The tales are quite hard to remember and I found that going back to it between bouts of writing fiction, I was having to retrace my steps quite a lot, because the stories are very intricate and the material is elusive, and possibly with age, my memory is not as malleable as it used to be.

Many of the enchanted things in the book are lamps, carpets, sofas, gems, brass rings. It is a rather different landscape than the fairy tale landscape of the West. Though we have interiors and palaces, we don't have bustling cities, and there isn't the emphasis on the artisan making things. The ambiance from which they were written was an entirely different one. The Arabian Nights comes out of a huge world of markets and trade. Cairo, Basra, Damascus: trades and skills.

I do think that this represents a kind of shift towards myth, a recovery of myth, largely through the popularity of writers like Philip Pullman. Somehow myths have returned as a serious subject. It used to be scorned...really scorned. It was part of a nursery tradition, and it was also rather tainted - but not in an immovable way - by the association with right-wing ideologies after the World Wars.

I do not think commodities are taken for granted. One of the convergences in time I noticed, and to me seemed very important, was the emergence of paper money. There had been permissionary notes, exchanging money by writing it, but there was no duplicated form of guaranteeing an exchange.

Our traditional stories are based on an aristocratic model without a middle class, whereas The Arabian Nights reflect people living in cities, traders, merchants, travelers, with a wide range of personalities.

I think that a true economics thinker or a Marxist thinker would make nonsense of my argument, although I have given massive seminars and no one has demolished it so far. I did think that this idea from an artisanal and trading perception of the auratic quality of goods when they are given character and inscription, made the stories of phantasmic wealth read more powerfully in the 18th and 19th centuries than the stories of Cinderella's wealth, because they are conjured out of nothing by these magic means.

The French Revolution printed money because they didn't have any, so they just printed it, and this was a revolutionary step which of course we are still reaping the huge consequences of today. It struck me that this was beginning to happen...there had been scandals where shares had been printed.