Frozen Desire: The Meaning of Money

by Mark Buchan

Novelist Buchan, a former correspondent for the Financial Times, traces the meaning of money since its beginning. He discusses money in its various formats, emphasizing that money itself is not just an object but "an outcome of a vast mountain of social arrangements." Various scenarios depict the role of money in love, war, religion, and other areas of human culture. Buchan uses many historical and literary works to clarify the perception of money throughout the ages, relying on Aristotle, Columbus, Shakespeare, John Law, Marx, and Keynes, to name a few, in these stimulating discussions. Although he writes in a scholarly style, Buchan his many suspenseful and intriguing passages.

Genres: History, Economics, Nonfiction, Philosophy, Money, Finance

320 pages, Hardcover

First published January 1, 1997

Reviews

[Adam Orford · Rating 2 out of 5]

I'm with Kirkus on this one. This is a meandering set of "murky" essays about money - its history, and its role in various other histories - that, notwithstanding its title, does very little to elucidate the "meaning" of money. There are better discussions of the history of money, the nature of money, and the problems of global capitalism. Its thesis of money as frozen desire is intriguing but never rigorously developed.

[Mac · Rating 4 out of 5]

This is an interesting book. Faint praise, perhaps, but it really is interesting, in that it forced me to write down a bunch of notes on an index card and purchase my own copy (this one's from the library) for reference at a later date.

If you haven’t already read the synopsis, Buchan’s book is a sort of narrative history of money, both as a concept and an object. That’s not really a good description, to be fair, but it’s the best I can do right now. By taking us through episodes in money’s history, he examines some of the modern notions about money and how they intersect with how money has worked in the past. In many ways, this becomes a list of curious facts about money’s history. A “did you know…” compendium that is told via historical narrative.

This is not, to be clear, a book about “economics,” so anyone looking for equations or explanations of phenomena should seek her fortune elsewhere. There are no theories and no proposals – it really is a more “personal” history of an impersonal subject. Memoirs of a Dollar. In this way, Buchan seems to attempt to make a larger point about what money is by telling its story, with some asides and (somewhat literary) analysis, throughout human history.

This is where the book is not as successful – at the macro-level. The whole never quite surpasses the sum of the parts, and the book remains a collection of thought-provoking facts about the history of money. There is also a problem with some of Buchan’s analysis – though he largely rejects Marx’s views, his own conception of how money exists in society isn’t so terribly different from the “money” chapter of Capital.

But for the most part, though it lacks a certain coherence as a book, it’s an engaging read. The prose can be a little gummy as Buchan lets his breeding get the best of him now and then, but he’s good with a turn of phrase, and made me laugh out loud a few times.

[SDAntoNia · Rating 3 out of 5]

Well, a fairly interesting read, though I think he has Keynes all wrong. (p.272-277; esp. p. 277)

Overall, he's not happy w/Marxism or Xian thought on money; seems to see it as embodied potential desire, and thus has been elevated to godhood.

Seems to think money will eventually burn itself out p. 281 'as interest and profit fall away' 'age of money' will end as values are reseen in light of qualities possesed (i.e. eagle is always an eagle, but money is only money while in someone's possession, p. 280). hmmm...

-p. 254 Hitler fired all his finance ministers,
-p. 255 using closed system of banknotes forced to use/accept in Germany (except black market).
-p. 256 discusses Theresienstadt camp as using money to prop up appearance, and 3rd Reich as printing lots of money and holding down inflation by force, except for symptom of stock markets (couldn't control).

He accuses Keynes of dreaming (Robinson C. analogies), yet also of not being sincere in two passages (-p. 273: 'importance of money ... link between present and future': London 1936 p.293; and -p. 276/7: 'euthanasia of the rentier' in Keynes, economists bio. p. 276). But how could he contradict Keynes own comments and writing to dare say that Keynes was not sincere? Also says that Keynes did not know history, and that Keynes equated burying banknotes w/productive activity, but I think he missed Keynes point -Keynes said building houses would be preferable, but even buried banknotes would stimulate the economy (and anything useful even better by implication!).

[Mike Sanders · Rating 4 out of 5]

I'm not sure what to think of this book. I was expecting a historically narrative account of money, and explaining it as a measure of desire crystallized into present form as "money". But the book is both more than that and also less than that. It's more philosophy and prose than history and economics in a way, but it's also very much a deep and accurate exploration of the history and economics of money. Very dense but not at all dry. It definitely doesn't give a straight answer, but an overall feeling instead that money is the desire of and for the future, and all the joy and pain that means. Good read but also not. Might reread later.

