Lords of Finance (2009) by Liaquat Ahamed
I titled my review of this book on Audible “Now I Think I Understand” What do I understand? I understand that spitting the phrase “Keynesian Economics” with contempt simply shows your lack of understanding.
John Maynard Keynes was the only figure of authority who understood how the gold standard strangled economics post world war one. This is the most crucial fact that this book adequately lays out the case for. More than that it shows how the knowledge of the old system hamstrung the men of authority between the wars, keeping them from solving the financial crisis of the Great Depression.
The book also touches on how FDR’s complete lack of understanding of the gold standard actually lead to a reinvention of economics through the second world war and beyond. This book presents an excellent view into financial history. Another piece of work which should be required reading for anyone attempting to understand the subject of economics.
audible & goodreads
