Synopsis
So what is money? Money, as we know it, was born in 1971 when currencies unlinked from gold. During its adolescence, money was hyperactive, causing rampant inflation. Three decades of mature growth followed. But in middle age, money is changing again, losing its vibrancy. Central banks have printed trillions of dollars, euros, and yen, only to see it mostly sitting dormant, unappreciated, neither driving growth nor inflation.
As it achieves the age of fifty, money is experiencing its figurative menopause. It used to have a regular monthly cycle of payroll and shopping. But the cycle is increasingly erratic and infrequent. Nobody saw this coming; if money feels misunderstood, that’s probably because it is. Until now.
Money: Going Out of Style first offers the reader a clear understanding of economics and the role of money, by following an island tribe as they develop money and an ever more sophisticated economy. The book never forgets that money is secondary to the real economy: goods and services.
Armed with this deeper appreciation of money and economics, the book returns to the present day to examine money’s midlife crisis: the effect of rising inequality, and how it’s causing money to go out of style.
Money, Going Out of Style Book Review:-
The article below explores how money has changed and more importantly it stretches its miles, inches to pay the money in what hurries up with plenty of questions about that we are seeing today.
The history of money, which is one of the key ideas in the book. The author brings readers through barter systems, to coins and paper bills. Their history helps to explain why money in our contemporary world is so powerful. The book also elucidates on the fact that money has been an integral factor as not just medium of exchange but in terms with keeping and reinforcing trust & value.
Decline of traditional money – this is another important motif. In this essay, the author talks about how digital currencies are redefining money around us- Bitcoin and other cryptocurrencies. This poses the question of what money will resemble in, say a decade from now and even if physical cash could exist at that time. Security and regulation have their own chapters in the book on this digitized world of transactions.
There is an angle of psychological aspects to money the writer also explores. We become wiser about how our thoughts and feelings affect us when it comes to spending money (and saving). This view, of course, makes readers reflect more on their experiences with money and how this influences the way they live.
Complex ideas are easy to grasp and writing is presented in a clear easily digestible format. He truly makes the book interesting by giving relatable examples and anecdotes to help illustrate major points throughout his work.
These are good insights offered in the book, although some lay readers may at times find talk of digital currencies a bit heavy on technical detail. Still, the overarching story is understandable and engaging for those familiar with finance themes as well as newcomers to such topics.
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