Economics

It is now more than six years since the Global Financial Crisis threatened to topple the banking systems of the Western world. Although a complete breakdown in the financial system was ultimately avoided, one consequence of the events of 2008 has been the biggest slump in economic activity since the Great Depression. Australia was, in the main, spared the economic damage that ravaged large parts of Europe, and there has been little discussion in these parts of the causes and social effects of what the authors refer to as the ‘Great Recession’. Somewhat surprisingly, on the evidence presented in this book (and despite both the United States and the United Kingdom being severely affected) it would seem that the Anglosphere at large is guilty of what the authors call the ‘veil of complacency’. The book asserts that in those countries there is little concern for either the financial consequences or the victims of the crisis. Why should this be the case? Perhaps the Great Recession was not as bad as the headlines have suggested.

In the current fad for omnibus histories of absolutely everything, designed to replace ancient metaphysics, perhaps, or answer some marketing brainwave, no one has succeeded in quite the way Christine Kenneally has. She approaches her task with a very specific enquiry: what is the interplay between genetics and human history? Searching for an answer, she uncovers worlds within worlds.

This clear and cogent book is an important wake-up call. It should not need saying that it is impossible for human populations and economies to grow without limit on a finite planet, but that delusion is widespread. This book is a reminder of the inconvenient truth that should be informing our leaders ...

Albert O. Hirschman (1915–2012) was a development economist and political theorist whose work is essential reading for anyone interested in understanding how economic life figures in the political worlds we inhabit and the ways in which we give meaning to our lives in market-based societies. Perhaps best known for the distinction between ‘exit’ and ‘voice’, Hirschman was a prolific theorist who wrote about the role individual moral virtue and individual self-interest should play in economic activity, how economic growth in the developing world might best be achieved, and the reactionary rhetoric of neo-conservative politicians in the late 1980s, to list but some of the areas he covered. Hirschman’s writing was elegant; further, he understood the importance of the well-chosen word. He was, as this new biography by Jeremy Adelman shows, an economist for whom the essays of Montaigne were as important as the writings of Ricardo and Smith.

Just over twenty years ago, an academic tome captured the West’s imagination. The End of History and the Last Man (1992) by Francis Fukuyama followed fast on the heels of the collapse of communism. Giving voice to the triumphalism and hope of the times, it became an immediate bestseller. History, Fukuyama argued, was over. This was because the West had won the long ideological battle over which configuration of political economy could best manage the twenty-first century, and beyond. Western-style free markets and liberal democracy would now spread across the world, creating stability and opportunity for all in their wake.