The power of gold, Peter Bernstein
When you read a review, then it seems, what a book about gold prospecting, dramatic stories of fanatical desire for gold, gold manias and gold beetles.
In my mind, this is a book about monetary history. Yes, in the book and myths, and how where who and why was looking for gold, how did you get it. About Newton as the Head of the Mint, finally. But all this is more likely through the prism, structured trends and economic details. Yet again, For me, this is a tutorial, not artistic, business or some other literature.
All in all, if you are afraid that you will be in the American style 30 pages on examples from the life of animals to explain, what is the gold standard, then it's not here. Serious, Solid, structured book prompting many interesting and useful thoughts.
Complete credit.
___________________________________________________________________________________________
Summary:
2. No fun comes to the Roman Empire and we go to Byzantium, where does the Middle Ages dollar appear"
3. IN 14 the century, the fun is suspended due to a series of crop failures and the plague. Say, that the population has decreased by a third, but after adapting to the spike in food prices, survivors feel richer by sharing the wealth of the dead. Subsequently, prices remained stable so, how the decline in food demand offset the decline in production due to the decline in population (and the rural population in particular). But the subsequent recovery leads to `` The great bullion famen 15 century" – an acute shortage of gold pushing for adventurous projects to find it (well and on finding a road to India).
4. Discovered America and beyond. Gold flows to Europe, the famous 'price revolution' takes place. There are three interesting things here..
* first from me. it was not such a rise in prices. actually you need to ask
* Monetarism 16 century. Think, that people used to be stupid very naive. People tried to explain the rise in prices. And rising demand and supply shocks, and monetary phenomenon. Meet –
Spain in 16 century.
* Spain, as an example of failure. To the question, what happened to spain, why did she bent, there is a simple answer. Nothing happened, it was she who accidentally rose due to the influx of gold without any special reason. While the dynasty rode a roof from the influx of gold, progress (commercial and economic) passed by.
5. The fight between gold and silver. Many funny stories about trying to establish a stable exchange relationship between two currencies. The story about, how Newton got interested in economics and finance, gave recommendations for changing the ratio, but he was let down by the eternal: the future is not equal to the past.
6. The Gold Standard. He established himself only in 19 century, and how talented people of the end of the same century celebrated: was not the cause of stability, and its consequence. What follows is the book's most remarkable thought. (about the gold standard): during booming economic growth, economic success masks all the mistakes of regulators, and the very imperfection of the standard. Next is the story about, how different countries at different times struggled with the outflow of gold by increasing rates and how this did not always lead to something useful.