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Making Money


Making Money is a comic fantasy novel by British author , the thirty-sixth entry in his series, published on 20 September 2007. It centers on , a former con artist previously reformed as postmaster, who is coerced by Patrician Havelock Vetinari into managing Ankh-Morpork's moribund Royal Bank and , tasking him with introducing paper currency backed initially by gold reserves to restore public confidence in the financial system. The narrative unfolds amid subplots involving a hoard of buried gold, experimental banking practices, and threats from entrenched interests, blending on with Pratchett's signature wit and world-building.
The novel builds on Going Postal (2004), the first Moist von Lipwig story, extending themes of institutional reform and entrepreneurial ingenuity in a pseudo-Victorian fantasy setting where magic coexists with emerging industrial and financial mechanisms. Pratchett employs the plot to dissect concepts like fiat money, fractional reserve banking, and the psychology of value, portraying money as a collective belief system rather than inherent worth, which anticipates real-world financial vulnerabilities exposed in the 2008 crisis. Notable for its ensemble cast—including golems, assassins, and the scheming Adora Belle Dearheart—it highlights Pratchett's critique of bureaucratic inertia and the risks of unchecked monetary innovation, achieving commercial success as a New York Times bestseller while reinforcing the series' reputation for accessible philosophical inquiry through humor.

Background and Publication

Development and Writing

Making Money was developed as the second installment in the Moist von Lipwig storyline, following Going Postal published in 2004, with Pratchett building on the protagonist's arc of enforced reform under Patrician Havelock Vetinari's guidance. The concept originated from the concluding scenes of Going Postal, where Vetinari proposes the moribund Royal Bank of Ankh-Morpork as Lipwig's next project after revitalizing the post office. In a October 2006 interview, Pratchett outlined the novel's focus on Lipwig confronting the entrenched banking establishment, likening it to his prior postal endeavors and emphasizing an amid the city's ancient , where few participants exhibit conventional rationality. He highlighted core inquiries driving the narrative, querying the essence of : "What is ? What is it that makes us believe that this little piece of paper with a picture on it is actually worth a good meal?" This reflects Pratchett's intent to dissect the perceptual foundations of economic value through Ankh-Morpork's archaic gold-based system transitioning toward paper notes. Composition occurred during 2006 and early 2007, yielding a manuscript finalized before Pratchett's with , a variant of , in December 2007. The book appeared in bookstores on 20 September 2007, predating his public disclosure of the condition that month. Pratchett incorporated economic principles such as fractional reserve lending and the limitations of commodity-backed money, derived from historical precedents like medieval banking experiments and the philosophical underpinnings of systems, prioritizing causal mechanisms of trust and confidence over endorsement of any specific policy.

Release and Editions

Making Money was first published in hardcover in the on 20 September 2007 by Doubleday, with ISBN 978-0-385-61101-5. The edition followed on 23 2007, released by . Benefiting from Pratchett's established popularity as a bestselling author, the novel enjoyed strong initial sales, though exact print run figures for the first edition are not publicly detailed in publisher records. Certain first-edition hardcovers in the UK market included thematic promotional inserts, such as mock banknotes, tying into the book's focus on monetary systems. Paperback editions were issued subsequently by Corgi Books in the UK starting in 2008, with similar mass-market releases in the US by . An unabridged version, narrated by Briggs, was released in September 2007 by HarperAudio, running approximately 11 hours. Digital ebook formats became available later through platforms like , with no substantive changes to the text across editions. A stage adaptation scripted by Briggs premiered in the UK on 21 November 2007 at the Noviomagus Theatre in . As of 2025, no or adaptations have been produced.

Synopsis

Overall Plot Structure

Moist von Lipwig, having successfully reformed the Ankh-Morpork Post Office, faces renewed coercion from Patrician Havelock Vetinari to undertake the revival of the city's Royal Bank and Mint, institutions plagued by insolvency and operational stagnation since their founding in the previous century. The central narrative arc traces Moist's initial resistance and subsequent implementation of radical changes, particularly the introduction of paper notes as currency, ostensibly backed by existing gold reserves but reliant on engendering widespread public acceptance to function effectively. This innovation sparks immediate pushback from conservative factions wedded to metallic coinage, compelling Moist to orchestrate demonstrations of reliability through tangible demonstrations of convertibility and utility in daily transactions. Parallel subplots unfold concurrently, entangling Moist's endeavors with disputes over the legal status and control of Ankh-Morpork's subterranean population, which constitutes a hidden economic asset; efforts to unlock encoded preserved in a peculiar artifact; and escalating tensions within the Lavish family, hereditary overseers of the whose internal rivalries threaten institutional stability. These threads advance through incremental revelations and conflicts driven by institutional protocols, such as guild regulations and charter stipulations, rather than arcane forces, with Moist's ad-hoc deceptions and alliances serving as catalysts for progression. The story's structure builds causally toward convergence, wherein the viability of the system becomes interdependent with the adjudication of entitlements and the unraveling of familial schemes, resolved via mechanisms of demonstrated accountability—like auditable reserves and performative trust-building exercises—that reinforce the narrative's reliance on observable social and economic dynamics over improbable coincidences.

