How Money Works

How Money Works: The Facts Visually Explained (How Things Work)

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James Meadway is an economist and policy advisor who has worked at the New Economics Foundation—an independent British think tank—the UK Treasury, the Royal Society, and for the Shadow Chancellor of the Exchequer.

Philip Parker is a historian and former British diplomat and publisher, who studied at the Johns Hopkins School of

Advanced International Studies. A critically acclaimed author, he has written books that focus on the history of world trade.

Alexandra Black studied business communications before writing for financial newspaper group Nikkei Inc. in Japan and working as an editor at investment bank JP Morgan. She has written numerous books and articles on subjects as diverse as finance, business, technology, and fashion.

Introduction

Money is the oil that keeps the machinery of our world turning. By giving goods and services an easily measured value, money facilitates the billions of transactions that take place every day. Without it, the industry and trade that form the basis of modern economies would grind to a halt and the flow of wealth around the world would cease.

Money has fulfilled this vital role for thousands of years. Before its invention, people bartered, swapping goods they produced themselves for things they needed from others. Barter is sufficient for simple transactions, but not when the things traded are of differing values, or not available at the same time. Money, by contrast, has a recognized uniform value and is widely accepted. At heart a simple concept, over many thousands of years it has become very complex indeed.

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This book examines every aspect of how money works, including its history, financial markets and institutions, government finance, profit-making, personal finance, wealth, shares, pensions, Social Security benefits, and national and local taxes. Through visual

$explanations and practical examples that make even the most complex concept immediately accessible, How Money Works offers a clear understanding of what money is all about, and how it shapes modern society.