Lords of Finance
Episodes about this book
2 episodesLiaquat Ahamed on Financial Crises, Gold, and the Lessons of 1873
Ahamed's Pulitzer Prize-winning 2009 book is introduced by Tyler Cowen as the work that convinced him financial crises really matter. Ahamed invokes it as a direct contrast to his new book: Lords of Finance dealt with the crisis that genuinely plunged the world into the Great Depression, setting up the comparison with 1873's different and more ambiguous consequences.
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Host Derek Thompson briefly mentions Lords of Finance alongside 1873 as two of Ahmed's books, characterizing both as fundamentally about the dangers of bad monetary policy. Thompson notes that Lords of Finance documents how central bankers' adherence to the gold standard turned what should have been a bad recession in the late 1920s and early 1930s into a catastrophic global Great Depression that reshaped world politics and may have contributed to World War II.
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