Characters

Protagonists

Moist von Lipwig serves as the central protagonist, a reformed con artist previously elevated to of after demonstrating success in revitalizing the city's postal service. In this narrative, he is coerced into overseeing the moribund Royal Bank and Mint, employing his innate resourcefulness and thrill-seeking tendencies to implement reforms centered on perceptual and psychological mechanisms rather than direct compulsion. His evolution reflects a shift from opportunistic to structured , navigating bureaucratic inertia through calculated risks and adaptive strategies. Adora Belle Dearheart, Moist von Lipwig's fiancée, functions as a key supporting protagonist, characterized by her sharp intellect and pragmatic outlook as the overseer of the Golem Trust. She manages the emancipation and deployment of ancient golems, providing a stabilizing influence that tempers Moist's exuberance with her grounded activism and expertise in mechanical rights advocacy. Her role underscores a balance of emotional and operational support amid the unfolding financial machinations. Stanley Howler emerges as a secondary , an eccentric young man with an obsessive fixation on collecting, initially pins and later stamps, who aids in the post office's operations before contributing to mint-related endeavors. His progression illustrates to responsibilities, channeling meticulous into the production aspects of , thereby exemplifying incremental tied to institutional revitalization.

Antagonists and Supporting Figures

Cosmo Lavish emerges as the principal , the disinherited of the Lavish banking whose machinations stem from a pathological fixation on hoards and delusions of grandeur, prompting him to artifacts, commission killings, and plot usurpation to reclaim the and mimic Vetinari's authority. His actions, including attempts to acquire symbolic possessions and eliminate witnesses, directly impede institutional reforms by sowing chaos and doubt among stakeholders. The Lavish family collectively embodies entrenched , deploying , litigation, and familial intrigue to contest the bank's transfer, driven by a narrow imperative to safeguard their opulent but eroding patrimony rather than any principled defense of . Pucci Lavish, Cosmo's , amplifies these obstructions through manipulative tactics like attempted seductions and agitation against paper currency, leveraging personal allure and family leverage to erode operational confidence. Havelock Vetinari, as Ankh-Morpork's Patrician, operates in a supporting capacity marked by calculated ambiguity, advancing plot exigencies via —such as demanding loans and authenticating seals—that prioritize civic equilibrium over altruism, thereby neutralizing threats through indirect orchestration rather than direct confrontation. , embodying the guild's cadre of body-modifying technicians, furnishes auxiliary technical succor and levity, executing discreet interventions like disguises and access mechanisms with the pragmatic efficiency characteristic of his clan's contractual fidelity, unadorned by collective romanticism. Auxiliary guild affiliates, including City Watch personnel, contribute peripheral facilitation through surveillance and incidental enforcement, underscoring the Discworld's framework as a pragmatic apparatus for order maintenance devoid of labor idealization.

Themes and Analysis

Economic Satire and Monetary Systems

In Terry Pratchett's Making Money, the Royal Bank of exemplifies the pitfalls of a -based , where depositors hoard physical amid distrust, leading to liquidity shortages and . The bank's vaults, filled with uncirculating reserves, fail to facilitate lending or , satirizing how intrinsic value attributed to metals hinders productive circulation. Pratchett illustrates this through the reluctance of citizens to entrust savings to opaque institutions, mirroring historical rigidities that constrained credit expansion before the shift to systems. The contrasts gold-hoarding with innovative money creation via , clay automatons representing tireless labor that underpins real economic . Protagonist introduces paper currency backed by 10,000 golems arriving in the city, emphasizing trust in over metallic scarcity; the golems' utility as workers generates , debunking myths of gold's inherent worth in favor of empirical output from labor and ingenuity. This golem trust mechanism highlights money's function as a claim on future , where derives causally from enforceable promises rather than illusions. Pratchett critiques through the bank's secretive practices, where reserves below deposits invite runs and expose unbacked expansion risks, yet affirms controlled innovation's role in averting hoarding-induced paralysis. The "Glooper," a hydraulic , parodies overreliance on abstract simulations detached from real transactions, underscoring opacity's dangers in leveraging deposits for loans. While portraying bankers' kleptocratic temptations, the narrative underscores that sustainable expansion requires and alignment with underlying productive assets, not unchecked multiplication of claims. These elements parallel historical transitions, such as the abandonment of the gold standard in by the U.S. and globally, where decoupled from metals enabled flexibility but amplified trust dependencies and potentials—dynamics Pratchett dissects without romanticizing detachment from tangible backing. The satire privileges causal : monetary stability hinges on credible enforcement of value exchange, rooted in societal rather than decreed .

