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Lords of Finance: The Bankers Who Broke the World | [Liaquat Ahamed]

Lords of Finance: The Bankers Who Broke the World

It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
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Publisher's Summary

Pulitzer Prize, History, 2010

It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.

In Lords of Finance, we meet the neurotic and enigmatic Montagu Norman of the Bank of England, the xenophobic and suspicious Émile Moreau of the Banque de France, the arrogant yet brilliant Hjalmar Schacht of the Reichsbank, and Benjamin Strong of the Federal Reserve Bank of New York, whose facade of energy and drive masked a deeply wounded and overburdened man.

After the First World War, these central bankers attempted to reconstruct the world of international finance. Despite their differences, they were united by a common fear - that the greatest threat to capitalism was inflation - and by a common vision that the solution was to turn back the clock and return the world to the gold standard. For a brief period in the mid-1920s, they appeared to have succeeded. The world's currencies were stabilized, and capital began flowing freely across the globe. But beneath the veneer of boomtown prosperity, cracks started to appear in the financial system. The gold standard that all had believed would provide an umbrella of stability proved to be a straitjacket, and the world economy began that terrible downward spiral known as the Great Depression.

As yet another period of economic turmoil makes headlines today, the Great Depression and the year 1929 remain the benchmark for true financial mayhem. Offering a new understanding of the global nature of financial crises, Lords of Finance is a reminder of the enormous impact that the decisions of central bankers can have, of their fallibility, and of the terrible human consequences that can result when they are wrong.

©2009 Liaquat Ahamed; (P)2009 Tantor

What the Critics Say

"Ahamed cannot have foreseen how timely his book would be.....Lords of Finance is highly readable - enlivened by vivid biographical detail but soundly based on the literature. That it should appear now, as history threatens to repeat itself, compounds its appeal." (Financial Times)
"Erudite, entertaining macroeconomic history of the lead-up to the Great Depression as seen through the careers of the West's principal bankers....Spellbinding, insightful and, perhaps most important, timely." (Kirkus Reviews)

What Members Say

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  •  
    Barry Petaluma, CA, United States 10-24-12
    Barry Petaluma, CA, United States 10-24-12 Member Since 2008

    My interests run to psychology, popular science, history, world literature, and occasionally something fun like Jasper Fforde. It seems like the only free time I have for reading these days is when I'm in the car so I am extremely grateful for audio books. I started off reading just the contemporary stuff that I was determined not to clutter up my already stuffed bookcases with. And now audio is probably 90% of my "reading" matter.

    HELPFUL VOTES
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    "It's always about the Economy"

    Too many history books give short shrift to the role of finances on the course of history. This book fills in a major plot hole about what went on between the two world wars. Ahamed does a great job of giving us a play-by-play of how the major central banks attempted to respond to events, including a clear picture of how the decision making process was affected by individual personalities and legacy dogma from the past. I wish the author had interspersed more of his analysis with the main text instead of saving it for the end. Ahamed builds a strong case that the gold standard was a key factor leading to dysfunctional decisions. As far as building a case that these bankers bungled their jobs, he would do better if he could come up with decisions that would have led to a better outcome. As it is, he shows people boxed in by circumstances beyond their control. In most of the situations he goes over, it appears they made the best choice available to them, and that in itself makes for a compelling if tragic story.

    In fact, I wish more time had been spent on analysis overall. An economics book targeted at the mainstream audience should at least spend more time explaining about the balance of payments, and about how the trading in government securities affects trade in the private sector. But these are relatively minor complaints.

    Stephen Hoye is not my favorite narrator. He has one of those superior sounding voices that imply he knows what he's talking about. I understand some people find that reassuring. If hearing someone read a book on economics and referring to "John Maynard KEENZ" all the way through doesn't bother you, then maybe you won't mind Mr. Hoye's narration. I found the British accent annoying, as he used the same one for every British person in the story, from Churchill to Keynes. Yet the other nationalities were either very mild or nonexistent as far as accents go.

    2 of 3 people found this review helpful
  •  
    AG New York, NY 08-10-15
    AG New York, NY 08-10-15 Member Since 2015
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    "Highly recommended"

    This was a very pleasurable listening experience of a fascinating and riveting economic history Europe and the United States in the period spanning the two world wars.

    The audiobook is unabridged and consequently quite long at over 17 hours. It took me about a month to get through but didn't ever feel like dragging.

    0 of 0 people found this review helpful
  •  
    Gillis Heller The Peak, SAR Hong Kong 08-05-15
    Gillis Heller The Peak, SAR Hong Kong 08-05-15 Member Since 2013

    gheller57

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    "Great narration adds to great story"

    The narration uses a 1920's and 1930's American radio announcer voice that is perfect for this story. The humor is delivered deadpan.

    0 of 0 people found this review helpful
  •  
    adam 07-16-15
    adam 07-16-15 Member Since 2011
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    "The more things change..."

    The more they stay the same.

    Fascinating book which reminds us that disastrous consequences often arise from best laid plans.

    Greed and hubris were as much at play in the interwar period as they are today.

    A great book for history buffs.


    0 of 0 people found this review helpful
  •  
    Michael United States 05-05-15
    Michael United States 05-05-15 Member Since 2013
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    "too interesting to describe"

    if you add interested in history and financial markets, then this book is for you.

    0 of 0 people found this review helpful
  •  
    Gaizka Allende London, UK 04-29-15
    Gaizka Allende London, UK 04-29-15
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    "Good balance of facts and opinion"

    It is a very well documented book and I specially loved the epilogue which finds similarities between the past and present crisis

    0 of 0 people found this review helpful
  •  
    Pablo 04-16-15
    Pablo 04-16-15
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    "As good as they say."

    Extremely good. Scholarly, accurate, entertaining. Weakest on France, but so good on Norman (especially him), Strong (and then Harrison) and Schacht that the author can be excused.

    0 of 0 people found this review helpful
  •  
    Erwin C. Pantel NJ, USA 04-15-15
    Erwin C. Pantel NJ, USA 04-15-15 Member Since 2012

    ECP

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    6
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    "Outstanding"

    A highly informative history of monetary policy and economics in the period around World War One through the Great Depression. Focusing on the key players involved in policy in the U.S., England, France and Germany.

    0 of 0 people found this review helpful
  •  
    Jason 03-03-15
    Jason 03-03-15
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    "Excellent, well written financial history."

    I was very pleased with the documentation and history of this book. This is a great view into the change from gold backed monetary theory to the beginnings of worldwide faith backed currency and the decisions that were made.

    0 of 0 people found this review helpful
  •  
    Don K in Alaska Alaska 07-07-14
    Don K in Alaska Alaska 07-07-14 Member Since 2008

    Don K in Alaska

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    "Excellent for those who think about such matters"
    What made the experience of listening to Lords of Finance the most enjoyable?

    I learned a great deal about the men who handled the controls of world finance through the Roaring 20's into the Great Depression.


    Any additional comments?

    For those who think such matters are simple, this book should correct their misunderstanding. It followed nicely on my old Economics, Money & Banking classes in the late '60s.

    0 of 0 people found this review helpful

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