Shattered Promises; Shattered Economies

New York: Random House, 1938. 235 by 160mm (9¼ by 6¼ inches). Beige cloth boards with embossed title; xxvi, 492, including index. First Edition. Signed by the author and signed by James Wiborg — a pioneering Tacoma, Washington businessman to whom this copy presumably belonged. Very Good. Harry Scherman (1887–1969) invented the Book of the Month Club in 1926. This interesting book is his take on economics: all economic activity arises out of the promises between individuals. This fundamental law of economics was shattered by fractional reserve banking and the Federal Reserve. In essence, Scherman argues that the problems of the system today (today being 1938) is that economics and business no longer relies on implied promises between individuals. An unusual economic analysis with a poignant message.