“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 over-reliance on the alchemy of our financial ancestors.₵105.00Quick View
The Fish Rots from the Head: The Crisis in Our Boardrooms: Developing the Crucial Skills of the Competent Director
As a Chinese proverb says ‘The fish rots from the head’ and so it is with businesses and other organisations — the buck starts and stops in the boardroom. This third edition of Bob Garratt’sbestselling book that highlights the importance of effectivecorporate governance has been extensively updated following the corporate scandals of the early 2000s — Enron, WorldCom, Tyco — and the abysmal boardroom standards that the recent credit crunch and ensuing global financial crisis brought to light.
This new edition builds on the Learning Board model developed by the author and now widely used internationally by corporations and public sector organisations such as the NHS. The result is a thought-provoking and highly practical book that will be invaluable to all those with responsibility for corporate governance – and also those who subject them to scrutiny.
What Sir Adrian Cadbury, whose committee’s groundbreaking report on corporate governance was published nearly twenty years ago, said about the first edition remains as true today as ever: ‘No director can afford to ignore this book’.₵70.00Quick View
The Fish Rots from the Head: The Crisis in Our Boardrooms: Developing the Crucial Skills of the Competent Director₵70.00