The French and their money

The first chapter of The Wisdom of Money by Pascal Bruckner nearly put me off as it’s all theology, but I stuck with it and ended up really enjoying the book. It’s vairrrry French, which is a good thing in my eyes; I spent my teenage years planning to grow up to be a philsopher living in Paris and sitting in cafes all day. (And if only I’d written Sarah Bakewell’s wonderful At the Existentialist Cafe….)

But back to money. After the unpromising theological start, The Wisdom of Money picked up by pointing out what a commercially-minded entity the (Christian) Church has always been, from the Catholic sale of forgiveness or time off purgatory to the Calvinist thumbs up to the acquistion of riches through work. Then the rest of the book is a series of essays reflecting on different aspects of money and economics. There is a (to me) pleasing scepticism about varieties of idealism and unrealism concerning money: that happiness matters more, that degrowth is feasible etc. I liked the quotation from French presidential candidate Mélenchon on financiers: “Throw the bums out! I am calling for a citizens’ revolution in France to take power back from the oligarchy…” – next line: Mélenchon gets a salary of 350,000 Euros a year.

In fact, having started by saying this is a very French book, it’s very un-French in taking an utterly pragmatic approach to markets and capitalism, in contrast to the utter romanticism of so many French texts on matters economic. Bruckner is not in this long French tradition. (Although he’s not totally alone – here is Jean Tirole in the FT today offering some pragmatic thoughts about the economy in the context of the election.) He observes caustically: “Since a signiifcant number of our compatriots no longer have enough to live on decently, they will be told that prosperity is degrading, that true wealth is found in relationships not goods.”

There are quite interesting thoughts about the persistence of cash; the political vacuum at the heart of the Euro, the contrast between French and American attitudes to money, the strong support among economists for the abolition of slavery, the passive consumerism embedded in the idea of a Universal Basic Income, the scandal of superstratospheric executive pay and tax avoidance by the rich, and much more – appealing to all my prejudices at least. Very enjoyable, and the perfect length for a train ride or flight.

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