Fans pick 100 books like Chinese Money in Global Context

Friedman, a Nobel-winning former Economics professor, writes brilliantly and playfully, and students of economics love to read him. Yet he delves into the heart of the monetary problems that have been confronted historically. This he uses to shed light on how to conduct monetary policy today.

He ranges across the whole of American history. For example, the failure of the Continental Congress’s currency occurred since it was printed to finance the Revolutionary War when there was no federal government and no federal tax revenue. This led to the new US Constitution and the ability to raise taxes, and a stable currency that was backed by gold and silver.

With the Civil War, the US Treasury printed money called “greenbacks” and suspended conversion to gold and silver during the War, but re-established convertibility in 1879 at the pre-War rate. Friedman shows how this convertibility led to prolonged, hugely damaging deflation for… show more.

Sargent shows how the monetary excesses leading to inflation have often been connected to using money to cover government budgetary shortfalls. This is vividly illustrated in chapter 3 by the way that ending the post-World War I hyperinflations required fundamental fiscal as well as monetary reform. 

Sargent also convincingly demonstrates the power of expectations and the idea that, as government behavior changes, people’s behavior adjusts as well.

You really cannot argue with the Ancient Chinese proverb included on the first page: “The government has strategies. The people have counterstrategies.” Amidst the rich trove of historical cases, my favorite remains chapter 6’s interpretation of the interactions between President Ronald Reagan and a recalcitrant US Congress in the early 1980s as a “game of chicken.” 

This book not only offers an authoritative account of what the Federal Reserve has been up to since its founding in 1913 but also the rationale for why they did what they did. 

One particularly telling observation is made with respect to Arthur Burns, who was the Federal Reserve Chair during 1970-1978: “Burns always attributed [inflation] to nonmonetary sources.” Paul Volcker’s actions during 1979-1987 demonstrated how the restoration of monetary stability was a sine quo non for ending the 1970s inflationary spiral. No matter how necessary the Federal Reserve’s later massive 2020 monetary expansion may have been, it was imperative that this bulge in money also be unwound. 

A worrying element, however, is that, in the midst of all this, none of today’s Federal Reserve policymakers “ever mentions money.”

The enduring impact of Milton Friedman and his writings is ably captured in this volume.

Part II focuses on his monetary contributions and relates his writings to the policy actions of the Federal Reserve and many other recent and older episodes. Among these chapters, James Lothian offers a particularly compelling account of not only the evolution of Friedman’s work but also its impact on those around him. Eugene Lerner connects his Friedman-inspired early Civil War research to monetary developments after the global financial crisis in 2008. 

Nobel Prize winner Robert Lucas makes a particularly revealing personal observation: “Friedman has no interest at all in what side you are on. You are expected to articulate a view of the effects of policies. How will it work? Who gains? Who loses?”

The Tang dynasty is often called China’s “golden age,” a period of commercial, religious, and cultural connections from Korea and Japan to the Persian Gulf. It was a time of unsurpassed literary creativity. Lewis captures a dynamic era in which the empire reached its greatest geographical extent. And, he shows that under Chinese rule, painting, and ceramic arts flourished, women played a major role both as rulers and in the economy, and China produced its finest lyric poets (Wang Wei, Li Bo (Li Bai), and Du Fu). 

This book is a useful companion volume to my book, which is about the founding and the rise of the Tang dynasty.

This book examines the exotics imported into China during the Tang Dynasty (A.D. 618-907) and depicts their influence on Chinese life. During the three centuries of Tang came into the land the natives of almost every nation of Asia, all bringing exotic wares either as gifts or as goods to be sold. Ivory, rare woods, drugs, diamonds, magicians, dancing girls—the author covers all classes of unusual imports, their places of origin, their lore, their effect on fashion, dwellings, diet, painting, sculpture, music, and poetry.

This book is for students of Tang culture and laymen interested in the same topic. Its author Edward Schafer was an eminent American sinologist.

One of the most popular books in the history of East Asia, this classic sixteenth century novel is a combination of adventure fiction and folk epic that mixes satire, allegory, and history into a rollicking tale. The epic journey is the one undertaken by the monk Xuanzang under the escort of the roguish Monkey, who has many encounters along the way with major and minor spirits, gods, demigods, demons, ogres, monsters, and fairies.

The monk Xuanzang was active during the reign of Tang Taizong, the protagonist of my book. Monk and emperor have many interactions in that novel.

This series of exciting short detective stories is set in Imperial China. Judge Dee is a kind of Chinese Sherlock Holmes who ingeniously solves a variety of crimes and mysteries.

Although the story is based over one thousand years ago, from my own experience, the description of a Tang magistrate’s workings also gives a clue as to how China is still governed at the local level.

Van Gulik is a giant in the field of historical mysteries, having penned the better part of 20 novels about his favorite protagonist “Judge Dee.” Set in ancient China, the stories typically involve political intrigue, moral quandaries, and settings so evocative it is easy to just close your eyes and see yourself in a pavilion overlooking a swan-filled lake or in a lady’s bed-chamber, a scholar’s library, or an artist’s studio. These novels are mood pieces as well as whodunnits, and the immersive experiences the author offers lead me to recommend not only this title but any and all in the series. Heaven for someone like me who loves what China used to be.

This is one of those books that entranced me and my students. By the last pages, we were holding our breath to see what would happen. It is full of magical realism but based on a real artist from history.

This is a lovely stand-alone book, but it is also a great introduction and inspiration for brush painting. It’s especially fun to try painting with bamboo brushes after seeing the ones depicted in the beautiful watercolor illustrations of this story.