The End of Alchemy: Money, Banking, and the Future of the Global Economy PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The End of Alchemy: Money, Banking, and the Future of the Global Economy PDF full book. Access full book title The End of Alchemy: Money, Banking, and the Future of the Global Economy by Mervyn King. Download full books in PDF and EPUB format.
Author: Mervyn King
Publisher: W. W. Norton & Company
ISBN: 0393247031
Category : Business & Economics
Languages : en
Pages : 214
Get Book Here
Book Description
“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers 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.
Author: Mervyn King
Publisher: W. W. Norton & Company
ISBN: 0393247031
Category : Business & Economics
Languages : en
Pages : 214
Get Book Here
Book Description
“Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers 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.
Author: Mervyn King
Publisher: Hachette UK
ISBN: 1408706121
Category : Business & Economics
Languages : en
Pages : 204
Get Book Here
Book Description
'A fearless and important book . . . The End of Alchemy isn't just an elegant guide to the history of economic ideas. It also gives a genuine insider's account' Telegraph The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking - even if we need to reform the banking system - nor of policy-making - even if mistakes were made - but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King - an actor in this drama - proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy?
Author: Leah DeVun
Publisher: Columbia University Press
ISBN: 0231519346
Category : History
Languages : en
Pages : 273
Get Book Here
Book Description
In the middle of the fourteenth century, the Franciscan friar John of Rupescissa sent a dramatic warning to his followers: the last days were coming; the apocalypse was near. Deemed insane by the Christian church, Rupescissa had spent more than a decade confined to prisons in one case wrapped in chains and locked under a staircase yet ill treatment could not silence the friar's apocalyptic message. Religious figures who preached the end times were hardly rare in the late Middle Ages, but Rupescissa's teachings were unique. He claimed that knowledge of the natural world, and alchemy in particular, could act as a defense against the plagues and wars of the last days. His melding of apocalyptic prophecy and quasi-scientific inquiry gave rise to a new genre of alchemical writing and a novel cosmology of heaven and earth. Most important, the friar's research represented a remarkable convergence between science and religion. In order to understand scientific knowledge today, Leah DeVun asks that we revisit Rupescissa's life and the critical events of his age the Black Death, the Hundred Years' War, the Avignon Papacy through his eyes. Rupescissa treated alchemy as medicine (his work was the conceptual forerunner of pharmacology) and represented the emerging technologies and views that sought to combat famine, plague, religious persecution, and war. The advances he pioneered, along with the exciting strides made by his contemporaries, shed critical light on later developments in medicine, pharmacology, and chemistry.
Author: Deborah E. Harkness
Publisher: Cambridge University Press
ISBN: 9780521622288
Category : History
Languages : en
Pages : 276
Get Book Here
Book Description
John Dee's angel conversations have been an enigmatic facet of Elizabethan England's most famous natural philosopher's life and work. Professor Harkness contextualizes Dee's angel conversations within the natural philosophical, religious and social contexts of his time philosophy, and the apocalypse, and argues that they represent a continuing development of John Dee's earlier concerns and interests. These conversations include discussions of the natural world, the practice of natural philosophy, and the apocalypse.
Author: Katherine Eggert
Publisher: University of Pennsylvania Press
ISBN: 0812247515
Category : History
Languages : en
Pages : 368
Get Book Here
Book Description
Katherine Eggert explores the crumbling state of humanistic learning in the sixteenth and seventeenth centuries and the benefits of relying on alchemy despite its recognized flaws.
Author: Jay Weidner
Publisher: Inner Traditions / Bear & Co
ISBN: 9780892810840
Category : Body, Mind & Spirit
Languages : en
Pages : 532
Get Book Here
Book Description
Decodes the message held by this enigmatic monument, revealing the alchemical secret of time and the fate of humanity.
Author: Avery Williams
Publisher: Simon and Schuster
ISBN: 0857076825
Category : Juvenile Fiction
Languages : en
Pages : 201
Get Book Here
Book Description
People say 'love never dies'… but love might be the death of Seraphina. Seraphina has been alive since the Middle Ages, when her boyfriend, Cyrus, managed to perfect a method of alchemy that lets them swap bodies with any human being. She doesn't want to die, so she finds young people who are on the brink of death, and inhabits their bodies. When we meet Sera, she has landed in the body of a girl named Kailey who was about to die in a car accident. For the first time, Sera falls in love with the life of the person she's inhabiting. Sera also falls for the boy next door, Noah. And soon it's clear the feelings are returned. Unfortunately, she can never kiss Noah, because for her to touch lips with a human would mean the human's death. And she has even more to worry about: Cyrus is chasing her, and if she stays in one place for long, she puts herself -and the people she's grown to care for - in danger.
