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Books : Business, Finance & Law : Economics : Economic Systems
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If both George Monbiot's Captive State and Naomi Klein's No Logo are the two Zeitgeist books of the beginning of the 21st century, then it is good old-fashioned late-20th century capitalism that has put them there. While Klein investigates how the counter-culture has been bought out by big business, Monbiot takes a close look at how this green and pleasant isle has been delivered into unaccountable corporate control with disastrous results for local communities and for democracy itself. The project of investigating this process is vast and strewn with problems, not least that a great deal of the material Monbiot needed was not in the public domain. Thus, the book itself is the result of "stargazing on a cloudy night": an impassioned attempt to understand what stellar corporate influence is brought to bear on which governmental constellation before the clouds close over again. Depressingly, he demonstrates how New Labour has smoothly transitioned from anti-corporate opposition to big business bedfellow. Like Klein, Monbiot celebrates grassroots action, but his local heroes are more likely to be drawing up battle lines in Skye, rather than Seattle. In his evocative dealings with those at the rump end of corporate mismanagement and greed, the sense of betrayal is palpable, and Captive State can be seen as a warning shot across New Labour's bows. The devil, though, is in the details. Anonymous brown paper parcels arrive full of classified documents and Monbiot is to be applauded for bringing together a wealth of material and rendering it intelligible and intelligent, if sometimes he doesn't shy away from big theatrical deliveries, especially at the end of chapters. Ironically, it seems from reading Captive State that one of the victims of the corporate infiltration of the government is choice as well as voice. Whereas some resistance has come from consumer power--for, as Monbiot reminds us, the things that join us together are the things we are sold, he goes on to make the pertinent point that consumer power is diluted when choice is restricted to a local superstore or one hospital on the edge of town. Monbiot asks the right questions, but his answers remain elusive and caught up in a foggy democratic rhetoric that is less effective and inspiring than the tales of local activists clogging up the system that was supposed to work for them in the first place. Captive State is the first big ideas book of this decade. Let's hope it goes out of date before the next. --Fiona Buckland
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Back in the 1980s, capitalism seemed ready to finally inherit the earth. According to the likes of Francis Fukuyama, in his infamous book The End of History, history was coming to an end with the triumph of western capitalism, witnessed by the dramatic collapse of the Soviet Bloc and the growth of the global free market. Subsequent events, from the downfall of Mrs Thatcher to the recent financial unrest in Southeast Asia, have seriously questioned the validity of Fukuyama's arguments (not to mention other luminaries of the New Right). However, John Gray's wonderful False Dawn is the first book to convincingly dismantle the economic and historical presumptions of the 1980s, as we head into political and financial uncharted water.Writing with great economy and accessibility, Gray's argument is concise but portentous: the unfettered global free market economy will not spawn a self-regulating utopia, but increasing social instability and economic anarchy. With an impressive breadth of economic and social history, False Dawn convincingly argues that "the free market is a rare, short-lived phenomenon", a specific product of English nineteenth-century social engineering, from whose cycles of boom and bust we still have much to learn. Even more provocatively, Gray argues that "democracy and the free market are competitors rather than partners." The failures of the free market, from pre-war Europe to the collapse of the Mexican economy in 1994, have persistently shown that democratic state intervention is required to place checks and balances upon the erratic cycles of boom and bust which has characterised the relatively short history of the free market.
Arguing with great passion and conviction, Gray explores the emergence of the belief in the global free market, via the increasingly discredited philosophy of the European Enlightenment, through the rise and fall of the free market in England from Palmerston to Thatcher. The book then analyses the potentially catastrophic investment in the free market coming out of the USA, the recent "Anarcho-capitalism" of post-communist Russia, and the crisis in the markets of Southeast Asia. Avoiding calls for a return to socialist planning, False Dawn is a refreshing and challenging polemic. Nevertheless, it offers few solutions to what Gray sees as "the deepening international anarchy" as free markets spiral out of control. While False Dawn may expose the shortcomings of contemporary global capitalism, it remains to be seen whether or not its arguments provoke more concrete solutions to the chronic instability of the free market. --Jerry Brotton
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"People with nothing to lose are trapped in the grubby basement of the pre-capitalist world." This is the nub of The Mystery of Capital. Read just that one sentence and you catch a glimpse of the reason why, as the author puts it, four-fifths of humanity lack the ability to turn dead assets into live capital.A great deal of the power of legal property comes from the accountability it creates, argues Hernando de Soto, from the constraints it imposes, the rules it spawns and the sanctions it can apply. The lack of legal property thus explains why citizens in developed and former communist nations cannot make profitable contracts with strangers, cannot obtain credit, insurance or utilities services. Because they have no property to lose, they are only taken seriously as contracting parties by their immediate family and neighbours. To put it another way, while most western homeowners dream about paying off their mortgage, their counterparts in the less developed countries could transform their existence if they could only access such sums.
It's rare to come across a book about such an arcane subject that is simultaneously interesting and illuminating, entertaining and thought-provoking. The Mystery of Capital is all these and more. De Soto paints a procession of vivid pictures, from Cairo to the Wild West, from the Andes to the Urals. "The cities of the Third World and the former communist countries are teeming with entrepreneurs," he says, dismissing the notion that entrepreneurialism is the exclusive preserve of the west. "You cannot walk through a Middle Eastern market, hike up to a Latin American village or climb into a taxi in Moscow without someone trying to make a deal with you. The inhabitants of these countries possess talent, enthusiasm and an astonishing ability to wring a profit out of practically nothing."
In The Mystery of Capital, de Soto believes he points to a way in which capitalism can be used to help developing nations. In his vision, the poor are not the problem. They are the solution. --Brian Bollen
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