10 books like The Match King

I found this book to be not only an astonishing story of outright fraud and theft, but one which raises unexpected questions about the nature and function of money.

A confidence trickster managed to persuade the eminent banknote printing company Waterlow to reprint and give him a large stock of Bank of Portugal escudo banknotes, which he proceeded to spend.

Learning how the scam was uncovered is fascinating in itself, but even more intriguing is the question of who lost from this scam, and by how much. 

I have always wondered whether John Law, the creator of the ill-fated Mississippi System that brought the financial system of France to its knees in 1720, a genius who understood money better than anyone before him, or a deluded fantasist who had learnt just enough to create a monetary weapon of mass destruction?

In his careful and well-researched account, Antoin Murphy leans towards the first interpretation, but he offers enough information to allow the reader to form their own conclusions.

I was an eye-witness as every single one of the banks serving the Irish economy effectively failed during the crisis of 2008-10.

Some were bailed out by their foreign shareholders, some by the Irish Government, which in turn had to be bailed out by the IMF and European Union. Worst of all, by a long distance, was Anglo Irish Bank, whose buccaneering executives lent billions to over-optimistic property developers, distorting economic activity and luring the other banks into unwise lending also.

Eventually, their desperate last-ditch attempts to save the bank and its shareholders led top management into illegal share support activities. Simon Carswell captures well the social dynamics involved.

What’s especially attractive about this book is its attempt to put some analytical structure on the otherwise rather anecdotal historiography of financial scams.

Dan Davies dips into a large number of these stories, some more familiar than others, to illustrate common themes. He identifies four distinct categories of financial fraud and shows how the case studies can be interpreted as falling into one or other of these types.

I like his characterization of how trust and betrayal arrive at an equilibrium when, because trust is socially valuable, and because it is too costly to check thoroughly against all abuses, there will paradoxically always be some amount of fraud in financial affairs.

Financial crises are not only catastrophic because of their devastating economic consequences. They also unleash radical political forces undermining the foundations of our free and open society. Widely praised for his work on Germany in the interwar years, Harold James is the best historian to describe the vicious circle of crisis, radicalization, and national isolation in the 1930s and to discuss the question: can it happen again?

The first half of this book is a deep immersion into the shockingly bleak living conditions of 1930s working-class families in the impoverished industrial north of England, then in the grip of the Great Depression. As an Irish person – and given the historic nature of the relationship between the two countries, in which Britain has always been the dominant and powerful one – it was genuinely eye-opening to me to understand how hard life was for ordinary English people.

Orwell’s writing was undertaken from the vantage point of his own experience. He spent months living with families in Lancashire and Yorkshire, and his descriptions of their lives are detailed and very vivid. The second half is an essay about the development of his own political conscience – interesting, but not essential in the way the first half is. 

This is the story of four (European and American) central bankers fighting the dramas and crises during the lead-up to the Great Depression. When crisis looms, Bank of England Governor Montagu Norman puts on a disguise and boards a cruise ship to consult with his friend Benjamin Strong in New York. If only financial crises could still be fought that way today! I liked it because I used to be a central bank governor myself!

Ribuffo could have portrayed his subjects—three mid-century Christian fundamentalists—as social or cultural misfits. Instead, he made a powerful case that these men—and others like them— were a product of the American mainstream. First published in the 1980s, when the so-called new Christian right was in its ascendancy, the book encouraged readers to check any temptation they might have felt to dismiss Protestant fundamentalists as political outliers who would disappear of their own accord. Generous almost to a fault, Ribuffo gave me plenty of advice during my own research to avoid any suggestion that there was anything un-American about fascist sympathies in the interwar years. 

This book is highly recommended for those who want to get an overview of the newest research on the Great Depression. Written by leading economic historians, the book explains what made the catastrophe possible, why it spread across the globe, and how it was ended. Most importantly, the authors manage to explain the scholarly literature in a language that can be understood by everyone interested in the period.

When the Great Depression hit and jobs were scarce, there was no point in hanging around at home. 

“Prices in Europe were down to rock bottom,” wrote Albion Ross of his first overseas trip in 1930. “In addition, Mussolini’s government, for some inscrutable Fascist reason, was offering students a fantastic third-class railway ticket that took you from the Channel ports round and about through France and Italy for next to nothing.”

He found a spot in Berlin with the New York Evening Post and later The New York Times. Apart from a stint in the military during the war, he remained an overseas reporter for years.

His memoir is extraordinary because it is short on derring-do and long on sensitivity about what he witnessed. It is perhaps for this reason that neither Ross nor his book are much remembered. I would not have known about it if he had… show more.