Jonathan McMillan WSJonathan McMillan is a pseudonym for two authors with expertise in economics and finance. One works in the investment banking division of a global bank. He has first-hand insight into the workings of the financial centers of London and New York. The other chose an academic path; he holds an M.Phil. in economics from the University of Cambridge and a Ph.D. in economics from the Swiss Federal Institute of Technology, ETH Zurich. He was an economics editor at Neue Zürcher Zeitung, later joined Avenir Suisse, Switzerland's largest think tank, as a senior fellow and Head of Research. In 2023, he was elected as the director and CEO of Avenir Suisse and became a lecturer at the economics faculty of the University of Zurich.

Photo: Goran Basic

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Jonathan McMillan, Capitalism and the Market Economy

Bringing Back Together What Banking Pulls Apart

Zero/One Economics

Business, Economics

Germany: Plassen

What is capitalism? Most people would say it’s a free market economy. But this answer falls short. And it prevents us from tackling one of the most important questions of our time: What is wrong with capitalism, and how can we fix it?

In this trailblazing book, Jonathan McMillan liberates the reader from some deeply held but misguided economic beliefs. Offering a novel perspective on capitalism, he exposes a fundamental flaw in our financial architecture. It becomes clear: neither regulation nor technology will relieve our economic woes.

McMillan then provides what is so missing from current debates. He puts the recent troubles with banking into a bigger context to develop a radical yet thoughtful reform proposal. Our economic order must change, and Capitalism and the Market Economy provides the playbook to do so.

Jonathan McMillan The End of Banking

Money, Credit, and the Digital Revolution

Zero/One Economics
2014, 232 pp

Business, Current Affairs


Corpus Books (AST)
Spain (Spanish world)
Taurus (Penguin Random House)
Companhia das Letras
J. C. Lattes
China (simplified)

The End of Banking rose to prominence among financial specialists through a cover-story feature in Wilmott Magazine, a Wiley publication targeted at financial experts. Having been presented at various conferences, talks, and lectures in the US, Europe and Africa, the book has also enthralled the blogosphere and the Fintech industry community. Ryan Weeks from AltFi calls it «a trailblazing book», and Emmanuel Marot, the CEO of Lending Robot notes that «this brilliant book is a must read for anyone interested in the future of finance».

The End of Banking explains why a financial system without banking is both desirable and possible in the digital age. It distinguishes itself from other books about the financial crisis of 2007-08 in several ways. First, it reveals the common techniques that underlie all forms of banking - from medieval goldsmiths to today’s managers at investment banks. Second, it offers a lucid and accessible account of shadow banking. Third, and critically, it presents a new and intuitive idea of how the financial system must adapt to the digital age.

A short update 2018 in German is available.