The Money Machine is a great read for those who want to know how the city works. Phillip Coggan, a leading financial journalist has worked for the Financial Times and is now working for The Economist. He explains how the city works in a easy read without no jargon. You know when you are reading a book and you have to stop because there is so much gibberish in there. You will not find this here. Coggan describes the basics of the financial world by defining what loans and bonds are for example. Additionally, he gives an helpful explaining he differences between banks and building societies. What are shares? What does the Bank of England do? Who are borrowers? Coggan explains it all and analyses it very well. At the centre of his explanation, Coggan points out to Credit Crunch and how it has affected the city.
It is a great introduction to how financial institutions work in the country. I highly recommend it. Whether you are in the city or aspiring to have a career in the city go and get it!
I am now getting back into my reading groove. I have a pile of books that are waiting for me to read. Lol, you should see my Amazon ‘wish list’- it is full of books that I want to buy.
‘The Bottom Billion’ is a book that I am currently reading. It is such an interesting read. Paul Collier gives unconventional views on global poverty and aid. It will definitely change your view on why there is constant poverty in the world. He develops the notion of the ‘conflict trap’ which means a State’s economic problems can make the country prone to civil war and once a conflict has started there is a trap which is hard to get out from. However he explains that this idea does not fully explain global poverty . He gives four reasons to why there is poverty such as corruption and political instability. Collier suggests that the solution to this cannot just be the ‘West’ giving aid but there must be a change within these failing states. This change cannot be imposed but rather tools such as military interventions and trade policies he suggests will strengthen reformers in failing states.
‘The Bottom Billion’ is a must read book. If you’re interested in why the ‘Geldof’ types of aid never works, this is the book to read!