Want to know what books Alan Greenspan recommends on their reading list? We've researched interviews, social media posts, podcasts, and articles to build a comprehensive list of Alan Greenspan's favorite book recommendations of all time.
1
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... more 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. less 
Alan GreenspanMervyn King asks, ‘Why has almost every industrialized country found it difficult to overcome the stagnation that followed the financial crisis in 2007–2008, and why did money and banking, the alchemists of a market economy, turn into its Achilles heel?’ He addresses these questions, and much more. For those endeavoring to understand the greatest financial crisis of our time and the future of... (Source)
See more recommendations for this book...
Don't have time to read Alan Greenspan's favorite books? Read Shortform summaries.
Shortform summaries help you learn 10x faster by:
- Being comprehensive: you learn the most important points in the book
- Cutting out the fluff: you focus your time on what's important to know
- Interactive exercises: apply the book's ideas to your own life with our educators' guidance.