Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ Free Shipping
+ $3.75 shipping
+ $3.99 shipping
The End of Banking: Money, Credit, and the Digital Revolution Paperback – November 21, 2014
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
Frequently bought together
Customers who bought this item also bought
Customers who viewed this item also viewed
«An interesting and challenging vision»(Vítor Constâncio, Vice President of the European Central Bank)
«In this book, McMillan embraces the digital revolution and shows, clearly andcompellingly, how it can be used to create a financial system that is muchbetter, much simpler and much fairer. Read it urgently and dare to think big»(William R. White, former Head of the Monetary and Economic Department ofthe Bank of International Settlements)
«The End of Banking is easily the 'deepest' examination of our financialsystem in a generation.» (Robert C. Hockett, Edward Cornell Professor ofLaw)
«Thought provoking, bold, and visionary» (Foreword Reviews, BarrySilverstein)
«Sometimes it takes an absolutely new perspective to point out theelephant in the room that everyone else has managed to overlook. This book ...does just that.» (Financial Times Alphaville, Izabella Kaminska)
«The End of Banking is animportant book about finance. ... Its prescriptions for a better banking systemmay be excessively ambitious. But wild ideas may be more helpful for fixingfinance than an endless series of enhancements of a system which is unsuitablefor the modern age.» (ReutersBreakingviews, Dominic Elliott)
«This thought-provoking book makesradical proposals that strike at the source of fragility in banking and whichshould be considered seriously» (AnatR. Admati, Professor of Finance and Economics, Graduate School of Business,Stanford)
«The Endof Banking, penned by the mysterious Jonathan McMillan ... , has generateddiscussion that deserves a bigger platform, both for the proposals made ... andthe style in which those proposals are made. It is exceptionally readable.»(The Wilmott Magazine, Dan Tudball)
From the Inside Flap
The End of Banking distinguishes itself from other books about the financial crisis of 2007-08 in several ways:
First, it reveals the fundamental financial techniques that are common to allforms of banking--whether it is performed by medieval goldsmiths or bytoday's 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 reformproposals from the past. Instead, it elaborates a new and intuitive idea of how to adapt the financial system to the digital age.
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
The only thing is that the book may be too clever to achieve its aim. Since the author does not rely on any exaggerated imagery or blunt argument, it may not draw a the political following that it deserves. Therefore, I hope that enough smart people read it, who are attracted by its sharpness and enjoy to base their political views on rational arguments. That way, we will perhaps see one day the necessary political force to really establish alternatives to banking.
Certainly, one of the most important books I have read in my life.
The author begins by succintly laying out what exactly traditional banks do. This first part is somewhat technical at times (bank balance sheets and the dangers of bank runs are explained in some detail) but the explanations were easy to follow and lay the groundwork for the remainder of the book. The second part then directly builds on these concepts to show how, following the digital revolution, bank and non-bank institutions could suddenly mutiply their balance sheets, leading to the rise of shadow banking. At this point the financial crisis of 2007-08 is discussed and it feels like, given what one has just learned, it was bound to happen. The author then goes on to elaborate on the problems faced by regulators post-2008 and why their attempts to improve the financial system are bound to fail (too big too fail, boundary problem of financial regulation cannot be fixed with traditional methods).
The last part of the book then moves on from a description of the status quo to a suggestion of what should replace the current financial system. This is surely the more controversial part of the book. While the descriptive part is a very clear exposition of facts which are hard to argue with, the last part proposes a sweeping re-organisation which takes some time to digest and think through. Nevertheless, the author is extremely convincing in pointing out that incremental regulatory changes to the current system are unlikely to solve the problem. One is left with no choice but to take the author's proposals serious. I finished the book looking forward to a hopefully much more serious public debate about the future of banking than we have it at the moment. And this book has very much to offer to such a debate!
And – other than so many other books - this book does not stop by pointing out the faults and defects of the financial system but also offers a solution to the problem. With a provokingly simple rule it can be possible to end banking as we know it and transform the system into a modern, stable and just system of modern finance. By objectively analyzing existing proposition and theories about reforms in banking and connecting the advantages of those theories with emerging business models, such as bitcoins and peer-to-peer landing, this books convinced me that a modern and stable financial system can be achieved!