Money
The Unauthorized Biography
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Narrated by:
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Nicholas Guy Smith
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By:
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Felix Martin
About this listen
From ancient currency to Adam Smith, from the gold standard to shadow banking and the Great Recession: a sweeping historical epic that traces the development and evolution of one of humankind’s greatest inventions.
What is money, and how does it work? In this tour de force of political, cultural and economic history, Felix Martin challenges nothing less than our conventional understanding of money. He describes how the Western idea of money emerged from interactions between Mesopotamia and ancient Greece and was shaped over the centuries by tensions between sovereigns and the emerging middle classes. He explores the extraordinary diversity of the world’s monetary systems, from the Pacific island of Yap, where value was once measured by immovable stones, to the currency of today that exists solely on globally connected computer screens. Martin shows that money has always been a deeply political instrument, and that it is our failure to remember this that led to the crisis in our financial system and so to the Great Recession. He concludes with practical solutions to our current pressing, money-based problems.
Money skips nimbly among such far-ranging topics as John Locke’s disastrous excursion into economic policy, Montesquieu’s faith in finance to discipline the power of kings, the social organization of ancient Sparta and the Soviet Union’s ill-fated attempt to abolish money and banking altogether. Throughout, Martin makes vivid sense of a chaotic and sometimes incoherent system - the everyday currency that we all share - in the clearest and most stimulating terms. This is a magisterial work of history and economics, with profound implications for the world today.
©2014 Felix Martin (P)2014 Random House AudioListeners also enjoyed...
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The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
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Listened twice. Everyone must read this.
- By Tristan on 01-18-16
By: John Kay
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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Currency Wars
- The Making of the Next Global Crises
- By: James Rickards
- Narrated by: Walter Dixon
- Length: 9 hrs and 52 mins
- Unabridged
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics.
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don't be misled
- By peter on 04-01-12
By: James Rickards
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The Shifts and the Shocks
- What We've Learned - and Have Still to Learn - from the Financial Crisis
- By: Martin Wolf
- Narrated by: Sean Pratt
- Length: 14 hrs and 53 mins
- Unabridged
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The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The audiobook identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system.
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Good on Europe's problems, fair global update
- By Philo on 01-08-15
By: Martin Wolf
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The Age of Oversupply
- Overcoming the Greatest Challenge to the Global Economy
- By: Daniel Alpert
- Narrated by: Don Hagen
- Length: 10 hrs and 34 mins
- Unabridged
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The governments and central banks of the developed world have tried every policy tool imaginable, yet our economies remain sluggish, or worse. How did we get here, and how can we emerge from the longest downturn in recent memory? Daniel Alpert, a progressive Wall Street banker and economist, argues that we are living in the age of oversupply.
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Great book but now out of date
- By emory morsberger on 11-30-17
By: Daniel Alpert
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The History of Banking
- The History of Banking and How the World of Finance Became What It Is Today
- By: K. Connors
- Narrated by: Michael J. Cover
- Length: 29 mins
- Unabridged
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Have you ever wondered who started banking and for what reason? Or where money came from and how it's regulated? Ever wonder how banks are able to lend out billions of dollars at a time? This book gives a detailed outline of the history of banking from the 15 century to present day. Whether you are a fellow banker like myself, aspiring to work in the world of finance, or just plain curious, this book covers everything you need to know from top to bottom.
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Changing Lives..
- By jency on 12-12-17
By: K. Connors
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Why Save the Bankers?
- And Other Essays on Our Economic and Political Crisis
- By: Thomas Piketty, Seth Ackerman - translator
- Narrated by: LJ Ganser
- Length: 5 hrs and 1 min
- Unabridged
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Thomas Piketty's work has proved that unfettered markets lead to increasing inequality. Without meaningful regulation, capitalist economies will concentrate wealth in an ever smaller number of hands. Armed with this knowledge, democratic societies face a defining challenge: fending off a new aristocracy. For years Piketty has wrestled with this problem in his monthly newspaper column, which pierces the surface of current events to reveal the economic forces underneath.
By: Thomas Piketty, and others
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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Why Wall Street Matters
- By: William D. Cohan
- Narrated by: Rob Shapiro
- Length: 4 hrs and 14 mins
- Unabridged
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William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive best-selling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent 17 years as an investment banker on Wall Street, he is an expert on its inner workings as well.
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An Inch Deep and A Mile Wide
- By Doug Sheridan on 04-26-17
By: William D. Cohan
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13 Bankers
- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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The Death of Money
- The Coming Collapse of the International Monetary System
- By: James Rickards
- Narrated by: Sean Pratt
- Length: 13 hrs and 13 mins
- Unabridged
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The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk.
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A good review of the global financial system
- By Jean on 04-22-14
By: James Rickards
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If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us.
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What listeners say about Money
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Alex Chu
- 05-25-20
Kind of dry towards the end
It's a fun read but towards the end the ideas are somewhat dense and less interesting
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- Philo
- 03-19-14
A thoughtful journey with big flashes of insight
The book's opening (and various later visitations) takes a reasonably interesting idea: e.g., the Yap islanders' use of largely stationary stones as money (seen many times in other books), and beats it to death. Setting this aside, the book takes a fascinating walk through money's basic concepts as played out in historic scenes. Watch the Roman Empire struggle through a credit bubble and lender bailout. Watch the allowance of a private family of unofficial currencies destabilize ancient China, first playing out as the brilliant scheme of court philosophers' sub-celestial monetary harmony is shaken, finally as the private financiers turn their aims to political power. Here are the best-of-breed (of dozens of books I've read) descriptions of the story, details, meaning and impact of (1) Scotsman John Law's financial innovations and his wild adventures creatively running the finances of France (into the ground), (2) the birth of the Bank of England and the emergence of the City of London's money markets of the 1800s (with brilliant description of Walter Bagehot's genius and contributions), and finally, all this back-story as it filtered into the rising disciplines of academic finance and economics, and funneled, with a precise eye here to the flaws in the theories and framing of problems, into the 2008 crash and its aftermath. I am seriously more enlightened on all these things from this book. There is no addressing here of cryptocurrencies, yet, their meaning and possibilities (and flaws) were lit by many of the concepts and stories here: I got heaps of context for thinking about crypto. I suggest one sit through the few flat spots and awkward phrasings to get at the true gems of understanding here, which positively glisten. This among all finance books has changed and sharpened my views and understandings. I will definitely re-listen to this.
