Geoffrey Whitehead & Patricia Baskerville. Money (1975). Subtitled How Money Began and How it Works, which is a nice summary of the book’s intentions. Apparently aimed at the curious middle-schooler, it succeeds. At the time it was written, very little was known about the origins of money, and despite a few lucky finds since then, we still don’t know much. By the time Middle Eastern city states codified law, money was already in use, and the laws designed to promote fair and honest trading were brutal. It seems that the propensity for cheating is somewhat stronger in us than for fair and honest dealing.
Within its modest aims, the book is a success. I learned a few new details about coinage and paper money. The book is strongest dealing in physical money, and weakest in its explanations of how money works, skimming over the psychology (as economic theories generally do). The authors make a distinction between wealth and money early on, but don’t mention that the money-is-wealth superstition was a factor in the inflation caused by Spain’s importation of huge amounts of gold and silver in the 15/1600s. The Spanish did not grasp that the metals were only as valuable as what they could buy, which was less and less as the supply of silver and gold
increased.
The authors mention the usual concepts of money as a medium of trade and store of value, and talk about money as measuring prices. The printing is excellent. Recommended if you can find a copy. This one will be donated to the library’s book sale. **½
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