- Paperback: 144 pages
- Publisher: New Economics Foundation; 1st edition (29 Sep 2011)
- ISBN-10: 1908506075
- ISBN-13: 978-1908506078
- Product Dimensions: 24 x 17 x 8 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (7 customer reviews)
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Amazon Bestsellers Rank:
54,557 in Books (See Top 100 in Books)
- #64 in Books > Business, Finance & Law > Professional Finance > Banking
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Product Description
What is money? How is it created? How does it enter into circulation? These are simple and vital questions it might seem, but the answers remain contested and often muddled.
Where Does Money Come From? is a comprehensive guide to the modern UK monetary and banking system. It reviews theoretical and historical debates on the nature of money and explains how we arrived today with a system where the vast majority of new money is created by commercial banks.
Banks create new deposits through making loans, buying existing assets or by providing overdraft facilities which customers themselves turn in to deposits when they draw on them. These deposits are accepted by everyone, including the state, in payment for taxes. They are added to the money supply. Most money nowadays is created this way.
Based on detailed research and consultation with experts, the book includes in-depth explanations of the role of the central bank, regulators, the government and the European Union in influencing the creation and allocation of money.
It concludes that the current monetary system is inherently unstable, depending as it does primarily on the confidence of private banks themselves, while the central bank or government have chosen to exert little control over either the quantity of new money created or whether it is used for productive or speculative purposes.
Written throughout in non-technical language, the book will be of value to the general public, policy-makers, finance and banking professionals, academics and students.
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Customer Reviews
Most Helpful Customer Reviews
6 of 6 people found the following review helpful
This book addresses a question that (perhaps deliberately) is never really asked by economists, politicians and people on the street.
It explains very clearly (yet without oversimplifying) where money comes from, and fills a very clear gap in economics.
I've learnt more about money from this book than from studying economics at university and I'd recommend this book to both professional economists or people who just want to find out more about what makes the world go round.
It explains very clearly (yet without oversimplifying) where money comes from, and fills a very clear gap in economics.
I've learnt more about money from this book than from studying economics at university and I'd recommend this book to both professional economists or people who just want to find out more about what makes the world go round.
6 of 6 people found the following review helpful
This is a great introduction to some incredibly important ideas about the function and use of money within our economy. It's an accessible guide that clearly navigates the reader through the key ideas and debates on money, and sets out a range of startling policy questions about how we need to deal with the issue and regulation of money within the economy.
5 of 5 people found the following review helpful
This is a very well-written book to introduce the general public to the process of creation of credit, but professional economists should read it as well. It's impressive how the economic discipline is currently neglecting these topics.
Definitely worth reading!
Definitely worth reading!
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Most Recent Customer Reviews
Politely explosive
This book has emerged from the smoking detritus of the Credit Crunch and does an excellent job of clearing the air for specialist or non-specialist alike. But be warned. Read more
Published 1 month ago by @nonlocaljoker
Very good
Informative, well written and concise. Anyone interested in the monetary system, or not, this book is a great introduction on the system we are all tied to. Read more
Published 3 months ago by Conor Irwin
At last, a light shone on how our money system works...
There is a great deal of confusion about a) the nature of money/credit and b) its management. This book, which is refreshingly concise, goes a long way to dispel that confusion. Read more
Published 6 months ago by Ann Pettifor
Who creates money and why the current system is a problem
If you are interested in having an informed opinion regarding the causes of the banking crisis you would do well to read this book and share it with your friends . Read more
Published 7 months ago by Robin Brownsell
Listmania!
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