Bureaucratic Reform and Innovation

In Making Money, the Royal Bank of exemplifies entrenched bureaucratic inertia, characterized by a sclerotic staff resistant to change and self-perpetuating workflows that prioritize procedural rigidity over operational efficiency. The institution, under prior management, operated as a stolid entity focused on custody but stifled by conservative practices and familial , such as the Lavish clan's , which fostered inefficiency and opacity rather than adaptability. , appointed by Patrician Havelock Vetinari to overhaul the bank and associated Mint, confronts this through targeted individual actions, including persuasion of key holdouts like chief cashier Jonathan Bent, whose devotion to outdated protocols initially hampers progress. Moist's reform mechanics emphasize dismantling inefficiencies via merit-driven leadership and market-like incentives, such as fostering public engagement to generate buy-in and momentum, contrasting with the failures of privilege-based systems that rewarded entrenched interests over competence. He streamlines Mint operations by integrating underutilized resources, like golem labor for production, and exposes internal corruptions through investigative maneuvers that reveal mismanagement under the prior regime, thereby demonstrating empirically that innovation flourishes when external initiative disrupts self-reinforcing stagnation. These efforts revive the Mint's output capacity, previously operating at a loss due to antiquated methods like outworker assignments, and reposition the bank as a dynamic entity capable of supporting city-wide without relying on coercive redistribution. The underscores causal in : traditional hierarchies, dependent on inherited as seen in the Lavish disputes, perpetuate decline, whereas targeted disruptions yield measurable gains in and . While successes highlight the efficacy of such approaches—evidenced by the bank's stabilized role in Ankh-Morpork's economy—pitfalls arise from initial staff resistances and external threats, including legal challenges from ousted stakeholders, necessitating Vetinari's authoritarian enforcement to prevent derailment. This reliance on top-level backing illustrates that individual agency, though pivotal, operates within a where unchecked opposition can undermine reforms, countering idealized views of purely overhauls in favor of pragmatic, hybrid strategies blending initiative with structural leverage. The thus portrays bureaucratic renewal not as inevitable collective triumph but as a contingent hinging on adept navigation of inertial forces.

Psychological and Social Confidence

In Making Money, the value of money is portrayed as a product of shared psychological rather than inherent material properties, with engineering public acceptance of paper notes by appealing to collective in Ankh-Morpork's institutions. This approach critiques dependence on reserves, as the missing exposes the arbitrariness of backing, while the golem-supported succeeds because citizens believe in its redeemability for labor value—approximately 10,000 golems unearthed and activated to underwrite the system. Pratchett emphasizes that economic operates like a shared , sustained by rational toward alternatives; as one character notes, money "likes to and make new friends," thriving on propagated rather than stasis. Moist von Lipwig's arc illustrates how can underpin responsibility, transitioning him from a thrill-seeking —evidenced by his post-office wall-climbing escapades for excitement—to a banker whose now stabilize rather than exploit society. Driven by personal stakes, including Vetinari's conditional and Adora Belle Dearheart's influence, Moist aligns his innate persuasiveness with public , averting bank runs through orchestrated demonstrations of on specific dates like the launch of the new in 2007's narrative timeline. This debunks as the core driver, as his reforms stem from calculated survival and adrenaline needs, yielding verifiable gains like restored trade confidence without reliance on moral posturing. Social dynamics, such as the emancipation via the Golem Trust, highlight pragmatic utility in reshaping behavior through incentivized purpose, not ethical imperatives. The , clay automatons programmed for endless toil, fund their own liberation—estimated at thousands of units—by and , which in turn bolsters the currency's as a productive asset base. This causal mechanism reveals belief systems as behavioral anchors: golems exhibit heightened output when perceiving meaningful service, leading to in-story outcomes like golem-trading disputes resolved by , underscoring how self-reinforcing utility trumps for inherent rights.

