Money

The True Story of a Made-Up Thing

By: Jacob Goldstein

Narrated by: Jacob Goldstein

The cohost of the popular NPR podcast Planet Money provides a well-researched, entertaining, somewhat irreverent look at how money is a made-up thing that has evolved over time to suit humanity's changing needs.

Money only works because we all agree to believe in it. In Money, Jacob Goldstein shows how money is a useful fiction that has shaped societies for thousands of years, from the rise of coins in ancient Greece to the first stock market in Amsterdam to the emergence of shadow banking in the 21st century.

At the heart of the story are the fringe thinkers and world leaders who reimagined money. Kublai Khan, the Mongol emperor, created paper money backed by nothing, centuries before it appeared in the West. John Law, a professional gambler and convicted murderer, brought modern money to France (and destroyed the country's economy). The cypherpunks, a group of radical libertarian computer programmers, paved the way for bitcoin.

One thing they all realized: What counts as money (and what doesn't) is the result of choices we make, and those choices have a profound effect on who gets more stuff and who gets less, who gets to take risks when times are good, and who gets screwed when things go bad.

Lively, accessible, and full of interesting details (like the 43-pound copper coins that 17th-century Swedes carried strapped to their backs), Money is the story of the choices that gave us money as we know it today.

©2020 AG Prospect, LLC (P)2020 Hachette Books

Critic reviews

A Publishers Weekly Top 10 Selection in Business & Economics

"Jacob Goldstein is a lucid, entertaining explainer of all things economic." —Ira Glass, host and executive producer of "This American Life"

"A sweeping new history....Money is fast-paced and chatty: We meet all the characters an academic book would include, their ideas and innovations blended with scandal and gossip to propel the story along. The effect is a history of currency full of astonishing tales you might tell a friend in the pub....This story gets to the heart of why money matters....Money should be required reading for every financial regulator....Money is great preparation for turbulent times: a vibrant and accessible grounding in how the evolution of cash -- organic, random, and social -- really works." —The New York Times

\"Jacob Goldstein of 'Planet Money' has a remarkable gift for making complicated economic issues beguilingly simple. He has written a wonderfully entertaining, freewheeling history of money, told with all the verve and wit and smart insights that have made his NPR show such a success."—Liaquat Ahamed, author of Pulitzer Prize winner Lords of Finance: The Bankers Who Broke the World

Very educational and interesting!

I have been an avid listener for the Planet Money podcast, so maybe I am biased, but I really enjoyed this book! Jacob has made the history of money entertaining yet informative. I understand that each of the chapter of this book should probably have a book or 2 by itself, but I think that is for readers to dig in at their discretion. As far as a brief history of money goes, this book has been a good read. Keep it going!

If you think you know what money is, think again.

If you think you know what money is, think again. Until you read this book, you don't know diddly squat.

Good but abrupt ending

Interesting parts of the story of the history of money but seemed like vignettes rather than a coherent story. Seemed to end abruptly. I liked the book but it could be sewn into a better more coherent narrative.

A new classic

I love economic and financial topics, and this has made the list of must listen.

Twice I went for a walk with Money playing and listened so intently I had walked for several miles in a straight line away from the house. start this book with a loop in mind that ends where you started, or be ready to call for an uber.

The book explores many topics that are worth the time, and has the must thorough explanation of the gold standard I’ve ever heard.

I’ve listened through completely twice, for sure Ill be listening again sometime over the next few years, perhaps even a print copy.

Required Reading for 2020

I have never heard anything outline the fallacy of money in a more palatable way. I will be continuing to research modern monetary theory for future fights with finance bros.

Great!

I really enjoyed listening to this one. It's a historical and somewhat philosophical view on Money, how it began and how we see it today.

The book is from 2020, even has a comprehensive (enough) chapter about bitcoin.

I'm by no means an expert on the topic, but I like to learn and this book was great. Short and direct, using clear language and explaining enough to grasp the subject but not talking down like the reader is child.

Highly recommended.

We Think We Know What Money Is

This short book is the best dissection of that with which we trade value that I have seen or read. It tells the fascinating and twisteds tale of how money came to be (and BTW, conventional wisdom ain't quite right). Along the way, we learn how to mismanage monetary policy in many ostensibly honest ways. The author makes a compelling case that the fiction--that is, our shared belief--is still developing. Money was different than it is today and will be different tomorrow.

makes a very hard topic easier to understand

tackles one of the most complex questions "what is money?" and provides a brief history and strong summary

eye opening and informative

This book is great At making the concept of banking more Understandable And Proposing ways to improve it and why it's like this today

Engaging and Illuminating history of money

As a long time listener of planet money, I had high expectations, and they were definitely met.