num_pages: 246
description: There is an alternative: We can do better than banking!In this thought-provoking book Jonathan McMillan dissects banking to reveal its inner workings. He cuts through the complexity of modern finance and explains how banking almost crashed our financial system. Banking is broken and McMillan reveals why we can no longer fix it.The digital revolution turns out to be the game changer that calls for the end of banking. But McMillan refrains from merely pointing out flaws. Building on economic research and a rigorous analytical approach he goes on to provide an innovative blueprint for a modern financial system.The End of Banking transforms our understanding of the financial system. It identifies the root cause of todays problems with banking and presents a solution that stands out against existing reform proposals.What is it about?The End of Banking explains why a financial system without banking is both desirable and possible in the digital age. The first part of the book presents the functions and the mechanics of traditional banking. It discusses how a delicate balance of government guarantees and banking regulation kept the flaws of banking under control in the industrial age. The second part explains how the digital revolution unsettled this balance. The rise of shadow banking is explained and it is shown how an unsustainable boom in the shadow banking sector led to a banking panic: the financial crisis of 2007-08. The third part shows that the digital revolution has played a dual role. Information technology not only undermined the effectiveness of current banking regulation but it also rendered banking redundant. An innovative blueprint for a modern financial system is presented and the implications of the end of banking are discussed.Why should I read it?The End of Banking distinguishes itself from other books about the financial crisis of 200708 in several ways. First it reveals the fundamental financial techniques that are common to all forms of bankingwhether it is per-formed by medieval goldsmiths or by todays managers at investment banks. Second it offers a lucid and accessible account of shadow banking that will enlighten many readers. Third and most importantly The End of Banking does not rehash the same old regulatory patches or radical reform proposals from the past. Instead it elaborates a new and intuitive idea of how to adapt the financial system to the digital age.Where to get the bookYou can order The End of Banking online please choose your country:- US (amazon.com)[image]- UK (amazon.co.uk)[image]- Deutschland sterreich Schweiz (amazon.de)[image]- Espaa (amazon.es)[image]- France (amazon.fr)[image]- Italia (amazon.it)[image]Where to find out more?Please visit http://www.endofbanking.org.
language: English
title: The End of Banking: Money, Credit, and the Digital Revolution
publisher: Zero/One Economics