David Harvey teaches at the Graduate Centre of the City University of New York, and is the author of Companion to Marx’s Capital, The Limits to Capital, and Spaces of Global Capitalism, all from Verso.
Archive for the ‘Financial Crisis’ Category
Paul Mason, economics editor of BBC2’s “Newsnight” and author of Meltdown: the End of the Age of Greed, reviews Andrew Ross Sorkin’s account of the economic crisis from Wall Street’s perspective Too Big to Fail: Inside the Battle to Save Wall Street:
“In a world based on friendship and networks of personal obligation, the real shock came when the backslapping turned to backstabbing. Sorkin’s book is superb in the way it presents the critical moments of a modern financial crisis as points at which networks of influence fell apart. As real-world economic forces intrude into Fuld’s personal universe, you can feel the confusion spread across the network, to politicians, regulators and stock-picking TV journalists… In the end, everybody grin-fucked everybody else, and the state had to bail out free-market finance. Sorkin describes how there had been a contingency plan to do exactly this, commissioned by Paulson as early as April 2008. The final part of the book tells the story of how that plan was thrown out by Congress, unleashing the systemic global banking crisis of early October 2008.”
Read the full review here.
Every week the Independent asks their favourite independent book retailers to recommend 10 books. On Sunday 2 August the Newham Bookshop, London, E13 put Paul Mason’s ‘Meltdown: The End of the Age of Greed’ at the top of their list, saying:
“Newsnight’s economics editor explains the financial crisis that brought the global economy to its knees. He records every twist of the drama in this very readable account that, ironically, keeps the tills ringing.”
For real insight into the political dimension, however, you should turn to Augar, the former investment banker, and to BBC reporter Paul Mason’s Meltdown. Both writers devote chapters to the key influence in the anthropology, economics and politics of the last two decades of financial markets: the rise of the investment bank.
To read the complete review.
Further to the news from the Times Higher that ‘Ayn Rand revival gathers pace in US universities’, see Paul Mason’s Meltdown: The End of the Age of Greed:
Greenspan, September 2008: ‘I made a mistake in presuming that the self-interest of banks and others was such that they were best capable of protecting their own shareholders.’
Greenspan met Rand in 1952, and was one of a small circle allowed to hear her read from the draft of Atlas Shrugged at Saturday night seances. Outraged by the New York Times book review, which had accused the novel of being ‘written out of hate’, Greenspan bristled: ‘Justice is unrelenting. Creative individuals and undeviating purpose and rationality achieve joy and fulfilment. Parasites who persistently avoid either purpose or reason perish as they should.’