The world is drowning in debt, in paper promises. Can we stay afloat? In this book, Philip Coggan shows how the current financial crisis has very deep roots indeed — in the very nature of money itself. Societies from ancient Greece to revolutionary France have experimented with all kinds of money, from seashells to tobacco, before finally settling on the paper version we have come to know so well. What exactly is money? How has its function changed over decades and centuries? What purpose did the gold standard actually serve? Why, for that matter, is gold still worth anything? Who are the world's real creditors and debtors today? Above all, what promises do we need to believe to stop the whole system falling apart?
4.0 out of 5 based on 3 reviews
|
Omniscore:
|
| Classification |
Non-fiction |
| Genre |
Business, Finance & Law |
| Format |
Hardback |
| Pages |
304 |
| RRP |
£20.00 |
| Date of Publication |
November 2011 |
| ISBN |
978-1846145100 |
| Publisher |
Allen Lane |
| |
The world is drowning in debt, in paper promises. Can we stay afloat? In this book, Philip Coggan shows how the current financial crisis has very deep roots indeed — in the very nature of money itself. Societies from ancient Greece to revolutionary France have experimented with all kinds of money, from seashells to tobacco, before finally settling on the paper version we have come to know so well. What exactly is money? How has its function changed over decades and centuries? What purpose did the gold standard actually serve? Why, for that matter, is gold still worth anything? Who are the world's real creditors and debtors today? Above all, what promises do we need to believe to stop the whole system falling apart?
Reviews
The Financial Times
John Authers
“Coggan … covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition … However, I fear many people who should read this book will not do so, because its ultimate message is not uplifting. Coggan’s prediction is that the crisis can only be resolved by some combination of “inflation, stagnation and default,” which will drive a crisis “at least as severe as the one in 2008”.”
02/12/2011
Read Full Review
The Independent
Diane Coyle
“In this context of mildly hysterical panic in financial circles, Philip Coggan's book adds a welcome note of calm analysis … Coggan sees the present crisis as the decisive turning point in the long geo-political rivalry between the West and the rest, especially China. He concludes: "The global economy is changing; for many in the west, it will not be for the better."”
06/01/2012
Read Full Review
The New Statesman
John Gray
“… the most illuminating account of the financial crisis to appear to date … [written] with a lucidity that enables him to convey deep insights without a trace of jargon”
12/12/2011
Read Full Review