Reception and Criticism

Contemporary Reviews

Upon its release on September 20, 2007, Making Money received generally positive reviews for its satirical take on banking and economic systems, with critics highlighting Pratchett's wit in dissecting the illusions underpinning currency and trust. in praised the novel's humane exploration of money as a , noting how it poses sharp questions about banking's fragility amid real-world events like the crisis, though he found it less propulsively driven than . Similarly, the Compulsive Reader commended Pratchett's Swiftian satire on economics as the "dismal science," appreciating the Dickensian character flair and rewarding later developments in Moist von Lipwig's reforms. However, some contemporary critics pointed to shortcomings in narrative cohesion and energy. Rowland Manthorpe in The Guardian observed that while wit persisted in depicting Ankh-Morpork's farcical urbanity, the book lacked Pratchett's typical "cutting edge," with a repetitive structure and an overly competent rendering Moist somewhat dull. The Fantasy Cafe review echoed this, lauding Pratchett's unrivaled and integration of economic into entertaining but critiquing the plot's relative lack of excitement and "craziness" compared to earlier entries, rating it 7/10 as weaker overall. Fan reception, as aggregated on Goodreads shortly after publication, reflected broad enjoyment of Moist's return and the humorous subplots involving golems and institutional intrigue, with an average rating stabilizing around 4.27 out of 5 from over 77,000 reviews, though some early reader comments noted weaker pacing and disjointed elements like the ancillary Umnian archive threads diluting the central banking satire when contrasted with the tighter focus of . The Compulsive Reader also described initial impressions as potentially off-putting due to drier comedic stretches, positioning the novel as a "worthy near miss" rather than peak Pratchett.

Commercial Performance

Making Money, published on 20 September by Doubleday, debuted at number one on bestseller list and became the fastest-selling hardback adult novel of the year in that market. Its initial sales exceeded 37,000 copies in the first full week of tracking, underscoring strong consumer demand for Pratchett's series at that stage. In the United States, released by on 18 September 2007, the book entered bestseller list at position 23 in its debut week. The novel's commercial success extended internationally, topping charts in markets such as , where it reached number one alongside Pratchett's prior release Thud!. Audiobook editions, narrated by Stephen Briggs, further amplified accessibility and sales through audio formats, contributing to the series' broad appeal beyond print. Translations into multiple languages, part of Pratchett's overall catalog available in 43 languages, supported ongoing global distribution and reprints, with no recorded commercial underperformance or market withdrawals. This performance reinforced the series' dominance in fantasy publishing, amid Pratchett's cumulative sales surpassing 100 million copies worldwide by the late 2000s.

Long-Term Assessments and Debates

Posthumous linguistic analyses of Pratchett's oeuvre, conducted after his 2015 death, have identified measurable shifts in stylistic complexity and lexical diversity beginning with Making Money (published September 2007), coinciding with his private diagnosis of posterior cortical atrophy, a rare early-onset Alzheimer's variant, prior to its public announcement in December 2007. These studies quantify increased repetition and simplified sentence structures across subsequent works like Unseen Academicals (2009) and Raising Steam (2013), attributing them to nascent neurodegeneration rather than deliberate evolution. Debates persist among scholars and fans on whether convoluted subplots—such as the golem trust's machinations or Adora Belle Dearheart's ideological tensions—manifest intentional satirical layering or early cognitive fragmentation, with empirical metrics favoring the latter as causal without dismissing Pratchett's residual authorial intent. Economically, retrospective interpretations laud the novel's depiction of fiat currency's fragility, rooted in public confidence rather than intrinsic value, as presciently mirroring the 2008 global financial crisis, where ' collapse on September 15, 2008, exposed overleveraged banking illusions akin to Ankh-Morpork's gold-less paper notes backed by labor. Moist von Lipwig's reforms, transitioning from gold reserves to trust-based issuance, satirize central banking's alchemy, earning praise for anticipating quantitative easing's trillions in bailouts (e.g., U.S. Federal Reserve's $4.5 trillion balance sheet expansion by 2015). However, contrarian economic readings critique the narrative's resolution—stabilizing via regulated "reserves" and Vetinari's oversight—as insufficiently dismantling inflationary perils, portraying as benign trickery without endorsing hard-money alternatives like a strict , thus retaining an anti-banker that stops short of unqualified free-market advocacy. In fan and academic discourse, Making Money occupies a transitional perch amid perceived Discworld quality attenuation post-Thief of Time (2001), with its inventive banking intrigue and character arcs sustaining vigor absent in later entries marred by plot meandering (e.g., Snuff's 2011 reception for diluted satire). Critics position it as a high-water mark before evident decline, rejecting health-based apologetics that might excuse subpar coherence; instead, data-driven assessments highlight persistent thematic acuity on monetary confidence, even as narrative density foreshadows erosion, underscoring Pratchett's output resilience until Raising Steam (2013).

