Unveiling the Secrets of Money: Young Economist Xu Jin Talks About "A Brief History of Money"

Unveiling the Secrets of Money: Young Economist Xu Jin Talks About "A Brief History of Money"During the 2024 Shanghai Book Fair and "Book Fragrance China" Shanghai Week, the video interview program "High Visit" produced by Jiefang Daily Shangguan News launched a special series of interviews, inviting renowned writers and scholars to interpret the "human code" in books. This episode invited Xu Jin, a young economist and chief editor of FT Chinese, to discuss her new book "A Brief History of Money," revealing the essence and operating logic of money

Unveiling the Secrets of Money: Young Economist Xu Jin Talks About "A Brief History of Money"

During the 2024 Shanghai Book Fair and "Book Fragrance China" Shanghai Week, the video interview program "High Visit" produced by Jiefang Daily Shangguan News launched a special series of interviews, inviting renowned writers and scholars to interpret the "human code" in books. This episode invited Xu Jin, a young economist and chief editor of FT Chinese, to discuss her new book "A Brief History of Money," revealing the essence and operating logic of money.

"Money is very difficult to understand, but very important," Xu Jin said in the program. She said her original intention to write "A Brief History of Money" stemmed from a reader's question: "He had always wanted to understand what the 'piece of paper' in his hand corresponded to in terms of goods and services, and how it could determine the fate of many people." This question also touched Xu Jin herself, who longed to use plain language to make money no longer a mysterious symbol, but something closely related to everyone's life.

Before "A Brief History of Money," Xu Jin had completed the first two parts of her "Money Trilogy" "The Silver Empire" and "The Monetary King" which explored in depth, from a professional perspective, China's economic history and the central banks of Europe and the United States, respectively. Although the first draft of "A Brief History of Money" was completed as early as 2020, Xu Jin did not rush to publish it, but instead tested it internally on her public account and repeatedly polished it based on reader feedback.

In this process, Xu Jin discovered that professional terms related to money posed a significant barrier to understanding for ordinary readers. Many people "remembered the meaning countless times, but forgot it countless times" when it came to concepts like M1 and M2. "You can't remember because the knowledge doesn't really connect with you," Xu Jin explained. "We need to analyze these characters within the economic framework, rather than just looking at one piece of data. Short-term fluctuations don't mean much to ordinary people, but when you truly understand the underlying economics, everything becomes clear."

In recent years, the rise of Bitcoin and the competition between digital currency and traditional currency have become a focal point of social attention. Xu Jin believes that digital currency represents the future, but its development direction depends on mainstream regulation, not the will of digital currency believers. Currently, digital currency remains a high-risk investment product.

"Digital currency is like a child, not yet fully formed, with endless possibilities," Xu Jin said. She chose to discuss digital currency in "A Brief History of Money" because she personally experienced this historical evolution. "Writing about the past is about looking back at possible paths; writing about digital currency, I am in the middle of this history. I am very excited to be able to participate and witness its growth."

Xu Jin emphasized in the program that the essence of money is not simply a "general equivalent," but credit. "Credit is the essence hidden behind the 'general equivalent.'" She quoted Marx's comment on Gladstone: "Those who are fooled by love are not as numerous as those who are fooled by exploring the essence of money." This seemingly humorous remark reveals the complexity of money and the deeper logic hidden behind the surface.

Through "A Brief History of Money," Xu Jin hopes to lead readers to a deeper understanding of the essence of money, to understand its underlying operating mechanism, and to gain insights into future economic trends from it. In the era of digital currency, understanding the essence of money and its related economic principles will become an indispensable knowledge base for everyone.

The Essence of Money: Credit and Trust

Xu Jin pointed out in the program that the essence of money is not simply a "general equivalent," but credit. She explained that people are willing to accept money as a medium of exchange because they believe in its value, that it can be used to exchange for other goods and services. This trust is built on the basis of credit.

"The essence of money is credit, it is the trust of society in money. When people lose trust in money, the monetary system will collapse," Xu Jin emphasized. This sentence also reveals the fragility of money. Once trust is broken, money loses its value, and the trading system collapses.

Throughout history, there have been many collapses of monetary systems, such as the monetary system of the Roman Empire, which collapsed partly due to the loss of people's trust in money. In modern society, the monetary system is more complex, but credit remains a crucial cornerstone.

Understanding Money, Understanding Economics

Xu Jin also talked about the importance of understanding money for understanding economics in the interview. She explained that money is the lifeblood of the economy, connecting production, consumption, investment, and other aspects. Only by understanding the essence and operating mechanism of money can we truly understand the workings of the economy and better grasp its development trends.

"Money is one of the most fundamental concepts in economics, and it is key to understanding other economic theories," said Xu Jin. She believes that to truly understand economics, one must start with an understanding of money.

The Future of Digital Currency: Opportunities and Challenges

Xu Jin also talked about the future of digital currency in the program. She believes that digital currency represents the future, but its development direction depends on mainstream regulation, not the will of digital currency believers.

"The future of digital currency is full of opportunities, but also full of challenges," said Xu Jin. She pointed out that the advantages of digital currency lie in its decentralization, high transparency, and fast transaction speed, but it also has risks and uncertainties.

Xu Jin believes that the future of digital currency depends on regulatory policies. If regulatory policies can effectively prevent risks and promote the healthy development of digital currency, digital currency will bring new vitality to the financial system and drive economic development.

The Significance of "A Brief History of Money": Making Money No Longer Mysterious

Xu Jin emphasized in the program that her original intention in writing "A Brief History of Money" was to make money no longer a mysterious symbol, but something closely related to everyone's life.

"Most people's understanding of money stops at the level of 'general equivalent,' but the essence of money goes far beyond that," Xu Jin explained. "I hope that through 'A Brief History of Money,' readers can understand the essence of money, understand its underlying operating mechanism, and gain insights into future economic trends."

The publication of "A Brief History of Money" is not only an interpretation of money itself, but also a popularization of the field of economics. More importantly, it will help more people understand the financial system and better respond to future financial challenges.

Conclusion

In the era of digital currency, understanding the essence of money and its related economic principles will become an indispensable knowledge base for everyone. Xu Jin's "A Brief History of Money" provides us with a key to understanding money, allowing us to better understand the logic of the economic system and better respond to future economic challenges.