Daily Archives: Mar 8, 2014 at 04:18 am EST

Book Bits | 3.8.14

Money: The Unauthorized Biography
By Felix Martin
Review via The Guardian
In The Importance of Being Earnest, the prim governess Miss Prism tells her young charge Cecily to omit the chapter on the fall of the rupee in the political economy textbook she has been instructed to study: “It is somewhat too sensational. Even these metallic problems have their melodramatic side.” And in Felix Martin’s stimulating and timely book we see how right Miss Prism was: money – metallic or paper – may seem deadly dull, but it actually stands centre-stage in today’s most important political and economic conflicts. Moreover, it is economists’ blinkered insistence that money is just a “technical” and relatively minor issue that explains why they, and their politician followers, brought the world to the brink of catastrophe in 2008 – and why they are conspicuously failing to rescue us from that crisis.
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