Wealth, Virtual Wealth and Debt is a 1926 book by the Nobel Prize–winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems. Soddy criticized the focus on monetary flows in economics, arguing that real wealth was derived from the use of energy to transform materials into physical goods and services. Soddy’s economic writings were largely ignored in his time, but would later be applied to the development of ecological economics in the late 20th century.
Frederick Soddy FRS[2] (2 September 1877 – 22 September 1956) was an English radiochemist who explained, with Ernest Rutherford, that radioactivity is due to the transmutation of elements, now known to involve nuclear reactions. He also proved the existence of isotopes of certain radioactive elements. In 1921, he received the Nobel Prize in Chemistry "for his contributions to our knowledge of the chemistry of radioactive substances, and his investigations into the origin and nature of isotopes". Soddy was a polymath who mastered chemistry, nuclear physics, statistical mechanics, finance, and economics.
Description (MIT Press):
In a novel written on the eve of World War I, H. G. Wells imagines a war “to end all wars” that begins in atomic apocalypse but ends in an enlightened utopia.
Writing in 1913, on the eve of World War I's mass slaughter and long before World War II's mushroom cloud finale, H. G. Wells imagined a war that begins in atomic apocalypse but ends in a utopia of enlightened world government. Set in the 1950s, Wells's neglected novel The World Set Free describes a conflict so horrific that it actually is the war that ends war.
Wells—the first to imagine a “uranium-based bomb”—offers a prescient description of atomic warfare that renders cities unlivable for years: “Whole blocks of buildings were alight and burning fiercely, the trembling, ragged flames looking pale and ghastly and attenuated in comparison with the full-bodied crimson glare beyond.” Drawing on discoveries by physicists and chemists of the time, Wells foresees both a world powered by clean, plentiful atomic energy—and the destructive force of the neutron chain reaction.
Modern credit, developed during the financial revolution of 1620–1720, laid the foundation for England’s political, military, and economic dominance in the eighteenth century. Possessed of a generally circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal–military state that instilled fear in its foes and facilitated the first industrial revolution. Yet a number of casualties followed in the wake of this new system of credit. Not only was it precarious and prone to accidents, but it depended on trust, public opinion, and ultimately violence.
