I found this book disturbing for two reasons. The first is that commercial banks are the prime creators of money and secondly that at the tender age of 47 I had not come across this explanation of money creation. This explanation is having quite an impact about how I view the current political/economic situation. I had studied Applied Economics for my first degree in the last 1980s, then studied a Masters' degree in Islamic Banking and Finance, I taught Economics to undergraduates (not very well I'm afraid - apologies to former students of UWE!) and my first role was within a quasi-economic job function. In my quasi-economic job role I became disenchanted with Economics as a 'science' (however dismal) and read books that incorporated developments derived from chaos theory and biological evolution models etc. that what I thought was a better explanation (I would recommend those by by Paul Omerod & Eric Beinhocke). I think Austrian economic philosophies fit these chaos theory and evolutionary models better than Marxian, Keynesian or the Neo-classical synthesis, however, I had not given much thought to 'money' which obviously underpins the price mechanism through which markets operates. I also thought the 'economic calculation' argument was the trump card against Marxist theories but with this explanation of money then this argument is not as strong as I thought. Following reading this book I have gone on to read the excellent "Where Does Money Come From?" an up-to-date and more academic (but very readable) explanation with a UK context.
I am surprised that in the current era that no political party has adopted the approach. It has certainly acted as a primer to learn more about the subject and has pricked my hubris (if that is a valid expression?) of what I knew. Having read "Where Does Money Come From" I do not feel too bad about my ignorance as it covered the way money has traditionally been taught (which I was) and how it does not fit with modern reality.
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