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The end of alchemy: money, banking, and the future of the global economy
"Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy--the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors."--Publisher's description
Public policy and the corporation
In: Cambridge studies in applied econometrics 3
In: A Halsted Press book
Inflation Targets: Practice Ahead of Theory
In: NBER Working Paper No. w32594
SSRN
Monetary policy in a world of radical uncertainty
In: Economic affairs: journal of the Institute of Economic Affairs, Band 42, Heft 1, S. 2-12
ISSN: 1468-0270
Introduction to special issue on King Reports
In: Journal of Global Responsibility, Band 11, Heft 2, S. 123-125
Through the Looking Glass: Reform of the International Institutions
In: The Australian economic review, Band 40, Heft 2, S. 123-128
ISSN: 1467-8462
The Institutions of Monetary Policy
In: American economic review, Band 94, Heft 2, S. 1-13
ISSN: 1944-7981
SSRN
Establishing a corporate governance code of best practice: Some guidelines
In: South African journal of international affairs: journal of the South African Institute of International Affairs, Band 10, Heft 1, S. 95-101
ISSN: 1938-0275
ARTICLES: GLOBAL BEST PRACTICE: Establishing a Corporate Governance Code of Best Practice: Some Guidelines: To attract capital in this highly competitive, globalised world, companies - and countries
In: South African journal of international affairs, Band 10, Heft 1, S. 95-102
ISSN: 1022-0461
Changes in UK monetary policy: Rules and discretion in practice
In: Journal of Monetary Economics, Band 39, Heft 1, S. 81-97
CREDIBILITY AND MONETARY POLICY: THEORY AND EVIDENCE1
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 42, Heft 1, S. 1-19
ISSN: 1467-9485
Tax Reform in the UK and US
In: Economic policy, Band 1, Heft 1, S. 219
ISSN: 1468-0327