“The following review was written by SVIC author Kartik Kaipa.”
And the fish asked what the hell is water?
Money is not only stranger than we suppose, but stranger than we can suppose.
Were the thoughts swimming in my head as I read Money by Jacob Goldstein.
What’s the story behind Money?
Why does it work?
How has it worked across the ages?
It’s fascinating to think you understand something reasonably well only to discover that what you see in front of you is the result of a long meandering path and centuries of evolution.
It’s full of interesting stories such as how China had paper money for almost 300 years from 900 to 1200 AD and went back to using coinage, and that this slowed the economy down a lot.
Also did you know that Swedes carried 43 pound copper coins strapped to their backs in the 17th century.
From the Modern Era there are stories about John Law who almost singlehandedly re engineered France’s money system and caused an economic crisis and how the great depression was handled.
If you are fascinated by how money works, its genesis and its use, this is a great and entertaining read.
Here’s an interview on NewBazaar that does a great job of capturing the gist of the book.