A review by adithyavs
The Alchemists: Three Central Bankers and a World on Fire by Neil Irwin
5.0
In this brilliant book on Central Banking, Neil Irwin makes the impact these relatively silent institutions have had on our lives. Virtually controlling the economy and money supply, a solid central bank has existed at the center of every empire that has ruled the modern world.
Though it is a book that deals with fundamentals of economics, the language makes it easily accessible to any layman. The author delves deeply into the history of Central Banking and reminds us of the impact that this has had in our lives. From the establishment of the first Central Bank in Sweden, to the crisis of Reichsbank, and through the contentious history of Central Banking in the United States, the history of Central Banking is far from a straight line.
Apart from history, the book deals with two primary crises that have shaken the modern financial system of late: The 2008 Global Recession and the Eurozone Crisis. The way the Federal Reserve and the ECB fought these crises make for an interesting read.
The book mainly focuses only on the major central banks of the world: the Fed, ECB and the Bank of England. There are sneak peaks available into the functioning of the People's Bank of China and the Japanese Central Bank as well.
Altogether the book gives a good introduction into the world of Central Banking. It might not be the ideal book for a complete layman or an academic, as both of them would find it a tone heavier and lighter respectively than desired.
Though it is a book that deals with fundamentals of economics, the language makes it easily accessible to any layman. The author delves deeply into the history of Central Banking and reminds us of the impact that this has had in our lives. From the establishment of the first Central Bank in Sweden, to the crisis of Reichsbank, and through the contentious history of Central Banking in the United States, the history of Central Banking is far from a straight line.
Apart from history, the book deals with two primary crises that have shaken the modern financial system of late: The 2008 Global Recession and the Eurozone Crisis. The way the Federal Reserve and the ECB fought these crises make for an interesting read.
The book mainly focuses only on the major central banks of the world: the Fed, ECB and the Bank of England. There are sneak peaks available into the functioning of the People's Bank of China and the Japanese Central Bank as well.
Altogether the book gives a good introduction into the world of Central Banking. It might not be the ideal book for a complete layman or an academic, as both of them would find it a tone heavier and lighter respectively than desired.