Sean Turnell opens this fine study with an arresting contrast: “At the dawn of the twentieth century Burma was the richest country in Southeast Asia.  At the dawn of the twenty-first century it was the poorest.”  Central to that descent, he argues, has been the failure of Burma's leaders – not simply the military regime that has been in power since 1962 but the civilian democracy that preceded it and indeed the British colonial administration which came before that – to fashion the institutions necessary for sustained economic growth.  One of the most important of those institutions is a functioning financial system.  In other words, to understand the failure to create effective financial institutions is to understand Burma's economic failure across the long twentieth century. […] Turnell … has been a close “Burma-watcher” for many years.  This book draws on a close reading of a wide range of official sources, of an extensive secondary literature, and of primary documents in the major relevant archives ... .  It is not written specifically for specialists in the history and practice of financial institutions and structures – though specialists will certainly gain much from it – but is clearly intended to be accessible to a broader audience, not least to those with an interest in Burma wishing to more fully understand that country's huge problems.  When necessary, the author provides important context on, for example, the principles of central banking or on the working of currency boards.  But even here, the writing has a light touch.  This is an attractively written, accessible account and analysis.

Reviewed by Ian Brown, School of Oriental and African Studies, University of London, EH.NET Book Reviews, 2009

 Monograph case studies of money and finance in developing countries are scarce and scholarly contemporary works on Burma are even rarer. So this fine book on money and finance in Burma is doubly welcome. […] The book is skilfully constructed and developed. Each chapter is essentially an historical narrative, interwoven with thematic and institutional material. Clarity of understanding is greatly assisted by an introductory section on structure and outline, a timeline of events and, within each chapter, an opening synopsis. […] Turnell has given us a most engaging work, in which substantial historical and empirical research is blended with serious and correct analysis. The book is well-fitted to stand among the other authoritative case studies of financial development in the countries of Southeast Asia.

Reviewed by Peter J. Drake, Australian Catholic University & University of New England, Asian-Pacific Economic Literature, 23 (2), 2009

"...this book is a must-read." Reviewed by Bertil Lintner, Far Eastern Economic Review

"... highly fascinating reading, which is also thanks to the author's lucid writing.  It illuminates a subject that was marginalised in scholarly studies.

The book is highly recommended to Burma scholars, aid workers and policy makers alike."

Reviewed by Susanne Prager Nyein, Misericordia University, Journal of Contemporary Asia, Vol. 40, No. 4, 2010