By Andrew Jackson & Ben Dyson from Positive Money
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"Money is a social invention, indeed among the most important of all social inventions. At present the right to create money has been handed over to the private businesses we call banks. But this is not the only way we could create money and, as recent experience suggests, it may be far from the best one. Read this book with an open mind and you will understand why."
- Martin Wolf, Chief Economics Commentator, Financial Times
"Modernising Money is not just the clearest exposition of the monetary economy available today, it offers realistic pragmatic responses to the most urgent challenge of our time: how to devise a financial system fit for purpose. "
- Tim Jackson, author of 'Prosperity Without Growth: economics for a finite planet
"Modernising Money unveils how the present money system really works, why it doesn't work well, and how it ought to work to the benefit of all."
- Prof. Joseph Huber, Professor of Economics & Environmental Sciences, Martin Luther University, Halle-Wittenberg
"Modernising Money"sets out the authors' solution to the banking quandary with great clarity. The solution, though far-reaching, is not treated as utopian but as a practical proposition: the transition from the present arrangements is dealt with in detail. The authors treats the question of how we might restructure money and banking in the context of a detailed knowledge of UK banking history, institutions and policy up to the present day, and there are examples from other banking systems as well. The book has much to offer, whether you agree with the authors' solution or not."
- Prof Vicky Chick, Emeritus Professor of Economics, University College London
"In Modernising Money, Jackson and Dyson have built on the foundations of Robertson and Huber to develop a thorough and robust blueprint for the transition to a more sensible monetary system in the UK. Their work is at the leading edge of this important field of new economics."
- Tony Greenham, head of business and finance at Nef (the New Economics Foundation) and co-author of 'Where does money come from?'
"This "must read, must act" book lucidly explains two things; the urgent need for a simple basic reform of the money system to make it work more efficiently and fairly for all; and an accessible way for responsible citizens to help make the reform happen."
- James Robertson, author of 'Future Money: Breakdown or Breakthrough?'
"The essence of the contemporary monetary system is the creation of money, out of nothing, by private banks' often foolish lending."This way of creating money has led to economic instability and a financial crisis. It has produced the highest-ever levels of personal and government debt, made houses unaffordable, and driven the short-termist behaviour which is destroying the businesses, and ecosystems, on which we depend. But it doesn't have to be like this: we can change the way that money is created. Modernising Money shows how a UK law implemented in 1844 can be updated and combined with reform proposals from the Great Depression. The combined reforms could provide the UK – and any other country - with a stable monetary and banking system, much lower levels of personal and national debt, and a thriving economy. Detailed, but accessible to non-economists, Modernising Money is written for anybody who wants to know how to create an economy that serves people, businesses, society and the environment.
Customer ReviewsBy Simon Dixon "Author Of 'Bank To The Future: P... Modernising Money is long overdue and needs to be compulsory reading for economics students around the world. How this important issue has been missed by mainstream economists and has been allowed to get this far is beyond me. I for one cannot wait to see where this book can go and I look forward to seeing a banking world that follows these reforms. Well done and a great achievement to have written this book. Compulsory reading for those interested in solving the mess we call a banking crisis today.
For responsible citizenship, 1 April 2013 By Michael M A thought-provoking book that requires a certain intellectual effort to follow but well worth that effort. This should be standard reading for anyone who considers himself or herself to be a responsible citizen.
The solution that we are all looking for, 3 Mar 2013 By Simon Thorpe How many times do you hear that the government is massively in debt, and that there are only two options - either (a) increase taxes, or (b) cut government spending?This story, which is repeated endlessly by policitians, economists and journalists is a fiction. And Andrew Jackson and Ben Dyson's excellent book explains why. The real problem is that governments have handed the power to create the nation's money supply to the commercial banking system. And those banks are responsible for creating 97% of the money in the UK system. They create that money "out of thin air" when they make loans. And then they charge everyone - individuals, businesses and governments - interest on those loans.My own calculations back up the claims made both in Modernising Money, and in the Positive Money groups's previous book "Where does money come from?" (also highly recommended).Show More... Everyone, but everyone, should read this book. If you hear a politician, economist or jouralist saying that tax rises and cuts in public spending are the only options, you can tell them that they are completely wrong.
Should be required reading for economists, politicians, journalists and activists, 28 Feb 2013 By loulouB This book should be required reading for anyone responsible for managing our economy (Treasury and Bank of England Officials, politicians, MPs), 'opinion formers' commenting on our economy (journalists), independent financial advisors and anyone teaching economics, finance or political science to anyone at any level. It should also be read by anyone working in the banking industry so that they realise that the sleeping masses - may not sleep forever. The book addresses complex issues (where money comes from, who controls the money supply and who wins and loses in the current system)intelligently. The writing is as simple as it is possible for it to be, and makes excellent use of clear examples. It is well referenced and presents an objective analysis of publically available information, and resists the temptation to make accusations of mismanagement (or worse. Show More...