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Paper Promises
Paper Promises
Nov 13, 2024 11:55 PM

Author:Philip Coggan

Paper Promises

Winner of the Spears Business Book of the Year Award

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

In today's financial climate, we are all, naturally, obsessed by debt. In almost every aspect of our life we experience it - on our credit cards, mortgages, bank loans and student loans. But where has this debt come from? How does it work? What is any money really worth? And what promises do we need to believe to keep the whole system afloat?

In this fascinating look at money through the ages - including our own unstable future - award-winning financial journalist Philip Coggan examines the flawed structure of the global finance systems as they exist today, and asks, with deeper imbalances that the world is currently facing, what's actually at stake.

Reviews

Bold and confident ... Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition ... The alphabet soup of acronyms, from SIVs to CDO Squareds, is blissfully lacking ... Finally, the book is free from the shrieking ideology that afflicts virtually all contemporary debates over money. Indeed, it offers a clear explanation of the fresh ideological divisions that have arisen over how to deal with the crisis ... the book should be taken very seriously

—— Financial Times

This book stands way above anything written on the present economic crisis

—— Nassim Nicholas Taleb, author of 'The Black Swan'

The most illuminating account of the financial crisis to appear to date ... [written] with a lucidity that enables him to convey deep insights without a trace of jargon ... [a] thought-stirring book

—— John Gray , New Statesman

A remarkable book from one of the most respected economics journalists on the planet. Every page brings a fresh insight or a new surprise. A delight

—— Tim Harford, author of 'The Undercover Economist'

Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson ... If everyone read Coggan's book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy

—— Management Today

A masterful history of financial crises

—— Independent

By far the best analysis of the "new normal"

—— David Stevenson , Financial Times

An excellent book ... a smart and witty analysis of the current economic storm, set in the context of the history of money

—— David Wighton , The Times

Coggan is ... an exceptional banking and economic historian

—— Irish Examiner

Coggan traces 'history's tug of war between monetary shortage and excess' in this engaging and timely book about the current financial crisis.... Thoughtful and thorough

—— Publishers Weekly

Intriguing

—— Irish Independent

Coggan ... deserves his Best Communicator award: he moves the story along at a fast and flowing pace, combined with the ability to find the short phrase that summarizes in simple language the kernel of many complex economic ideas ... demonstrates a comprehensive awareness of the major academic debates in economics and economic history ... deserves to be one of the three books you read from the vast literature spawned by the recent crisis

—— John Gent , LSE blog

A very good and sensible introduction to the history of the recent economic crisis, with an emphasis on debt and also historical perspective

—— Tyler Cowen Blog

Jason Hickel's bold book is full of stark facts and assumption-busting pronouncements.

—— Geographical

Well-written, accessible and thoroughly referenced. The Divide is a timely reminder of the pain, misery and suffering forced on so many worldwide in the name of ‘development’ and of the need to constantly rekindle our anger and passion for what is THE key story in today’s world. As an introduction to the debate on international development and inequality, it is hard to better Hickel. Without doubt, a ‘must read’.

—— Colm Regan , Development Education

A radical and original approach… a well-argued and bracing alternative account of world development and sustainability.

—— Irish Times

The Divide is well researched, very readable and highly recommended, though it should make uncomfortable reading for many of us.

—— Make Wealth History

It's super-accessible.

—— Natasha Brown , Observer

He has prised the lid off an important and terrifying can of worms

—— Martin Vander Weyer , Literary Review

Lively and well written book

—— Toby Young , Mail on Sunday

A welcome account of how the sun is never allowed to set on the British empire's old islands, whose fiscal pirates hoard the tax-free treasures of the rich

—— Geoffrey Robertson , New Statesman, Books of the Year

Shaxson delves into capitalism's secret nooks and tells us about how a culture of secrecy can perpetuate itself. Very interesting

—— William Leith , Evening Standard

A compelling read [...] an important and very much a live topic, it'll take you a few hours to read the book but it will be a worthwhile investment of time

—— Peter Magee , Bookbag

What makes this such a good read for the layman is that the author employs all his journalistic skill (he used to work at Reuters) to illustrate his arguments and uses real examples to real examples to illustrate complex issues

—— John Arlidge , Sunday Times

This book is a must-read for anyone who wants to understand the world we live in

—— Brian Maye , Irish Times

This engrossing book about the offshore banking racket, with its eye-opening scrutiny of tax havens and the suited scoundrels who profit from them, will make you think again about the murkier side of the City...This first-rate forensic work ends with a plea that the closed City "must be abolished and submerged into a...fully democratic London"

—— Boyd Tonkin , Independent

[An] informed polemic against finance capital

—— Oliver Kamm , The Times

Now more than a decade old, this is still the best introduction to the world of tax havens

—— Economist, *Summer Reads of 2022*
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