Legacy and Influence

Place in the Discworld Series

Making Money serves as the thirty-sixth novel in Terry Pratchett's series, published on 20 September 2007 in the United Kingdom. It follows (2006), the thirty-fifth entry focused on the sub-series, and precedes (2009), the thirty-seventh book centered on wizards and football. This placement post-Thud! (2005), the thirty-fourth novel involving the , underscores the series' shift toward interconnected narratives in its later volumes, where prior events and characters cumulatively shape Ankh-Morpork's evolving society rather than isolated adventures. The novel constitutes the second installment in the Moist von Lipwig trilogy, succeeding (2004), which introduced the reformed con artist as under Patrician Havelock Vetinari. Here, von Lipwig assumes control of the Royal Mint and Bank, furthering his role in institutional reform. This arc bridges to (2013), the fortieth and final von Lipwig novel, where he oversees railway development, illustrating Pratchett's progression of Ankh-Morpork's infrastructure from postal revival to financial stabilization and eventual mechanized transport. Beyond von Lipwig's trajectory, Making Money integrates City Watch elements, including Commander Samuel Vimes' oversight of security amid banking intrigue, and guild dynamics such as the Assassins' Guild and Alchemists, reflecting broader civic entanglements established in prior Watch-centric books like Guards! Guards! (1989) and Thud!. The narrative expands lore from (1996), unveiling 200,000 dormant Umnian whose chem activation bolsters the city's economy and labor force, influencing later references to emancipation and industrial applications in subsequent entries. This contributes to the series' cumulative world-building, where Ankh-Morpork's modernization—spanning clacks towers, newspapers, and now —evolves through cross-sub-series dependencies rather than self-contained tales.

Broader Cultural Resonance

Making Money has resonated in broader economic discourse for its prescient satire on and banking trust, particularly in analyses following the , where Pratchett's portrayal of confidence-based currency echoed real-world vulnerabilities in fractional reserve systems exposed by events like the collapse of on September 15, 2008. The novel's depiction of Ankh-Morpork's shift from gold-backed coinage to paper notes reliant on public faith prefigured debates on central banking opacity, as noted in post-crisis commentaries linking Pratchett's "Glooper" economic model—a hydraulic simulator of flows—to historical devices like the used to illustrate monetary dynamics. While lacking direct influence on policy, such as Federal Reserve reforms under the Dodd-Frank Act of 2010, the book has informed informal discussions on trust-based economies, with economists citing its narrative to explain how perceived solvency sustains banking beyond tangible assets. In libertarian interpretations, the protagonist Moist von Lipwig's tactics—leveraging persuasion, innovation, and voluntary adoption of reforms like trust funds—underscore a pro-market stance against guild monopolies and aristocratic opacity, rather than endorsing coercive direction. This view counters critiques portraying the reforms as romanticizing top-down intervention, as Moist's success hinges on bottom-up confidence from citizens and merchants, not Vetinari's decrees alone; evidence from the text shows voluntaryist elements, such as shopkeepers' uptake of via demonstrated utility, aligning with Austrian school emphases on over central planning. Minor debates persist in reader analyses, with some left-leaning commentators alleging neoliberal undertones in the resolution, yet these overlook causal mechanisms like competitive pressures eroding the Royal Bank's gold-hoarding, which drive change independently of ideology. Pratchett's death on March 12, 2015, elevated the novel's profile in tributes emphasizing its foresight on financial fragility, with outlets like the lauding its "spot on" critique of central banking just months after his passing. This timing amplified echoes in ongoing conversations about monetary opacity, as seen in 2024 economic histories referencing the book's hydraulic economy simulator alongside real analogs that influenced mid-20th-century policy modeling. No verifiable causal links exist to legislative shifts, but the work's enduring citation in outlets teaching economic principles underscores its role in fostering skepticism toward unexamined financial conventions.

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