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- Barry Frieder, MD
- 02-10-16
THE best book on monry
a remarkably insightful and well researched history of money. perspectives that every investor will find useful.
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1 person found this helpful
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- Aaron J Clark
- 07-06-17
Probably the Best audiobook I've heard on popular Econ
Just really great all around both in its ideas and the clarity in which it expresses them
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- Living in Truth.
- 03-29-23
A good listen
I found the book insightful and enlightening. I'll relisten to it in the near future. I love books that have plenty of nuance and thick information. I rewound a few sections and relistened to a few chapters to ensure I understood the information. I'd recommend.
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- E
- 01-21-17
Wonderful book must be read
The author walks us through the history of money and make us to think about it
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1 person found this helpful
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- Lucy G
- 07-15-17
End was annoying
Good book. End annoying. He has an argument with himself which he won. Lol. Annoying writing style.
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- CL
- 03-16-17
A book that will make you think and contemplate
"Money" is written from a historical perspective but certainly has some good analysis and interpretations of events and the broader course of history, with regards to money.
It certainly isn't a biography of those who amassed large sums of money, but more on the ideas, development, adoption and evolution of money.
Maryin will push how you see money and where it came from; he will challenge your conceptions using other disciplines -- like history, anthropology, political science, philosophy and even science to name a few -- as opposed to the usual vantage point of business, commerce and economics.
The book is very accessible in the way it's written, and moreover, it does employ interesting writing styles by way of analogies, narrating and story telling to dialogue pieces.
It also has a fair bit of misdirection -- so you may feel convinced until you read/listen on to the next part or chapter where you are equally convinced of the other side of the argument (and the arguments aren't necessarily simple or two sides, you find yourself juggling more multidimensional ideas at times). That kept me on edge at times but helps give a fairer picture.
Overall I loved the book and I would recommend it to anyone with a sense of curiosity and definitely to anyone who gets into conversations about money, politics, economics, "the debt", gold, the meaning of money and desires and their philosophy and other such lively topics.
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- Munair
- 01-26-22
This should be your first book on economics...
As an economist, Felix Martin is rare in his ability to engage you. I could barely put down this work at the start.
He brought economic history to life and shone light on money in novel ways.
The work is almost philosophical.
Some Background:
- Prior to reading this work I struggled through "The Theory of Money and Credit" by Ludwig Von Mises. It was like bitter medicine: You know you have to take it to remedy your ignorance about money, but it just won't go down easily.
- I also finished Ray Dalio's "Principles for Dealing with the Changing World Order" which discusses debt cycles (i.e. macromoney) a great deal, but doesn't go sufficiently into the nature of credit to give you an intuition for why debt cycles alter global realities.
Afterwards:
- Von Mises' work now makes a lot more sense. I can understand quite a great deal more of the arguments made.
- Changing world orders are more fundamentally grasped: If you mess up your credit, you (as a nation) are doomed.
- I'm inspired to learn much more!
What did I find weird?
- He mentioned Rai/Fei stones and Yap at the onset of the work. Having been to Guam, where some of the stones were quarried, this really engaged me. However, as the work progressed, there was a magical Euro-centric shift. He does say that it was for scientific reasons (to study where there's more recent information). But the same concluding arguments would be valid if he stuck with Micronesia. If you skipped the start of his biography of money, you should be forgiven for thinking that Greek society was the first to use money. Maybe the author's overwhelming love for Homer leads him to that conclusion? Or may because he thought the Yapese economy was too simple? Either way, it makes you feel like working through the (tedious) middle of the work is an inefficient use of time.
What could be more clearly covered?
- It's never explicitly stated that gold is money when trust in the state is low. It's not that hard to say. That said, Midas detour was golden.
What could have been shortened?
- Oresme and medieval France seemed like a huge detour. Alfred Mitchell-Innes' essay on "What is Money?" also spent time on the issues of that period before wisely ditching it. Spending an inordinate amount of time on seignorage doesn't give you a much crisper grasp on the nature of money. I found that section introduced tedium when it wasn't required.
What made it so exciting?
- His grasp/use of literature and the metaphorical detours that punctuate his learnings. Dude's a master of metaphor.
What did I like the most?
- The critic! I'm so glad he was challenging his conclusions out aloud. I also loved the suggestion to implement narrow banking. It seems like a simple change that would make human existence less painful.
What should you read next?
- Hajoon Chang's "Economics"
If you are short on time, just focus on the first couple of chapters and the conclusion. It's still worth every penny!
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- leon zhao
- 01-18-22
A lot of good ideas and insights about money
Learned a lot about money. Chapters 1,2, 8,9, 12-15 have some very good and deep analysis of the nature of money. The critique of classical economics’ inadequate treatment of money is very useful. But it’s not an easy book to digest especially in audio book format. A lot of the arguments are difficult to follow. On top of that the author included the historical development of money and financial institutions, but not follow chronicle order, so we are jumping from Ancient Greece to Soviet Union, or China to Argentina in the same chapter. The reader/listeners need to make extra effort to follow the book. But I guess in the end it’s worth the efforts.
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