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Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud.
Foreword ix
James K. Galbraith
Acknowledgments xiii
1 Money 1
2 Of Coins and Treasure 8
3 Banks 21
4 The Bank 33
5 Of Paper 52
6 An Instrument of Revolution 67
7 The Money War 78
8 The Great Compromise 97
9 The Price 118
10 The Impeccable System 135
11 The Fall 156
12 The Ultimate Inflation 170
13 The Self-Inflicted Wounds 190
14 When the Money Stopped 211
15 The Threat of the Impossible 229
16 The Coming of J. M. Keynes 250
17 War and the Next Lesson 272
18 Good Years: The Preparation 293
19 The New Economics at High Noon 310
20 Where It Went 327
21 Afterword 348
Index 361
Description
Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud.
