What do you think?
Rate this book
Twilight of the Money Gods: Economics as a Religion and How it all Went Wrong
A comprehensive examination of the continually changing world of money, economic theory, and how we got things so wrong in the run-up the 2007 recession—and how we can rebuild confidence for our financial future.
Imagine one day you went to a cash machine and found your money was gone. You rushed to your bank branch, where a teller said that overnight people had stopped believing in money, and it all vanished. Seem incredible? It happened, and it could happen again.
Twilight of the Money Gods is the story of economics, told not as the science it strove to be, but as the religion it became. Over two centuries, it searched for the hidden codes which would reveal the path to a promised land of material abundance. While its prophets—from Adam Smith to John Maynard Keynes and Milton Friedman—concerned themselves with the human condition, its priesthood gradually grew remote from its followers, until it lost sight of their tribulations. Today, amid a crisis of faith in their expertise, we must re-imagine the topic of economics for a new era—one filled with both danger and opportunity.
Imagine one day you went to a cash machine and found your money was gone. You rushed to your bank branch, where a teller said that overnight people had stopped believing in money, and it all vanished. Seem incredible? It happened, and it could happen again.
Twilight of the Money Gods is the story of economics, told not as the science it strove to be, but as the religion it became. Over two centuries, it searched for the hidden codes which would reveal the path to a promised land of material abundance. While its prophets—from Adam Smith to John Maynard Keynes and Milton Friedman—concerned themselves with the human condition, its priesthood gradually grew remote from its followers, until it lost sight of their tribulations. Today, amid a crisis of faith in their expertise, we must re-imagine the topic of economics for a new era—one filled with both danger and opportunity.
480 pages, Paperback
First published August 21, 2017
20 people are currently reading
327 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 8 of 8 reviews
February 16, 2025
Sold rather deceptively as a book about the failures of economic theory, this is as much a standard modern economic history textbook than anything else. But that doesn’t mean it isn’t a cracking read. It’s a broad history of capitalism and the theories that accompanied it along the way - from Adam Smith to Ricardo, Marshall, Keynes, Friedman, Minsky and more.
Ninety five per cent of the content is a standard narrative taking in everything from the enclosure of the commons, early industrialisation, the rise of the bourgeoisie, urbanisation, colonisation, the rise of the franchise and mass political parties, all the way through to the post-Cold War ‘end of history’ and the triumphalism of neo-liberalism.
It’s a shame the thesis of the book feels tacked on in the final chapter and not more woven through the preceding chapters. Perhaps Rapley was wary of giving away too much too early, but I would have liked to have seen him write more about how economic theory so often becomes an ex-post rationalisation of the winners in continuing to exploit the less fortunate or to cement their power. More political economy perhaps.
His attempt at an upbeat conclusion, using multi-cultural Brixton as his focal point, also feels a bit forced. Perhaps he didn’t want to end on his earlier (and more cogent) point that after centuries of exploiting and colonising the developing world, the citizens of the developed world are now going to be on the receiving end.
But overall, this is an excellent read - full of insights and a rollicking overview of 500 years of economic history.
Ninety five per cent of the content is a standard narrative taking in everything from the enclosure of the commons, early industrialisation, the rise of the bourgeoisie, urbanisation, colonisation, the rise of the franchise and mass political parties, all the way through to the post-Cold War ‘end of history’ and the triumphalism of neo-liberalism.
It’s a shame the thesis of the book feels tacked on in the final chapter and not more woven through the preceding chapters. Perhaps Rapley was wary of giving away too much too early, but I would have liked to have seen him write more about how economic theory so often becomes an ex-post rationalisation of the winners in continuing to exploit the less fortunate or to cement their power. More political economy perhaps.
His attempt at an upbeat conclusion, using multi-cultural Brixton as his focal point, also feels a bit forced. Perhaps he didn’t want to end on his earlier (and more cogent) point that after centuries of exploiting and colonising the developing world, the citizens of the developed world are now going to be on the receiving end.
But overall, this is an excellent read - full of insights and a rollicking overview of 500 years of economic history.
August 14, 2019
A critical (in the good way) review of the rise - and fall? - of neoliberalism. Very well written.
"Adam Smith and his peers wrestled, uncomfortably but honestly, with the issues of slavery and imperial exploitation. Their later descendants, sadly, largely ignored them. Instead, we developed an economics that presumed a free market in which individuals are liberated to pursue their self-interested goals will necessarily lead to just outcomes. That doctrine could only function in an economy that imported capital and outsourced injustice" (p.411).
I would have been interested in more discussion of the "entirely new narrative" that might rebalance the economic (and social) system which, as Rapley says, is currently polarizing into two authoritarianisms, left and right.
"Adam Smith and his peers wrestled, uncomfortably but honestly, with the issues of slavery and imperial exploitation. Their later descendants, sadly, largely ignored them. Instead, we developed an economics that presumed a free market in which individuals are liberated to pursue their self-interested goals will necessarily lead to just outcomes. That doctrine could only function in an economy that imported capital and outsourced injustice" (p.411).
I would have been interested in more discussion of the "entirely new narrative" that might rebalance the economic (and social) system which, as Rapley says, is currently polarizing into two authoritarianisms, left and right.
January 21, 2020
Probably one of the best history books I've ever read!
Economics is the new world religion. Rapley traces the history of Western culture and Christianity to build up a comparative analysis of the ways that economics betrays all the hallmarks of a religion. Along the way we get a clearer picture of the currents that drive global relations that is easier to comprehend than any history textbook I've ever seen.
