By clicking “Accept”, you consent to the use of ALL the cookies. Why, he asks, did all those banks keep dancing – indulging in ever-riskier lending and trading behaviour and employing ever-more unintelligible models and financial instruments – until finally the music stopped? By Mervyn King. King has since retired from his position, and has written his first (and hopefully not last) book on the crisis. As I read this book I concluded the title was more subtle: Mervyn King explains how the crash was not the end of alchemy, it was the final step in the process. The correct lessons have not been learned, and the disequilibrium that built up in the twenty years prior to the crisis (the Great Stability, as he calls this period) is yet to be addressed. He told them that he was against it. Mervyn King, right, speaks with then Federal Reserve Chairman Ben Bernanke during a 2011 G20 meeting in Paris - Photo credit: PA . In Mervyn King’s book, REGISTERED IN ENGLAND 755502, CHARITY NO. Read The End of Alchemy book reviews & author details and more at Amazon.in. Money, Banking, and the Future of the Global Economy . The natural direction of capital flows was reversed – capital was being pushed ‘uphill’.” As for the situation now, not only does King view the euro as a continuing drag on growth (“eventually the choice between a return to national monies and democratic control, or a clear and abrupt transfer of political sovereignty to a European government, cannot be avoided”), but more globally sees weak demand as a fundamental problem impervious to monetary stimulus, leaving most economies, including Britain’s, “limping along”. In Mervyn King’s book The End of Alchemy (2016), he argues that much of what has been written since the crash addresses the symptoms and not the underlying causes. Article excerpt. Your e-mail address will not be published. Nor is he much kinder about the recent school of “behavioural” (or “nudge”) economics, which just as arrogantly assumes to know what is rational and what is not. I review The End of Alchemy by Mervyn King, published by W.W. Norton and Company in 2016. Arguing that post-crisis reform, albeit valuable, has not gone nearly far enough, King offers an approach that is both functional and cultural. Downsell to $14. As a consequence, solutions … Former governor of Bank of England sends out a warning to banks to reform or face a dark future As a consequence, solutions … Money and banking are human systems, an important source of innovation, prosperity and material progress, and a breeding ground for greed, corruption and crisis. So The End of Alchemy ends with a pretty big letdown. Free UK p&p over £10, online orders only. In The End of Alchemy he offers us an essential work about the history and future of money and banking, ... Review. There is much else in King’s wide ranging, historically informed and elegantly written survey-cum-analysis – emphatically not a memoir, with no Brown or Darling or Osborne to be found in the index – but those are his central questions. Book Review: The End of Alchemy (Mervyn King) Posted on January 5, 2019 January 5, 2019 by econshare. Whilst he offers practical steps to address these concerns, he … King may have repudiated his youthful Keynesianism, but like Keynes he is well aware that economics is in the end about people, in all their non-reductive variousness, making history in ways the present cannot foretell. This isn't, however, one of the many timeline books of the recession, … This category only includes cookies that ensures basic functionalities and security features of the website. Review by John Plender. ALCHEMY REVIEW – PRICE AN ASSESSMENT. I argue that unregulated trade in the financial markets will not, in general, lead to Pareto optimal allocations. 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