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This book was written in the earliest days of the current financial crisis, and completed sometime around May, 2008. As a result, it is both quite prescient about the causes of the current unraveling of the world financial system, and a bit out-of-date as so much has changed in the months since the book was published. If you are looking for something to explain the way that the current financial system was developed for the past three hundred years, and how the roots of the current crash go back deep into the history of finance, this book is an excellent and entertaining guide. It will introduce you to everything from the causes of the 1980s S&L scandals to the birth of investment banks to the inflationary pressures caused by the Spanish conquest of the New World, and demonstrate how these concepts are related to the current financial system. You will learn that crashes have always happened, and likely always will, so the book succeeds well as current commentary.
It is somewhat less successful as history of money, however, since the sections of the book, each named after a different type of financial instrument from insurance to bonds, are not really detailed histories of each topic, but rather a series of vignettes that illuminate a concept in the development of a particular financial instrument. The book focuses on the Rothschild family to explain the history of banking, the rise of Pinochet to explain the role of free markets, and so on. These stories are interesting and important, but they make the book feel more disjointed than a typical linear history. Similarly, the level of detail of the book fluctuates between fairly popular descriptions and very detailed statistics.
Overall, if you are either motivated to learn about the financial system, or you have a general interest in financial history, this is a wonderful book. Those who are less interested in the details, or who expect a complete account of the ascent of money, may be less impressed.
88 of 89 people found this review helpful
After hearing the author on the Conversations with History podcast I decided to pick up the book. The book is informative but so dry in places that the ah-hah moments were strategically placed oases. It took a pair of multi-week breaks to get through it. I don't regret it because I do think the book is one that the well read person should have under their belt but my goodness, it was hard to get through! I truly hope I am in the minority on this.
14 of 14 people found this review helpful