'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?
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