Readers of this blog will know that I have long been fascinated by the nature of money – where it comes from, who controls it, what it is exactly. It is a subject that most of us recoil from. There are good reasons for doing so. Orthodox liberal economics and many of their critics have agreed that there is no mystery to money, and that to think there is is a kind of “money fetishism”. But the financial crisis and the response of central banks has alerted us to the fact that money is a good more consequential and mysterious than we have been led to believe.
My imprint Commonwealth today publishes Just Money: How Society Can Break the Despotic Power of Finance. In it Ann Pettifor explains how the monetary system works and why it matters. Pettifor is one of the very few economists to have seen the financial crisis coming and her prescience derived in part from her willingness to follow the evidence about money and money creation. Now she explains the monetary system to non-expert readers and explains how control of money has been taken away from democratic institutions and vested in the commercial banks. Re-regulation is possible, but it will require that we all give up some comforting superstitions about money.
Just Money is available on Kindle at £2.99, or thereabouts, depending where you are in the world.
You can also now buy the book from the Prime Economics website via Paypal.