The End Of Alchemy Money Banking And The Future Of The Global Economy
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The End Of Alchemy
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Author : Mervyn King
language : en
Publisher: Hachette UK
Release Date : 2016-03-03
The End Of Alchemy written by Mervyn King and has been published by Hachette UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-03 with Business & Economics categories.
'A fearless and important book . . . The End of Alchemy isn't just an elegant guide to the history of economic ideas. It also gives a genuine insider's account' Telegraph The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking - even if we need to reform the banking system - nor of policy-making - even if mistakes were made - but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King - an actor in this drama - proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy?
The End Of Alchemy Money Banking And The Future Of The Global Economy
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Author : Mervyn King
language : en
Publisher: W. W. Norton & Company
Release Date : 2016-03-21
The End Of Alchemy Money Banking And The Future Of The Global Economy written by Mervyn King and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-21 with Business & Economics categories.
“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.
Radical Uncertainty
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Author : Mervyn King
language : en
Publisher: Hachette UK
Release Date : 2020-03-05
Radical Uncertainty written by Mervyn King and has been published by Hachette UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-05 with Business & Economics categories.
'A brilliant new book' Daily Telegraph 'Well written . . . and often entertaining' The Times 'A sparkling analysis' Prospect When uncertainty is all around us, and the facts are not clear, how can we make good decisions? We do not know what the future will hold, particularly in the midst of a crisis, but we must make decisions anyway. We regularly crave certainties which cannot exist and invent knowledge we cannot have, forgetting that humans are successful because we have adapted to an environment that we understand only imperfectly. Throughout history we have developed a variety of ways of coping with the radical uncertainty that defines our lives. This incisive and eye-opening book draws on biography, history, mathematics, economics and philosophy to highlight the most successful - and most short-sighted - methods of dealing with an unknowable future. Ultimately, the authors argue, the prevalent method of our age falls short, giving us a false understanding of our power to make predictions, leading to many of the problems we experience today. Tightly argued, provocative and written with wit and flair, Radical Uncertainty is at once an exploration of the limits of numbers and a celebration of human instinct and wisdom.
Radical Uncertainty Decision Making Beyond The Numbers
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Author : John Kay
language : en
Publisher: W. W. Norton & Company
Release Date : 2020-03-17
Radical Uncertainty Decision Making Beyond The Numbers written by John Kay and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-17 with Business & Economics categories.
Much economic advice is bogus quantification, warn two leading experts in this essential book, now with a preface on COVID-19. Invented numbers offer a false sense of security; we need instead robust narratives that give us the confidence to manage uncertainty. “An elegant and careful guide to thinking about personal and social economics, especially in a time of uncertainty. The timing is impeccable." — Christine Kenneally, New York Times Book Review Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one—not least Steve Jobs—knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package—what will interest rates, the cost of living, and your state of health be in 2050?—demonstrate only that their advice is worthless. The limits of certainty demonstrate the power of human judgment over artificial intelligence. In most critical decisions there can be no forecasts or probability distributions on which we might sensibly rely. Instead of inventing numbers to fill the gaps in our knowledge, we should adopt business, political, and personal strategies that will be robust to alternative futures and resilient to unpredictable events. Within the security of such a robust and resilient reference narrative, uncertainty can be embraced, because it is the source of creativity, excitement, and profit.
Princes Of The Yen
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Author : Richard Werner
language : en
Publisher: Routledge
Release Date : 2015-03-04
Princes Of The Yen written by Richard Werner and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-04 with Education categories.
This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
The Shifts And The Shocks
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Author : Martin Wolf
language : en
Publisher: Penguin
Release Date : 2014-09-11
The Shifts And The Shocks written by Martin Wolf and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-11 with Business & Economics categories.
From the chief economic commentator for the Financial Times—a brilliant tour d’horizon of the new global economy There have been many books that have sought to explain the causes and courses of the financial and economic crisis that began in 2007. The Shifts and the Shocks is not another detailed history of the crisis but is the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world’s most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect.
The Age Of Oversupply
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Author : Daniel Alpert
language : en
Publisher: Penguin UK
Release Date : 2013-09-26
The Age Of Oversupply written by Daniel Alpert and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-26 with Business & Economics categories.
The Age of Oversupply looks at why Western capitalism is broken and how the US can recover its global economic leadership status The invisible hand of capitalism is broken. Economic and political forces are preventing markets from correcting themselves. Governments and central banks across the developed world have tried every tool imaginable, yet our economies remain sluggish. How did we get here, and how can advanced nations prosper once more? In this bold call to arms, economic policy expert Daniel Alpert argues that oceans of cheap global labour and capital have shackled the economies of the West. Distracted by a technology boom and debt bubble, they failed to respond to the challenges unleashed by the BRICs (Brazil, Russia, India and China) and beyond. Global oversupply and the lack of domestic growth are intertwined, Alpert shows. We cannot understand the housing bubble and the financial crisis without appreciating how the rise of emerging nations distorted the economies of rich countries. And we can't chart a path for growth without recognizing that many of these forces are still at work. The Age of Oversupply offers a bold, fresh approach to fixing the West's economic woes. It also delivers a vigorous challenge to proponents of austerity economics. 'An elegantly argued explanation of the anemic stagnation that has followed the recent financial crisis' -Nouriel Roubini, author of Crisis Economics Daniel Alpert is a founding managing partner of investment bank Westwood Capital, LLC. He is widely quoted in the business media and was featured in the Academy Award-winning documentary Inside Job. Alpert is also a fellow of the Century Foundation, the United States' oldest policy think tank. He lives in New York.
Central Bank Policy
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Author : Perry Warjiyo
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-07-25
Central Bank Policy written by Perry Warjiyo and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-25 with Business & Economics categories.
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.
How To Speak Money
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Author : John Lanchester
language : en
Publisher: Faber & Faber
Release Date : 2014-09-02
How To Speak Money written by John Lanchester and has been published by Faber & Faber this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-02 with Reference categories.
Money is our global language. Yet so few of us can speak it. The language of the economic elite can be complex, jargon-filled and completely baffling. Above all, the language of money is the language of power - power in the hands of the same economic elite. Now John Lanchester, bestselling author of Capital and Whoops! sets out to decode the world of finance for all of us, explaining everything from high-frequency trading and the World Bank to the difference between bullshit and nonsense. As funny as it is devastating, How To Speak Money is a primer and a polemic. It's a reference book you'll find yourself reading in one sitting. And it gives you everything you need to demystify the world of high finance - the world that dominates how we all live now.
The Money Illusion
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Author : Scott Sumner
language : en
Publisher: University of Chicago Press
Release Date : 2023-05-06
The Money Illusion written by Scott Sumner and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-06 with Business & Economics categories.
The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century. Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.