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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Coined summary
Kabir Sehgal
The Rich Life of Money and How Its History Has Shaped Us
12 mins
Brief summary
Coined by Kabir Sehgal is a fascinating exploration of the history and power of money. It delves into our complex relationship with currency, and how it has shaped our world and ourselves.
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Coined
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Key idea 1 of 5
Money arose as a medium of exchange when communities began to produce surpluses.
Money is a crucial element of survival in the society we've constructed. We use cash as a medium of exchange for getting the things we want or need.
And if you really want to understand money, you first have to understand how it works in the context of the laws of nature.
The nature of exchange is a key concept for all living creatures. Organisms work together to survive, often entering into symbiotic relationships, or symbiosis. In such a relationship, two different organisms benefit each other so that they together can better survive and reproduce.
That's how bees and flowers work. Bees derive energy from the nectar in flowers and then make honey to store through the winter. In turn, they spread pollen from flower to flower, thus fertilizing the flowers and ensuring their survival.
Bees and flowers also exchange electrical energy. Flowers have a “negative” charge and bees a “positive” charge – like magnets, that's why they're attracted to each other. The bees are pulled toward the negatively charged pollen, which then sticks to them so they can easily transport it and pollinate other flowers. Both species benefit equally.
Ancient humans, in contrast, came to realize that they as a group had a better chance of survival if they helped each other.
So humans specialized in different skills and created divisions of labor. Some individuals hunted, while others raised children, for example.
Eventually, humans started producing more food than they could consume. For the first time, they had a surplus that they could trade with other groups for goods they needed. Thus groups began trading technology, such as hand axes or spears.
Over time, humans learned that trade was easier and more effective if there existed a universal tool for exchange, rather than exchanging goods or services themselves – and money was developed.
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What is Coined about?
Coined (2015) offers an in-depth explanation of money, a powerful and complex force that many of us take for granted. It examines money’s historical roots and explains the relationship between it and our emotions, while offering theories on the future evolution of money.
Coined Review
Coined (2015) is a fascinating exploration of the history and impact of money, offering a fresh perspective on this essential part of our lives. Here's why this book is worth reading:
- Through captivating stories and eye-opening insights, it reveals the intricate relationship between money and culture, shedding light on its various forms and meanings.
- With a diverse range of examples from different corners of the world, the book navigates the complexities of money, uncovering its social, political, and psychological dimensions.
- By examining the origins and evolution of money, Coined offers a thought-provoking reflection on the future of our monetary systems, sparking curiosity and inviting contemplation.
Who should read Coined?
- Historians or anthropologists, or people interested in these topics
- Bankers or people curious about the origins of money
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Coined FAQs
What is the main message of Coined?
The main message of Coined is that money and language are deeply intertwined, shaping our economies, societies, and cultures.
How long does it take to read Coined?
The reading time for Coined varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is Coined a good book? Is it worth reading?
Coined is a fascinating read that explores the fascinating connection between money and language. It offers valuable insights into the impact of words on our economic and social systems.
Who is the author of Coined?
Kabir Sehgal is the author of Coined.
What to read after Coined?
If you're wondering what to read next after Coined, here are some recommendations we suggest:
- The Evolution of Money by David Orrell and Roman Chlupatý
- The Courage to Be Disliked by Ichiro Kishimi & Fumitake Koga
- Secrets of the Millionaire Mind by T. Harv Eker
- The Intelligent Investor by Benjamin Graham and comments by Jason Zweig
- The Muqaddimah by Ibn Khaldūn
- The Algebra of Wealth by Scott Galloway
- The Psychology of Money by Morgan Housel
- The Subtle Art of Not Giving a F*ck by Mark Manson
- Moore’s Law by Arnold Thackray
- Life After Google by George Gilder