Paper Promises by Philip Coggan
Debt, Money, and the New World Order

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This is the perfect book for anyone young enough to think that Bretton Woods is a conservation project by tree-huggers or that the gold standard has to do with Olympic qualifying times.
-Guardian

Synopsis

Longlisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award

For the past forty years western economies have splurged on debt. Now, as the reality dawns that many debts cannot be repaid, we find ourselves again in crisis. But the oncoming defaults have a time-worn place in our economic history. As with the crises in the 1930s and 1970s, governments will fall, currencies will lose their value, and new systems will emerge. Just as Britain set the terms of the international system in the nineteenth century, and America in the twentieth century, a new system will be set by today's creditors in China and the Middle East. In the process, rich will be pitted against poor, young against old, public sector workers against taxpayers and one country against another.

In Paper Promises, Economist columnist Philip Coggan helps us to understand the origins of this mess and how it will affect the new global economy by explaining how our attitudes towards debt have changed throughout history, and how they may be about to change again.

 

About Philip Coggan

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Philip Coggan is the Buttonwood columnist of the Economist. Previously, he worked for the Financial Times for twenty years, most recently as investment editor. Among his books are The Money Machine, a guide to the city of London that is still in print in the UK after twenty-five years, and The Economist Guide to Hedge Funds.
 
Published January 17, 2012 by PublicAffairs. 306 pages
Genres: Business & Economics, History, Political & Social Sciences, Education & Reference. Non-fiction
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Guardian

Excellent
Reviewed by Brian Morton on Sep 01 2012

This is the perfect book for anyone young enough to think that Bretton Woods is a conservation project by tree-huggers or that the gold standard has to do with Olympic qualifying times.

Read Full Review of Paper Promises: Debt, Money, ... | See more reviews from Guardian

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