Books like The Earthly Republic — picked by fans

I didn’t read Liar’s Poker until fairly recently.

I started working for Dow Jones Newswires during the dot-com boom and saw how greed could drive markets. I worked through the housing boom in the Aughts and the financial crisis, and then started covering bitcoin around 2013. So by the time I got to Lewis’s book, I had a good understanding of how people can become obsessed with money.

But Lewis is just such a good writer, and has such insights into how markets work, that a book about bond buyers in the 1980s still feels like it’s about people trading so many other things today. 

This book is a magnum opus of ideology wrapped in an industrial and political thriller.

At its core, it is about a society collapsing when the people who create its wealth, inventions, and infrastructure begin to withdraw their talent when they come to realize their contributions are not valued. When well-drawn characters who are captains of industry speak, they express confident idealisms that are meant to keep the engine of the world running.

Meanwhile, others are constantly asking, "Who is John Galt?" as a form of hopeless expression. Anyone who uses the phrase and tries to explain what it means comes up with their own theory of its significance and who John Galt might be, but in reality, no one knows the source of the question or who he is. Yet, they continue to ask as if it is a meaningless question.

The publisher at my first newspaper job, the Verona-Cedar Grove (NJ) Times in the early ‘90s, was the wife of a guy who was in Ivan Boesky’s insider-trading circle in the 1980s and was named in this book. I read it for that reason alone back when it came out.

I didn’t know much about Boesky or Michael Milken or any of that Wall Street stuff. I was just interested in my publisher’s husband. But the book was so good, I kept reading. It was so comprehensive and so detailed and so well-written, even without being interested in business (at the time) I loved it, and still have my 30-year old edition.

The first “how to” business book, and what surprised me about it was how, for Cotrugli, being a good merchant was as much about being morally upright as about being profitable.

He spends as much time telling merchants how to pray as he does how to handle their ledgers (the book is historically famous for being the first European work to explain double-entry bookkeeping).

What I found fascinating about this book is how modern Cotrguli sounds; maybe it’s the work of the translators, but he comes across as somebody you could talk to today. And he is impassioned with his main preoccupation: how to both pursue material wealth and still be a good person. He’s trying to walk a line between greed and God, and that still matters today.