Top critical review
Misleading Book on History of Credit and Finance
September 22, 2013
Rarely does a book written by an author not schooled in economics or finance seem to catch the world of finance as provocative and leading edge as this book has. Yet for the leading media and publishing interests they have for some reason embraced this book as an alternative to what can only be seen as a parochial "left leaning" explanation of the evil sins of debt and capitalism.
The author clearly writes from an anthropologists perspective and admits many of his misunderstandings about economics and finance in the modern world. Admitting near the end to his astonishment that money in fact has no merit, capitalism does not allow for free labor and other Marxist ideologies proclamations throughout the book, clearly places the bias of this book at the forefront. As detailed as the book appears to be from a historical perspective, the historical anecdotes chosen are clearly done to discredit capitalism based on empiricisms that would make even Saul Alinsky smile with delight.
With this philosophical perspective the book is an ideal read for the believer of conspiracies, UFO's, bigfoots and the sensationalized other subjects now topic of late night radio and the other internet broadcasters whose future is one predominated by all American residents being incarcerated into FEMA concentration camps.
For the serious student of economic and financial history the book is a failure in providing the scholarly balance one would expect from a serious writer whose pretentious title of a "5000 year" history is the first clue that this volume is not to be taken seriously.
Much better authoritative volumes on credit history without the class struggle being the theme exist. Clearly the author provides few if any relevant statistics to back his bias. The few charts included at the end seem an afterthought to bring relevancy to the financial meltdown of the 2000's. The hope seems to be a re-awakening of all to the Marxist ideology and prove once and for all that the demise capitalism within the framework of Marx is right!
Overall, what has been learned about tyranny stemming from the failure of the Soviet Union and massive financial restructuring of China along the lines of modern finance, has been totally ignored by the author. The economic doomsday painted by the author is in sharp contrast to the living standards that continue to improve yearly in previous communist regimes who now have created their own versions of market economies.
This book really is for those that wish to relive their youth and broken ideals of failed socialism ideologies for the many countries that all tried and in the end brought more enslavement to their people than is the current case in what can still be called the western powers and their versions of capitalism. Clearly the bias remains of an author whose base is the UK where continued failed Labor political activists remain active in trade unions promoting the ideal of socialism and prosperity for all. Not to be taken seriously and better stories of Marxist ideology can be bought or obtained for free.