Paper Promises. Debt, Money, and the New World Order. by Philip Coggan. Longlisted for the Financial Times and Goldman Sachs Business Book of the. Paper Promises is a shining must-read amongst the vast literature Philip Coggan’s thesis is that one can view economic history as a. Paper Promises has ratings and 38 reviews. Abi said: On all Paper Promises () by Phillip Coggan is a masterful study of money and debt. Coggan.
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In today’s financial climate, we are all, naturally, obsessed by debt. In almost every aspect of our life we experience it – on our credit cards, mortgages, bank loans and student loans. But where has this debt come from? How does it work? What is any money really worth? And what promises do we need to believe to keep the whole system afloat?
In this fascinating look at money through the ages – including our own unstable future – award-winning financial journalist Philip Coggan examines the flawed structure of the global finance systems as they exist today, and asks, with deeper imbalances that the world is currently facing, what’s actually at stake.
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Paper Promises: Debt, Money, and the New World Order
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Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition Finally, the book is free from the shrieking ideology that afflicts virtually all contemporary debates over money.
Indeed, it offers a clear explanation of the fresh ideological divisions that have arisen over how to deal with the crisis Every page brings a fresh insight or a new surprise.
A delight Tim Harford, author of ‘The Undercover Economist’ Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson If everyone read Coggan’s book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy Management Today A masterful history of financial crises Independent By far the best analysis of the “new normal” David Stevenson Financial Times An excellent book Thoughtful and thorough Publishers Weekly.
Philip Coggan was a Financial Times journalist for over twenty years, and is now the Buttonwood columnist for the Economist. Read more Read less.
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Showing of 32 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Kindle Edition Verified Purchase. Coggsn Coggan has compiled a page book with enough knowledge and analysis to make it feel like an page book, without seeming oromises all like a long and demanding read. Having read previous books in the financial and monetary sector, Paper Promises compares favorably in the sense that it is truly the best of all worlds.
The first part of the book is a financial and monetary history in every sense worthy of Niall Ferguson’s Ascent of Money, coupled with a monetary analysis every bit as astute as the works of Barry Eichengreen, but much more readable.
Despite the length of the book, Coggan leaves no stone unturned. The collapse of the Gold Standard, Bretton Woods, and the and subsequent sovereign debt crisis are all covered appropriately within this volume.
Paper Promises by Philip Coggan
Rather than just been a simple chronological sweep of finance, phenomena such as bubbles, inflation, and monetary practices such as quantitative easing are all explained. One is hardly left wanting for more, as most questions one is left asking after the events of recent years receive explanation.
As a book that, among many other things, focuses on the value of money, Paper Promises in itself is superb value for money, and an important asset for the investment portfolio of any economics enthusiast.
This is an excellent overview of debt and money – and them being the same thing. There’s an initial awkwardness in the introduction and early chapters where Coggan struggles with terms and concepts he’s yet to define. The author is attempting to ensure the reader that the ‘big questions’ will be answered but there is some leg-work to be done first. I’m not sure his running theme of bimetallism is worth the emphasis but, that linking-device apart, the historical sections are first-rate.
When the current debt situation is dissected Coggan is refreshingly technical and bias-free. He avoids citing easy scapegoats for the post financial crisis in favour of structural analysis. Overall very well written and a book you’d wish more people would read before starting to tell you what’s wrong with world these days.
Clggan extremely clear narrative that combines economic theory and economic history please – don’t glaze over; this stuff is important just now to explain how we ended up where we’ve ended up.
At its heart is the unending battle between debtors and creditors, why we all had to come off the gold standard, and the role that government plays in bending the rules of the game. Loved the writing style and anecdotes, particularly at the start. History parts were fascinating.
Only drawback is publication date means the story and conclusions are already a bit stale Would really enjoy reading the author’s opinion on cogtan interest rates and crashing commodity prices despite ubiquitous QE.
Book Review: Paper Promises: Money, Debt and the New World Order by Philip Coggan | EUROPP
One person found this helpful. One of the best books on the current global financial crisis. Definitely a recommended read for anyone interested in oromises and economics. My only criticism is that the author does not explore the impact of bank capital adequacy BIS BasleIII on contributing to global money supply growth and its subsequent contraction.
I read this as part of my attempt to understand where the world is going. It helped that understanding.
The global problems are sufficiently large and intertwined that it will take a new Bretton Woods and an honesty from politicians that any solution will endure way beyond the electoral cycle.
Coggan misses this but his analysis of gold and money is coggn. See all 32 reviews. Would you like to see more reviews about this item? Pages with related products. See and discover other items: Unlimited One-Day Delivery and more.
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