The ABC of Money: Lessons from a Tycoon

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It seems a simple question – what is money?– but the answer is more complicated than you’d think. In 1891, America’s greatest self-made man, steel tycoon Andrew Carnegie, took on the subject in this essay. Here, he explains:

• the historical basis for money as a medium of exchange
  

• the difference between money and currency

• the trouble governments get into when they make money

• the problems that coming with backing currency with silver

• the good sense of the gold standard

• and more.

The ABC of Money: Lessons from a Tycoon offers a highly readable discussion of a basic concept of economics.

Also from Cosimo: Carnegie’s Round the World, Triumphant Democracy, James Watt, An American Four-in-Hand in Britain, The Empire of Business, The Gospel of Wealth, and the Autobiography of Andrew Carnegie.