The end of alchemy: money, banking and the future of the global economy King, Mervyn A.,
Material type:![Text](/opac-tmpl/lib/famfamfam/BK.png)
- 9781408706107
- 330.122 K4E6
Item type | Current library | Collection | Call number | Status | Date due | Barcode | Item holds | |
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Ahmedabad | Non-fiction | 330.122 K4E6 (Browse shelf(Opens below)) | Available | 192151 |
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330.122 B6C6 Cognitive capitalism | 330.122 K2G3 Getting past capitalism: history, vision, hope | 330.122 K2T7 The truth about markets: why some nations are rich but most remain poor | 330.122 K4E6 The end of alchemy: money, banking and the future of the global economy | 330.122 K5S4 The shock doctrine: the rise of disaster capitalism | 330.122 L2E6 The end of organized capitalism | 330.122 M2P6 Postcapitalism: a guide to our future |
Includes bibliographical references and index.
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.
(http://books.wwnorton.com/books/The-End-of-Alchemy/)
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