This book examines the evolution and proliferation of central banks and the profession of central banking throughout the twentieth century. John Singleton, drawing on his expertise, details how these powerful yet often misunderstood organizations transformed from a rarity in 1900 to a global norm. The narrative highlights two major revolutions in central banking thought and practice: one following the Great Depression of the 1930s, and another in response to the high inflation of the 1970s and 1980s. Furthermore, the role and required expertise of a central banker have shifted dramatically, from a specialized banker to a sophisticated economist and public official, a transformation crucial for understanding recent financial crises.

The book is presented as an essential analysis for understanding the role of central banks, particularly in light of recent financial crises. Its focus on the historical evolution of central banking thought and practice suggests a comprehensive overview for those seeking to grasp the complexities of these institutions. The author's approach, highlighting key periods of change and the shifting demands on central bankers, positions the work as an informative resource for students, economists, and policymakers alike. The detailed examination of two major 'revolutions' in the field indicates a structured and analytical perspective on the subject.