Interview with Dan Awrey, author of Beyond Banks: Technology, Regulation, and the Future of Money
Dan Awrey, author of Beyond Banks: Technology, Regulation, and the Future of Money recommends a brilliant bunch of books! Before jumping into the interview, please check out Dan's book:
Description from Bookshop.org: (All links earn commission from purchases. Prices accurate at time of writing)
Beyond Banks: Technology, Regulation, and the Future of Money
How new technology is rapidly changing the nature of money and the way we pay
A diverse and growing range of financial institutions and platforms—from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins—has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money.
Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money—the result of antiquated and inadequate laws and regulation that fail to establish credible commitments to hold, transfer, or return a customer’s money on demand—requires that policymakers fundamentally rethink their approach toward the design of the laws and institutions at the heart of this system. He presents ways to effectively unbundle banking from money and payments, ensure the credibility of monetary commitments, and promote the stability of this system. Awrey also envisions a more forward-looking role for policymakers in encouraging greater technological experimentation, competition, and innovation in the realm of payments.
Beyond Banks sheds critical light on the important but too often dysfunctional relationship among technology, regulation, and money, and lays the foundations for a safer, more nimble, and more inclusive system of money and payments.
Buy On:
Bookshop.org UK £30.00
Bookshop.org US $42.00
Blackwells £37.65
Waterstones £30.00
Q. Do you have a favourite smart thinking book (and why that book)?
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein. Description from Bookshop.org: (All links earn commission from purchases. Prices accurate at time of writing)
Honestly, I’m not sure I have a single favourite smart thinking book. There are just too many great books out there! But the book that immediately comes to mind is Against the Gods: The Remarkable Story of Risk by Peter Bernstein, which explores the historical developments that contributed to modern understandings of the concepts of risk and uncertainty. In my view, you can’t hope to understand the worlds that I live in – the worlds of finance, law, and public policy – without understanding these concepts, and Bernstein does an amazing job of illuminating their intellectual underpinnings and modern applications.
Against the Gods: The Remarkable Story of Risk
In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today.
Buy On:
Bookshop.org UK £17.10
Bookshop.org US $21.38
Blackwells £17.26
Waterstones £18.00
Q. What's the most recent smart thinking book you've read (and how would you rate it)?
The Making of the Atomic Bomb by Richard Rhodes. Description from Bookshop.org: (All links earn commission from purchases. Prices accurate at time of writing)
The 25th anniversary edition came out in 2023. It’s a wonderful and detailed history of the scientific breakthroughs that led to the creation of the atomic bomb. Rhodes also does an incredible job illuminating the immense human costs of these breakthroughs. For the modern reader thinking about the implications of artificial intelligence, quantum computing, or crypto, the book also reads as a cautionary tale about how technological progress does not automatically lead to social progress and the corresponding need for strong institutions and governance designed to harness technological advances for the public good.
The Making of the Atomic Bomb
The Making of the Atomic Bomb is the seminal and complete story of how the bomb was developed, from the turn-of-the-century discovery of the vast energy locked inside the atom to the dropping of the first bombs on Japan.
Few great discoveries have evolved so swiftly - or have been so misunderstood. From the theoretical discussions of nuclear energy to the bright glare of Trinity, there was a span of hardly more than twenty-five years. What began as merely an interesting speculative problem in physics grew into the Manhattan Project, and then into the bomb, with frightening rapidity, while scientists known only to their peers - Szilard, Teller, Oppenheimer, Bohr, Meitner, Fermi, Lawrence and von Neumann - stepped from their ivory towers into the limelight.
Richard Rhodes gives the definitive story of man's most awesome discovery and invention. Told in rich human, political and scientific detail, The Making of the Atomic Bomb is a narrative tour de force and a document with literary power commensurate with its subject.
Buy On:
Bookshop.org UK £16.14
Bookshop.org US $22.32
Blackwells £16.62
Waterstones £16.99
Q. Do you have a favourite childhood book?
The Mouse and the Motorcycle by Beverly Cleary. Description from Bookshop.org: (All links earn commission from purchases. Prices accurate at time of writing)
The Mouse and the Motorcycle
In this imaginative adventure from Newbery Medal–winning author Beverly Cleary, a young mouse named Ralph is thrown into a world of excitement when a boy and his shiny toy motorcycle check in to the Mountain View Inn.
When the ever-curious Ralph spots Keith's red toy motorcycle, he vows to ride it. So when Keith leaves the bike unattended in his room one day, Ralph makes his move. But with all this freedom (and speed!) come a lot of obstacles. Whether dodging a rowdy terrier or keeping his nosy cousins away from his new wheels, Ralph has a lot going on! And with a pal like Keith always looking out for him, there's nothing this little mouse can't handle.
This timeless classic now features a foreword written by New York Times bestselling author Kate DiCamillo, as well as an exclusive interview with Beverly Cleary herself.
The Mouse and the Motorcycle is perfect for independent reading or for shared reading at home or in a classroom. This fun story is the first of a trilogy, along with Runaway Ralph and Ralph S. Mouse, all inspired by the author's hope to create appealing books for boys and girls—and by the sight of her son playing with toy cars.
Buy On:
Bookshop.org US $17.66
Blackwells £15.99
Waterstones £14.99
Q. Do you prefer reading on paper, Kindle or listening to an audiobook?
Definitely paper. I enjoy the physical, tactile sensation of reading on paper. I am also one of those obnoxious people who scribbles random, indecipherable notes in the margins and then optimistically dogears the pages so I can theoretically return to them. I’m obviously going to hell, but honestly it’s worth it.
Q. Do you have a favourite bookshop (and why that shop)?
Kramers
My favorite bookshop is Kramers on Dupont Circle in Washington, DC. They always have a great selection of books on economic history, the history of science, biography, and public policy. There is also a great little restaurant at the back that serves a surprisingly good softshell crab sandwich. It’s where I go to unwind, read, and eat after a long day of meetings.
Many thanks to Dan for recommending a brilliant bunch of books! Please don't forget to check out Beyond Banks: Technology, Regulation, and the Future of Money.
Daryl
Image Copyrights: (Beyond Banks: Technology, Regulation, and the Future of Money), John Wiley & Sons Inc (Against the Gods: The Remarkable Story of Risk), Simon & Schuster Ltd (The Making of the Atomic Bomb), On the Mark Press (The Mouse and the Motorcycle).
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