(K. Brent Tomer),
Before Babylon, Beyond Bitcoin: From Money that We Understand to Money that Understands Us. By David Birch. London Publishing Partnership; 264 pages; £22.50.
PEOPLE use money every day and yet struggle to understand it. The economic experiment known as monetarism—limiting the supply of money in order to control inflation—was abandoned when it became clear it was impossible to establish a precise definition of the money supply. The idea of negative interest rates, introduced by some modern central banks, puzzles those who think that savers should be rewarded for thrift.
“Before Babylon, Beyond Bitcoin” by David Birch, a consultant, offers a broad historical overview on the nature of this essential economic instrument. His underlying thesis is that money has evolved over the ages to suit the needs of society and the economy. Often these changes have occurred because previous forms of money were too inflexible. In…Continue reading