| The Future of Money |
| Oliver Chittenden (ed), Virgin Books, 2010, 383 pages, £12.99. |
| Working as an economist for one of the recently-rescued British banks, I have had to become quite adept at defending bankers – or rather banking. However, the plethora of information that is available on the financial crisis has made everyone, from my local butcher to my mother-in-law, an expert on the subject, and so my task has become an increasingly uphill battle. In order to preserve my battered pride, I have tried to avoid the ever-growing Finance section in the book store. So, I started this book, introduced by our new Business Secretary, and nemesis of the City, Vince Cable, with much trepidation. |
| However, the book is a refreshing departure from the traditional banker-bashing sermons I have become used to and is a truly captivating read. |
| The book is arranged in three sections: the past (what caused the crisis), the present (global response to the crisis) and the future (prospects for the global economy). Mr Chittenden has gathered an impressive list of contributors – three Nobel prize winners, prominent economic policy-makers, entrepreneurs, investment bankers and even former heads of state – to answer these questions. What makes this book so special is not the impressiveness of its contributors’ CVs, but the fact that all the contributors were allowed to share their own individual experiences and opinions of the crisis, as it pertained to them. The arguments are intelligent, informative and compelling. Because each contributor’s submission has been given from their own perspective, their points are argued with much conviction and enthusiasm. So it was unsurprising that Jim O’Neill (Chief Economist at Goldman Sachs) would take the position of bank-defender (“Bank problems themselves were probably more of a symptom than an underlying cause.”); or that Dr Linda Yueh (Director of the China Growth Centre at Oxford University) would suggest a change in the shareholding structure of the world’s supra-nationals to include China, so as to “better reflect the shifting world economic power.” |
| The sheer breadth of views means that there is something to please everyone. My industry did not come out of this book unscathed; it took 78 pages, before I came across the word ‘greedy’ (courtesy of Jonathon Porritt, Green campaigner, writer, broadcaster and commentator), but the term wasn’t just aimed at bankers. Indeed, collective responsibility is the overriding theme that bound this book together. I found my salvation in Professor Muhummad Yunus’s (Founder of Grameen Bank and Nobel Peace Prize Winner, 2006) assertion that we (capitalists) all have a selfless element and that “if some of the self-sacrificing drives and motivations that exist in people could be brought into the business world to make an impact on the problems that face the world, there would be few problems that we could not solve.” The idea of harnessing capitalism to allow the poor access the global market so that they can become full participants in the global economy is strongly attractive to me. |
| In summary, The Future of Money may not appeal to those looking for accusations and recriminations, but makes the perfect companion for those seeking reflection and inspiration. |
| Ratidzo Starkey |
| Economist, Lloyds Banking Group |
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