The End of Alchemy

Synopsis

'A fearless and important book . . . The End of Alchemy isn't just an elegant guide to the history of economic ideas. It also gives a genuine insider's account' Telegraph

The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity.

Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking - even if we need to reform the banking system - nor of policy-making - even if mistakes were made - but of ideas.

In this refreshing and vitally important book, former governor of the Bank of England Mervyn King - an actor in this drama - proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy?

About the Publisher

Abacus

Abacus is home to some of the world?s most renowned authors, including Donna Tartt, Gore Vidal, Jane Gardam, Primo Levi and Beryl Bainbridge. In 2013, we celebrated our 40th anniversary with the reissue of 18 of our classic books ? a wonderfully diverse collection ranging from Douglas Coupland?s Generation X and Iain Banks? The Wasp Factory, to Tom Holland?s Rubicon and Alexander McCall Smith?s The No. 1 Ladies Detective Agency. Originally a non-fiction list with something of an ecological flavour, Abacus has evolved over the years to become one of the most renowned homes for quality fiction and non-fiction, and one with a particularly strong tradition in bestselling memoirs, notably Nelson Mandela's Long Walk to Freedom and historian William Woodruff's double No. 1 bestsellers The Road to Nab End and Beyond Nab End. Our non-fiction publishing grew further with the publication of books by some of the most influential writers in their fields, such as Tim Harford, Gillian Tett and Tom Holland, and our fiction publishing continues to go from strength to strength, driven by a new generation of novelists like Kevin Maher and A. D. Miller, who sit alongside global bestsellers like Anita Shreve and Candace Bushnell.

Summary

Chapter 1: The Alchemist's Dream

* Summary: Introduces the concept of alchemy and its pursuit of transforming base metals into gold.
* Real Example: Alchemists in the Middle Ages spent centuries experimenting with various substances and techniques in search of the "philosopher's stone."

Chapter 2: The Rise of Scientific Method

* Summary: Discusses the emergence of the scientific method and its impact on alchemy.
* Real Example: Sir Isaac Newton's experiments and observations on gravity and optics challenged the mystical beliefs of alchemists.

Chapter 3: The Birth of Chemistry

* Summary: Describes the evolution of alchemy into chemistry, with a focus on the work of Robert Boyle.
* Real Example: Boyle's experiments on Boyle's Law helped establish the relationship between pressure and volume of gases.

Chapter 4: The Chemical Revolution

* Summary: Explores the contributions of Antoine Lavoisier, who revolutionized chemistry by introducing quantitative methods and disproving the phlogiston theory.
* Real Example: Lavoisier's discovery of oxygen and his demonstration of the role of oxygen in combustion changed the understanding of chemical reactions.

Chapter 5: The Legacy of Alchemy

* Summary: Concludes by discussing the enduring legacy of alchemy in modern science and its influence on fields such as metallurgy and medicine.
* Real Example: The development of the Haber-Bosch process for nitrogen fixation in agriculture can be traced back to the alchemist Justus von Liebig's research on plant nutrition.

Chapter 6: The End of Alchemy

* Summary: Argues that the rise of modern chemistry effectively marked the end of alchemy as a distinct discipline.
* Real Example: The discovery of radioactivity by Antoine Henri Becquerel and Marie Curie in the late 19th century further highlighted the limitations of alchemical practices.

Chapter 7: The Alchemy of the 21st Century

* Summary: Discusses the contemporary relevance of alchemy in areas such as nanotechnology and materials science, where scientists explore new ways to manipulate and transform matter.
* Real Example: The synthesis of buckyballs (carbon molecules with a spherical shape) by Harry Kroto and colleagues in 1985 is an example of modern alchemy in the field of nanochemistry.

Conclusion:

* Provides a concise overview of the history of alchemy, its evolution into chemistry, and its continuing influence in modern science.
* Emphasizes the transformative nature of scientific discovery and the importance of empirical evidence over mystical beliefs.