"Money is a social invention, indeed among the most important of all social inventions. At present the right to create money has been handed over to the private businesses we call banks. But this is not the only way we could create money and, as recent experience suggests, it may be far from the best one. Read this book with an open mind and you will understand why."
- Martin Wolf, Chief Economics Commentator, Financial Times
"Modernising Money is not just the clearest exposition of the monetary economy available today, it offers realistic and pragmatic responses to the most urgent challenge of our time: how to devise a financial system fit for purpose."
- Prof Tim Jackson, author of 'Prosperity Without Growth: economics for a finite planet
"Modernising Money does a fine job of explaining the malfunctioning present banking system, and showing the clear institutional reforms necessary for a sound monetary system."
- Prof. Herman E Daly, author of "Enough Is Enough: Building a Sustainable Economy in a World of Finite Resources"
"Modernising Money sets out the authors' solution to the banking quandary with great clarity. The solution, though far-reaching, is not treated as utopian but as a practical proposition: the transition from the present arrangements is dealt with in detail. The authors treats the question of how we might restructure money and banking in the context of a detailed knowledge of UK banking history, institutions and policy up to the present day, and there are examples from other banking systems as well. The book has much to offer, whether you agree with the authors' solution or not." - Prof Vicky Chick, Emeritus Professor of Economics, University College London
"This 'must read, must act' book lucidly explains two thing: the urgent need for a simple reform of the money system to make it work more efficiently and fairly for all, and an accessible way for responsible citizens to make the reform happen." --- James Robertson, author of "Future Money: Breakdown or Breakthrough?"
"This 'must read, must act' book lucidly explains two thing: the urgent need for a simple reform of the money system to make it work more efficiently and fairly for all, and an accessible way for responsible citizens to make the reform happen." --James Robertson, author of "Future Money: Breakdown or Breakthrough?"
At the heart of the ongoing economic crisis is the fact that governments across the world have given the power to create money to the private corporations that we know as banks. Today, over 97% of all of the money used by people and businesses is created by banks when they make loans. This way of creating money has led to economic instability and a financial crisis. It has produced the highest-ever levels of personal and government debt, made houses unaffordable, and driven the short-termism which is destroying the businesses, and ecosystems, on which we depend.
But it doesn't have to be like this. The way money is created can be changed. Modernising Money shows how a UK law implemented in 1844 can be updated and combined with reform proposals from the Great Depression, to provide the UK with a stable monetary and banking system, much lower levels of personal and national debt, and a thriving economy.
Detailed, but accessible to non-economists, Modernising Money is written for anybody who wants to know how to create an economy that serves people, businesses, society and the environment.