Comes now to respectful international attention a volume entitled War and Gold: A 500-Year History of Empires, Adventures, and Debt by Member of Parliament Kwasi Kwarteng. This near-perfect volume appears with almost preternaturally perfect timing around the centenary of the beginning of World War I and, with that, the end of the classical gold standard. It, along with the work of Steve Baker, MP (co-founder of the Cobden Centre), constitutes a sign of sophistication about the gold standard in the British House of Commons.
Kwarteng, the most historically literary Member of Parliament since Churchill, is an impressive figure. As War and Gold's jacket flap biography summarizes, “Kwasi Kwarteng was born in London to Ghanaian parents in 1975. … After completing a PhD in history at Cambridge University, he worked as a financial analyst in London. He is a Conservative member of parliament and author of Ghosts ofEmpire: Britain’s Legacies in the Modern World." Kwarteng thus possesses four crucial skill sets: an international, multicultural, perspective; rigorous training as an historian; direct experience in the financial markets; and the perspective of an elected legislator. It shows.
War and Gold is a compelling successor to Liaquat Ahamed’s delightful and invaluable The Lords of Finance, awarded the 2010 Pulitzer Prize in history. Kwarteng delivers up a successor volume worthy of such a prize. It extends Ahamed’s temporal framework by a factor of ten, to 500 years. Kwarteng, too, has compelling narrative virtuosity. His book is full of dramatic, charming, often wry vignettes of fascinating characters -- heroes and villains, adventurers and knaves -- spinning around, and off, the axis of the gold standard, in war and in peace.