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

If you like Planet Money, you will love this!

The Planet Money podcast (of which this author is a host) has long been a favorite of mine. This book delved into the same kind of fascinating financial stories as that podcast, and with Goldstein’s familiar voice.

My one complaint is all the woke disclaimers about conquering Europeans. Every single time a story involved a white man from history who (shockingly!) wasn’t up to speed on 21st century morality, it had to be pointed out that apparently he had no regard for the humanity of ______ (insert oppressed people). We get it. Turns out you can tell the story of someone who did some good without having to remind readers that the bad things he did were not ok. Interestingly, there were lots of these disclaimers for the white guys, but apparently we don’t need to editorialize when other cultures or races conquer each other (looking at Chinese conquests, for example.) Other than that though, great book!

Fantastic book.

I began listening to planet money episode 1. If you are a fan of the show / podcast you’ll love the audiobook. I was pleased that the author read the audiobook. Five stars!

great

I recommend this for everyone. absolutely fun and informative. It is also good for young adults

The Most Important History Lesson

The most important history lesson not taught in schools. So important, I can't believe I learned this after college. Thank you!

great easy listen

informative and interesting - like a good story - not too technical - I enjoyed this

Interesting

A lot of interesting content. Would have preferred less swearing. The bank split idea at the end is something I wouldn't have thought of myself.

Just as good as Planet Money...as expected

Great stories and easy explanations this book is a casual book for anyone who is curious about money. Highly recommend

Fascinating!

Super nerdy but full of fun facts and interesting stories that will stay with you and make you think. Highly recommend that you invest five hours into listening to this book.

Mandatory Reading

The best thing anybody can do for themselves in the current world is educate themselves on how money works. This book takes a foreign concept for many and brings it down to an understandable and even enjoyable level.

well done. does a solid job covering money origins

great general history of money. spent a bit too much time being Euro focused... especially on french / John Law. but it was all very entertaining & I learned a lot. well researched, great journalist's pace to it.