[Kate · Rating 2 out of 5]

Money is an object of desire, like women. Money is worth what people think it is, like sex, which is, uh, women. The author has desired money and women. Oh, and by the way, here is a brief history of the monetary system which could have been ever so much better - and briefer - had the author spent less time on desire. I am glad to have had my way with this book without it costing me a dime except in library overdue fees.

[Boweavil · Rating 5 out of 5]

Original thought, brilliant writing. Will never forget it.

[Robin Goodfellow · Rating 5 out of 5]

Initially found the intro a bit quirky and offputting, but so glad I stuck with it. Truly brilliant, not least of which the exceptionally styled prose. Each chapter is a stand alone essay that pierces yet futher past the edifice of money to its profound core. Taken in total, really thorough and builds to an impressive composite, ending with a powerful and poetic ode to humanity and value in its true sense. Full of keen insights, sophistication, subtlety, and more than a few instances of impressive literary analysis. I had to exclaim “holy shit” at many moments during the reading. It left me dazed by its revelations. Dense and allusive (in the best of ways) but also with a great eye for the throughline where another text would get bogged down explaining itself, it paints the whole picture with a lot left to be gleaned from closer inspection of the details. This book and its importance are bound to elude many casual observers. The only critique is a less than generous portrayal of Marx and perhaps some lack of appreciation for his true import, but otherwise, just tremendous. I will be rereading this likely several times.

[Rico · Rating 4 out of 5]

Well worth the read. Buchan’s style is sharp and engaging, and he offers valuable insights into the social and symbolic meaning of money—especially how money has historically functioned to regulate rivalry and suppress vengeance. In some ways, a better title might have been The Reluctant Skeptic of Money, since he recognizes the distortions money brings but seems uneasy about abandoning it altogether.

That said, I found his secularism increasingly distracting, especially in the final chapter. Buchan insists that religion (and particularly Christianity) is not only outdated but itself a casualty of the rise of money. In doing so, he seems to miss the deeply religious dimension of human nature altogether—the same dimension that made even the invention of money, law, and culture possible. His analysis occasionally brushes against deeper truths (Girardians will notice them immediately) but never fully presses them. Ultimately, he offers a secular hope coasting on the unacknowledged moral inheritance of a Christian culture he believes he has outgrown.

Still, a fascinating and thought-provoking read.

[Klaus · Rating 5 out of 5]

Full of insights and historical and cultural connections i never realized before. Read this one with Atwood's "Payback" and you know more about the trader's world than you ever wanted to know. Thanks for the education, James.

[Patricia L. · Rating 4 out of 5]

Unthawing stories to help the reader to understand the faith in the god of money.

[Darren]

Reviewed in the March 1998 issue of the Socialist Standard:

https://socialiststandardmyspace.blog...

[Mel Stead]

Review from the March 1998 issue of the Socialist Standard:

https://socialiststandardmyspace.blog...

[Kingsborough Library · Rating 3 out of 5]

Very, very strange.

[Bill · Rating 4 out of 5]

James Buchan's Frozen Desire is an occassionally riveting history of money. It is a critical narrative history; each chapter is devoted to a specific time period or historical figure. The reader sees how money was created and how it has evolved to its present exhalted status. The author fearlessly takes on a diverse array of figures, including Adam Smith, John Law, Christopher Columbus, Karl Marx, John Maynard Keynes, and even Jesus Christ. In each analysis, Buchan falls into the pattern of introducing someone in order to eventually point out precisely where each of these important figures got it wrong or came up short. Some of his critisims are fascinating, others seem a bit harder to defend. To attack Marx for being naive and idealistic seems sort of pointless - if your agenda is to promote a utopian society, you've got to make it sound good, right? Also, to introduce Keynes as a "childless homosexual" has nothing to do with his economic theories, so why bring it up?

[The Final Chapter · Rating 2 out of 5]

Mid 2. Of spasmodic interest, this book attempts to provide a narrative history of the ascent of money and its psychological importance to human existence. The book is structured around chapters devoted to different periods of history or to figures of renown in the development and systematisation of currency. Of the latter, perhaps the most fascinating and colourful was John Law, proponent of the mass issuance of bank-notes, and creator of the Mississippi bubble which brought France to its economic knees. One central focus developed by Buchan is on money’s psychological impact in terms of its loss or acquisition, with references from all theatres of the arts. However, his scope is too broad and his need to evidence the extent of his research means that the interest of the reader wanes.

[Martha · Rating 2 out of 5]

Hard to read. I could not finish it.

[Anna Rohleder · Rating 4 out of 5]

An examination of something we take for granted that is as clear-eyed as it is open-hearted. And Buchan can write...

[Omar Ali · Rating 4 out of 5]

A great read. Not a systematic history of money, but hugely interesting and well written.