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Money
Cover of Money
Money
The True Story of a Made-Up Thing
Borrow Borrow
The co-host of the popular NPR podcast Planet Money provides a well-researched, entertaining, somewhat irreverent look at how money is a made-up thing that has evolved over time to suit humanity's changing needs.
Money only works because we all agree to believe in it. In Money, Jacob Goldstein shows how money is a useful fiction that has shaped societies for thousands of years, from the rise of coins in ancient Greece to the first stock market in Amsterdam to the emergence of shadow banking in the 21st century.
At the heart of the story are the fringe thinkers and world leaders who reimagined money. Kublai Khan, the Mongol emperor, created paper money backed by nothing, centuries before it appeared in the west. John Law, a professional gambler and convicted murderer, brought modern money to France (and destroyed the country's economy). The cypherpunks, a group of radical libertarian computer programmers, paved the way for bitcoin.
One thing they all realized: what counts as money (and what doesn't) is the result of choices we make, and those choices have a profound effect on who gets more stuff and who gets less, who gets to take risks when times are good, and who gets screwed when things go bad.
Lively, accessible, and full of interesting details (like the 43-pound copper coins that 17th-century Swedes carried strapped to their backs), Money is the story of the choices that gave us money as we know it today.
The co-host of the popular NPR podcast Planet Money provides a well-researched, entertaining, somewhat irreverent look at how money is a made-up thing that has evolved over time to suit humanity's changing needs.
Money only works because we all agree to believe in it. In Money, Jacob Goldstein shows how money is a useful fiction that has shaped societies for thousands of years, from the rise of coins in ancient Greece to the first stock market in Amsterdam to the emergence of shadow banking in the 21st century.
At the heart of the story are the fringe thinkers and world leaders who reimagined money. Kublai Khan, the Mongol emperor, created paper money backed by nothing, centuries before it appeared in the west. John Law, a professional gambler and convicted murderer, brought modern money to France (and destroyed the country's economy). The cypherpunks, a group of radical libertarian computer programmers, paved the way for bitcoin.
One thing they all realized: what counts as money (and what doesn't) is the result of choices we make, and those choices have a profound effect on who gets more stuff and who gets less, who gets to take risks when times are good, and who gets screwed when things go bad.
Lively, accessible, and full of interesting details (like the 43-pound copper coins that 17th-century Swedes carried strapped to their backs), Money is the story of the choices that gave us money as we know it today.
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Reviews-
  • AudioFile Magazine In this well-researched examination of all aspects of money, the host of an NPR personal finance podcast offers a primer on where it came from, how it works today, and where it's going. His brisk performance is easy to understand and fun to hear. Goldstein's broad grasp of his topic expresses itself in snappy vignettes full of colorful personalities that keep the momentum going. With casual confidence, he opens with the origins of money--beads and 43-pound coins--emphasizing that whatever form money takes, it has value only when people agree it does. From the gold standard to the rise of capital markets and macroeconomics, no aspect of this ubiquitous necessity eludes his curiosity. He closes with an illuminating look at banking, credit cards, and digital currencies like Bitcoin. T.W. © AudioFile 2021, Portland, Maine
  • Kirkus

    July 15, 2020
    An economic expert chronicles the evolution of money. Goldstein, co-host of NPR's podcast Planet Money, offers a brisk, brightly told history of money, ranging from lumps of metal used in ancient Greek city-states to invisible bitcoin traded online. Money, the author argues convincingly, is "a made-up thing, a shared fiction." He continues, "a pretty good working definition of money is: it's the thing you pay taxes with. In a world where different things are competing to be money--bills of exchange, silver and gold coins, notes from private banks--the thing the government accepts for taxes is going to win." Besides tracing different forms that money has taken, Goldstein introduces a roster of quirky individuals who influenced monetary policy: among them, 17th-century Scotsman John Law, an inveterate gambler cognizant of the probability theory put forth by the "weirdo genius" Blaise Pascal and who powerfully shaped the French economy; Nicholas Biddle, president of America's first central bank (at a time when the U.S. had 8,370 different kinds of paper money), who drew Andrew Jackson's ire; Yale economist Irving Fisher, who redefined the dollar "as a fixed basket of stuff"; and Bruce Bent, inventor of the money-market fund. Goldstein deftly clarifies economic concepts, distinguishing, for example, the real economy ("the carpenter who builds your house") from finance ("the banker who lends you money to buy the house"). Finance, he explains, "matches people who are willing to give up money now for the possibility of more money later with people who need money now and are willing to pay back more money later. Finance moves money around in time." The author also explains the underpinnings of the 2008 financial crisis, the consequences of the adoption of the euro, and the possibilities of money in the future: the disappearance of cash, for one, and the end of banks. An informative primer from a genial guide.

    COPYRIGHT(2020) Kirkus Reviews, ALL RIGHTS RESERVED.

  • Booklist

    Starred review from September 1, 2020
    What is money, really? When you pay a dollar bill for a soda, what is actually being traded? Journalist Goldstein became fascinated with money during the 2008 financial crisis when trillions of dollars in wealth disappeared. He moved from the Wall Street Journal's health care beat to the NPR podcast Planet Money and continued to study money. This book, Goldstein's first, traces the history of the concept of money. Goldstein introduces readers to the origins of monetary tokens, the invention of paper money, and the creation of the stock market, with attention to specific details and the people who played major roles. He shows how the evolution of financial systems across the globe did not move in a linear progression, but rather, more often, as a series of experiments. Money brings readers through the role of the Dutch East India Company in the creation of short-selling to the inventions of the euro and bitcoin. Goldstein's entertaining storytelling style makes complicated ideas clear and engaging. Money is a must-read for all those who've ever wondered what their paycheck actually means.(Reprinted with permission of Booklist, copyright 2020, American Library Association.)

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Money
Money
The True Story of a Made-Up Thing
Jacob Goldstein
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