Magazine article New Internationalist

The Shifts and the Shocks

Magazine article New Internationalist

The Shifts and the Shocks

Article excerpt

The Shifts and the Shocks by Martin Wolf (Penguin, ISBN 978 0718 197971

Martin Wolf is prepared to shift. In 2004 he explained Why Globalization Works. So after 2007 he was truly shocked by the onset of the Great Recession; nothing in economic orthodoxy had allowed for the possibility.

In his latest book the respected Financial Times commentator has concluded that 'a financial sector able to devour economies from within' has become a sort of cancerous growth. Wolf's ultimate ambition is to save liberal democracy. He's got a job on his hands, given how little enthusiasm liberal democracy shows for saving itself.

There were 147 banking crises worldwide between 1970 and 2011; they have been getting progressively worse, and there's no good reason to believe they will stop. …

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