A blueprint for avoiding financial crises

Mervyn King, former governor of the Bank of England, has written the most important book to appear in the wake of the financial crisis—The End of Alchemy: Money, Banking and the Future of the Global Economy.Unlike others, King has resisted penning a blow-by-blow account of the financial crisis to justify his actions. Instead he gives a thoughtful critique of our present banking and financial arrangements. These, in his view, are so seriously flawed that without substantial change we will be plagued by recurring, and increasingly severe, financial crises. Though Canada escaped lightly in the recent crisis, we may not be

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