Penguin Book


Paper Promises

Philip Coggan

The world is drowning in debt, in paper promises. Can we stay afloat?

In his masterful new book, Philip Coggan shows how the current financial crisis has very deep roots indeed - in the very nature of money itself. Societies from ancient Greece to revolutionary France have experimented with all kinds of money, from seashells to tobacco, before finally settling on the paper version we have come to know so well. What exactly is money? How has its function changed over decades and centuries? Who are the world's real creditors and debtors today? Above all, what promises do we need to believe to stop the whole system falling apart?

Only by going back to the beginning - to first principles and to our history - can we comprehend where all this debt has come from, and its very serious consequences now. In doing so, Philip Coggan examines the flawed structure of the global finance system as it exists today, and shows that the world is facing even deeper imbalances than we are yet grappling with.

The way that our paper promises are kept or broken will determine our future. Before we can solve the debt crisis, we need to understand what is going on.

Philip Coggan was a Financial Times journalist for over twenty years and is now the Capital Markets Editor of the Economist. In 2009 he was awarded the title of Senior Financial Journalist in the Harold Wincott awards and was voted Best Communicator at the Business Journalist of the Year Awards. Paper Promises is his fourth book.

Division
Penguin
Publication date
01/12/2011
Category
  • BUSINESS, ECONOMICS AND LAW
Format TPS
216 x 135mm
Extent
304
US
Public Affairs
Translation
Philip Coggan
Film
Philip Coggan
Serial
Philip Coggan
Audio (Unabridged)
Philip Coggan
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