This is the cleverest one, brimming over with new ideas. I have read umpteen books about the financial crisis of 2007-2008 and its lessons. 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? 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. 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.
Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. Almost overnight, belief turned into incredulity. 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.
The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. Print The End of Alchemy: Money, Banking and the Future of the Global Economy
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