Economics has its own prophets, Adam Smith or Karl Marx. It has its own reformations led by John Meynard Keyes and Milton Friedman. It has its fundamentalists and fanatics. It has a priestly class, in academia, charged with maintaining orthodoxy and purity.
A fascinating read. Highly recommend.
Economics is the new world religion. Rapley traces the history of Western culture and Christianity to build up a comparative analysis of the ways that economics betrays all the hallmarks of a religion. Along the way we get a clearer picture of the currents that drive global relations that is easier to comprehend than any history textbook I've ever seen.
Economics has its own prophets, Adam Smith or Karl Marx. It has its own reformations led by John Meynard Keyes and Milton Friedman. It has its fundamentalists and fanatics. It has a priestly class, in academia, charged with maintaining orthodoxy and purity.
A fascinating read. Highly recommend.
December 18, 2018
The premise of "Twilight of the Money Gods" is, as the subtitle, "Economics as Religion and how it all Went Wrong" suggests, is that economic theory (and the wealth supposedly generated) has usurped religion (and therefore God) as a focus of worship. As Rapley points out, you can't prove the existence of either. You simply have to believe. That pile of bills in your wallet only has a certain value because you (and your bankers) believe that it does, just as a crucifix or other religious symbol represents belief in a higher power.
Although the religious anologies seem somewhat forced (major economic theorists are prophets, their major proponants high priests, and breakaway theorists form new sects), Rapley does point out that the rise of imperialism in 15th century Europe that allowed the creation of a newly wealthy and therefore more independent bourgeoisie to lead to a much more secular life, was helped along by the teachings of Martin Luthor who advocated that personal faith could save individuals without the need for intervention by the clergy. New universities were created, funded by this new secular wealth, and the children of the bourgeoisie were no longer likely to study theology, but art, science and the classics. Daily life was no longer focused on the Church.
The strength of this book though, lies in its overview of Western economic theory and philosophy from the late 1700s to the present. The ideas of Adam Smith, Thomas Malthus, Frederich List, John Stuart Mill, Karl Marx, Georg Hegel, on up to John Maynard Keynes and Milto Friedman etc. are explained in layman's terms, along with their effects on the politics of the day. I read a library copy of the book (so popular that I waited 17 weeks for it!), but a copy of my own on the shelf would be useful to dip back into now and again to remind myself of certain economic concepts.
Although the religious anologies seem somewhat forced (major economic theorists are prophets, their major proponants high priests, and breakaway theorists form new sects), Rapley does point out that the rise of imperialism in 15th century Europe that allowed the creation of a newly wealthy and therefore more independent bourgeoisie to lead to a much more secular life, was helped along by the teachings of Martin Luthor who advocated that personal faith could save individuals without the need for intervention by the clergy. New universities were created, funded by this new secular wealth, and the children of the bourgeoisie were no longer likely to study theology, but art, science and the classics. Daily life was no longer focused on the Church.
The strength of this book though, lies in its overview of Western economic theory and philosophy from the late 1700s to the present. The ideas of Adam Smith, Thomas Malthus, Frederich List, John Stuart Mill, Karl Marx, Georg Hegel, on up to John Maynard Keynes and Milto Friedman etc. are explained in layman's terms, along with their effects on the politics of the day. I read a library copy of the book (so popular that I waited 17 weeks for it!), but a copy of my own on the shelf would be useful to dip back into now and again to remind myself of certain economic concepts.
August 11, 2018
I don't really see how this addresses the title premise of economics as a religion. But it's a brilliant, accessible and addictive account of the 'dismal science', broken up with little vignettes about imaginary people from different eras, experience different economic conditions. Worth a re-read.
March 26, 2020
A book that walks the reader through a journey of how, over history, economic doctrine mutated over time very similarly to the way religions did. The dogma of gold standard was superseded by a faith in the US Dollar, the faith in state interventionism was superseded by the faith in individual liberalism and pursuit of profit.
This book is a helpful reminder that, although it is very hard for us to grasp while we are so immersed in our high-speed XXIst century lives, our society is due to change significantly with the advent of new and edgy economic doctrines. Empires will collapse and new ones will replace the old order, just like the old times. MMT anyone?
This book is a helpful reminder that, although it is very hard for us to grasp while we are so immersed in our high-speed XXIst century lives, our society is due to change significantly with the advent of new and edgy economic doctrines. Empires will collapse and new ones will replace the old order, just like the old times. MMT anyone?
June 17, 2022
In this slightly lengthy take on history of economics, John Rapley presents both sides of the debate, leaving readers with some food for thought. The best thing about this book is that it breaks down economics for the unversed.
June 4, 2023
Ho scoperto questo testo leggendo un articolo di internazionale. Il concetto fondamentale del pezzo era che l'economia non è una scienza esatta, ma somiglia piuttosto ad una religione.
La ragione che sta alla base di questa concezione è che l'economia è un flusso di comportamenti umani, e quindi per definizione non assoggettabili a leggi matematiche.
Questo sguardo nella storia attraverso l'economia e qualcosa di grandioso.
Fortemente consigliato
La ragione che sta alla base di questa concezione è che l'economia è un flusso di comportamenti umani, e quindi per definizione non assoggettabili a leggi matematiche.
Questo sguardo nella storia attraverso l'economia e qualcosa di grandioso.
Fortemente consigliato
Displaying 1 - 8 of 8 reviews