Author: Pamela H. Smith
Publisher: Princeton University Press
ISBN: 1400883571
Category : History
Languages : en
Pages : 337
Get Book Here
Book Description
In The Business of Alchemy, Pamela Smith explores the relationships among alchemy, the court, and commerce in order to illuminate the cultural history of the Holy Roman Empire in the sixteenth and seventeenth centuries. In showing how an overriding concern with religious salvation was transformed into a concentration on material increase and economic policies, Smith depicts the rise of modern science and early capitalism. In pursuing this narrative, she focuses on that ideal prey of the cultural historian, an intellectual of the second rank whose career and ideas typify those of a generation. Smith follows the career of Johann Joachim Becher (1635-1682) from university to court, his projects from New World colonies to an old-world Pansophic Panopticon, and his ideas from alchemy to economics. Teasing out the many meanings of alchemy for Becher and his contemporaries, she argues that it provided Becher with not only a direct key to power over nature but also a language by which he could convince his princely patrons that their power too must rest on liquid wealth. Agrarian society regarded merchants with suspicion as the nonproductive exploiters of others' labor; however, territorial princes turned to commerce for revenue as the cost of maintaining the state increased. Placing Becher’s career in its social and intellectual context, Smith shows how he attempted to help his patrons assimilate commercial values into noble court culture and to understand the production of surplus capital as natural and legitimate. With emphasis on the practices of natural philosophy and extensive use of archival materials, Smith brings alive the moment of cultural transformation in which science and the modern state emerged.
Author: John Kay
Publisher: W. W. Norton & Company
ISBN: 1324004789
Category : Business & Economics
Languages : en
Pages : 422
Get Book Here
Book Description
Much economic advice is bogus quantification, warn two leading experts in this essential book, now with a preface on COVID-19. Invented numbers offer a false sense of security; we need instead robust narratives that give us the confidence to manage uncertainty. “An elegant and careful guide to thinking about personal and social economics, especially in a time of uncertainty. The timing is impeccable." — Christine Kenneally, New York Times Book Review Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one—not least Steve Jobs—knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package—what will interest rates, the cost of living, and your state of health be in 2050?—demonstrate only that their advice is worthless. The limits of certainty demonstrate the power of human judgment over artificial intelligence. In most critical decisions there can be no forecasts or probability distributions on which we might sensibly rely. Instead of inventing numbers to fill the gaps in our knowledge, we should adopt business, political, and personal strategies that will be robust to alternative futures and resilient to unpredictable events. Within the security of such a robust and resilient reference narrative, uncertainty can be embraced, because it is the source of creativity, excitement, and profit.
Author: Cathy Cobb
Publisher: Prometheus Books
ISBN: 1616149167
Category : Science
Languages : en
Pages : 374
Get Book Here
Book Description
A unique approach to the history of science using do-it-yourself experiments along with brief historical profiles to demonstrate how the ancient alchemists stumbled upon the science of chemistry. Be the alchemist! Explore the legend of alchemy with the science of chemistry. Enjoy over twenty hands-on demonstrations of alchemical reactions. In this exploration of the ancient art of alchemy, three veteran chemists show that the alchemists' quest involved real science and they recount fascinating stories of the sages who performed these strange experiments. Why waste more words on this weird deviation in the evolution of chemistry? As the authors show, the writings of medieval alchemists may seem like the ravings of brain-addled fools, but there is more to the story than that. Recent scholarship has shown that some seemingly nonsensical mysticism is, in fact, decipherable code, and Western European alchemists functioned from a firmer theoretical foundation than previously thought. They had a guiding principle, based on experience: separate and purify materials by fire and reconstitute them into products, including, of course, gold and the universal elixir, the Philosophers' stone. Their efforts were not in vain: by trial, by error, by design, and by persistence, the alchemists discovered acids, alkalis, alcohols, salts, and exquisite, powerful, and vibrant reactions--which can be reproduced using common products, minerals, metals, and salts. So gather your vats and stoke your fires! Get ready to make burning waters, peacocks' tails, Philosophers' stone, and, of course, gold!
