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Where Does Money Come From?: A Guide to the UK Monetary & Banking System Hardcover – 19 Nov 2012

4.7 out of 5 stars 29 customer reviews

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Product details

  • Hardcover: 178 pages
  • Publisher: New Economics Foundation; 2nd Revised edition edition (19 Nov. 2012)
  • ISBN-10: 1908506237
  • ISBN-13: 978-1908506238
  • Product Dimensions: 14.4 x 2.2 x 22.3 cm
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (29 customer reviews)
  • Amazon Bestsellers Rank: 580,645 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

About the Author

JOSH RYAN-COLLINS is a Senior Researcher at nef (the new economics foundation) where he is leading a programme of research on the history and practice of monetary systems. He is studying for a PhD in finance at the University of Southampton. TONY GREENHAM is Head of Finance and Business at nef. He is a former investment banker, a Chartered Accountant and regular writer and media commentator on banking reform. PROFESSOR RICHARD WERNER is Director of the Centre for Banking, Finance and Sustainable Development at the University of Southampton and author of two best-selling books on banking and economics. He is credited with popularising the term 'quantitative easing' in 1994 whilst Chief Economist at Jardine Fleming Securities (Asia), following a spell as visiting research fellow at the Japanese Central Bank. ANDREW JACKSON contributed to this book after graduating from the University of Sussex with an MSc in Development Economics. He is currently studying for a PhD in finance at the University of Southampton. JOSH RYAN-COLLINS is a Senior Researcher at nef (the new economics foundation) where he is leading a programme of research on the history and practice of monetary systems. He is studying for a PhD in finance at the University of Southampton. TONY GREENHAM is Head of Finance and Business at nef. He is a former investment banker, a Chartered Accountant and regular writer and media commentator on banking reform. PROFESSOR RICHARD WERNER is Director of the Centre for Banking, Finance and Sustainable Development at the University of Southampton and author of two best-selling books on banking and economics. He is credited with popularising the term 'quantitative easing' in 1994 whilst Chief Economist at Jardine Fleming Securities (Asia), following a spell as visiting research fellow at the Japanese Central Bank. ANDREW JACKSON contributed to this book after graduating from the University of Sussex with an MSc in Development Economics. He is currently studying for a PhD in finance at the University of Southampton.


Customer Reviews

4.7 out of 5 stars
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Top Customer Reviews

Format: Hardcover
NEFs book deals with a topic - banking and money creation - misunderstood not just by most of the public, but by most politicians, many economists (some extremely prominent) and many bankers. 97% of the money in the British economy is ultimately credit created by commercial banks, which is then destroyed upon repayment. To understand why credit *is* money - legal tender - read this book. To understand what limits the amount of money commercial banks can create, and why those restraining mechanisms broke down, or to understand the role of commercial money creation, when combined with modern financial instruments, in the crash of 2008, or to understand the unique legal privileges given to banks and the critical role this can play in inflation - read this book.

Its accessible, brilliantly researched and written, relatively short and is essential reading for anyone who wants to understand modern banking and how it affects the economies we all work within.

I reviewed the book at length at openDemocracy, I dont know if links are allowed in reviews but a search for "The Uneconomics guide to money creation" will bring it up.

This is a superb book, and great to see a second edition out. Highly recommended.

Oliver Huitson
Co-editor
openDemocracy
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Format: Hardcover Verified Purchase
As other reviews, i really advice this book. Is a must read if you really want to understand how the system works, and what is money now days. Worths every penny, and i would say that is the best book in Amazon describing perfectly this subject. It outdates all books written before.

The book describes how the models used by institutions as IMF, World Bank or economists researchers, are totally outdated. They still study the 'machine' (macroeconomics) describing banks as neutral models agents in money supply. They still think that central banks can manipulate money supply thanks to the multiplier effect. And that are one of the big holes. First at all, banks are not neutral, because they are very important allocating resources. And more than that, they allocate more credit ('money') for operations with collateral (real state), than for business (they do not have collateral/asset at all if business fail). In regard to the second point, central banks can't control credit creation anymore. Banks do not need new deposits to create new credit anymore, because now days the procedure is in reverse: banks ask for reserves on demand.

The book is superb, and i would give 5 or 10 stars. The reason i give 4 in stead of 5, is that it leaves some important points that are a must if you want to understand the 'machine'.

1. the book do not cover in depth how banks dont need bank deposits anymore to create credit, but use collateral chains (shadow banking). Collateral chains are securities, debt, bonds, REPOs... pledged from one party (Banks, Hedge Funds etc...) to another for credit. If now days QEs and LTROs are not injecting inflation into the economy is because all this liquidity is being used to fill the banks hole in the shadow economy (used as reserves).

2.
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Format: Hardcover
A PhD in Economics, I understood the functioning of the banking system only by reading this book.
An absolute must-read for anyone studying economics.
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Format: Hardcover Verified Purchase
I read this book having read "The Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics " and being shocked by my ignorance about what money is, despite studying Applied Economics to degree level, then studying a masters degree in Islamic Banking and Finance, teaching macro-economics briefly and having a quasi-economic role in my first job. This book is a clear explanation of the UK monetary system. It also made me feel better about my ignorance as it covered the traditional manner that money is taught (and I was) which bears no relation to the modern reality. I would heartily recommend this book to everyone as the issue it covers are pretty fundamental regarding the economic issue we face.
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Format: Hardcover
As a former Bank of England employee who spends a lot of time to both economists and non-economists about the UK banking system, I found this book incredibly helpful.

For me, it is one of the best descriptions of the UK monetary and banking system. Best of all it is accessible to everyone, not just those with an understanding of finance and economics.

Highly recommended for anyone with an interest in money, finance or economics. Especially recommended for economics students, who get taught a misleading/out of date account of money creation in undergraduate macroeconomics.
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Format: Kindle Edition Verified Purchase
This book gives a clear pathway through the fields of economic jargon and explains what the words mean. It backs up its explanation by giving sources. It ends with the famous quote on banking by J k Galbraith. "The process by which banks create money is so simple that the mind is repelled. When something so important is involved, a deeper mystery seems only decent."
The establishes that there is no deeper mystery . The book ends 'we must not permit our minds to be repelled, because it is only through the application of proper analysis and further public and policy debate, that we can collectively address the much more significant and pressing question of whether our current monetary and banking system best serves the public interest and, if not how it should be reformed.'
Indeed, this is probably the most important economic and political issue facing us today and the book helps to understand what the options for change are.
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