> Debt, the first 5,000 years - for understanding money and finance from the ground up
Having picked this a few weeks ago, I am finding it hard to finish because of the ponderous writing. I admit that first few chapters were a revelation, but the cultural verbosity regarding everything becomes wearing quickly. "The Ascent of Money" is much better primer on the evolution of financial system.
A good summary of the key arguments in the book can be found in this programme that aired on BBC, hosted by David Graeber himself (the author of the book)
I started "The Ascent of Money" and was very happy with the first half or so - then I set it aside for a few years and worked for a hedge fund. When I picked the book up again I couldn't stand how basic, boring, and mistaken the second half was. I wish I could follow your example and suggest a better book :)
fair question, but I don't recall the specifics that disappointed me. It's totally possible that the first half of the book was just much better than the second, and it wasn't anything about my thinking that was responsible. it wasn't a controlled experiment :)
ok - paged through the book a bit again and the main thing is that the early stuff was totally new to me (18th century Dutch bonds!) - and the latter is a well-researched rogue's gallery of recent, well-known failures (Enron, Japan's lost decade(s), the recent financial crisis (the book was published in 2008) ). Overall there is a focus on failure and a bunch of editorializing that didn't impress me on the recent stuff and casts doubt on the objectivity of the more distant historical parts.
edit: uh - i didn't answer your question. i learned that, holy-crap, it's hard to attribute cause to effect and very very easy to fool yourself. The market is not efficient - but it's usually close enough that correcting doesn't pay that much.
Having picked this a few weeks ago, I am finding it hard to finish because of the ponderous writing. I admit that first few chapters were a revelation, but the cultural verbosity regarding everything becomes wearing quickly. "The Ascent of Money" is much better primer on the evolution of financial system.