David McWilliams - The History of Money: A Story of Humanity

A Book with Legs

Smead Capital Management

Investing, Business, Management

4.2 • 1.1K Ratings

🗓️ 15 December 2025

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Cole Smead is joined by economist and author David McWilliams to discuss his book, “The History of Money: A Story of Humanity.” McWilliams outlines the thesis of his book, that “money is the foundational technology that explains human progress.” The two examine through historical and contemporary lenses the meaningful ways that currency has shaped our society, impacted quality of life, and more.

Transcript

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0:00.0	You're listening to A Book with Legs, a podcast presented by Smead Capital Management.
0:07.9	At Smead Capital Management, we advise investors who play the long game.
0:12.3	You can learn more at smedecap.com or by calling your financial advisor.
0:24.0	Welcome to a book of the legs podcast.
0:28.4	I'm Cole Smead, CEO and portfolio manager here at Smead Capital Management.
0:34.5	At our firm, we are readers and we believe in the power of books to help shape informed investors.
0:38.7	In this podcast, we speak to great authors about their writings. The late great Charlie Munger prescribed using multiple mental models and analysis. We analyze their work
0:44.1	through the lens of business, markets, and people. In this episode, we will discuss the
0:49.6	humanity of money and why it is core to who mankind is and has developed our societies and relationships.
0:57.4	If money can be used for good or evil, maybe it's not the money. Maybe it's just us.
1:04.4	David McWilliams is joining us to discuss his recently published book, The History of Money,
1:08.7	A Story of Humanity. Now before I get rolling with David here, I want to introduce you a little bit to his background.
1:14.8	Mr. McWilliams was a bank of Ireland economist during the early 1990s.
1:19.0	He has sold other roles at UBS and B&P Paribaw.
1:22.5	David has been involved in media in Ireland also.
1:25.3	He has written other books, including the Pope's children,
1:28.6	the generation game, and Follow the Money. David is the host of the David McWilliams podcast.
1:35.2	He writes regularly for the Irish Times and is an adjunct professor of global economics at
1:40.3	Trinity College in Dublin. David, thank you for joining me today.
1:49.7	Cole, you are very, very welcome, and your listeners will know I'm talking to you from the wildest part of Ireland, wild west.
1:53.2	It's a place called Inchidoni, which is just out on the tip of the west of Ireland in Cork,
1:59.6	southwest of Ireland, and there's an Atlantic storm
	...

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