Author:Robert Skidelsky
'In this remarkable work, Robert Skidelsky unites his experience, knowledge and talents in a sweeping account of money and power' James K. Galbraith
The dominant view in economics is that money and government should play only a minor role in economic life. Money, it is claimed, is nothing more than a medium of exchange; and economic outcomes are best left to the 'invisible hand' of the market. The view taken in this important new book is that the omnipresence of uncertainty make money and government essential features of any market economy. One reason we need money is because we don't know what the future will bring. Government - good government - makes the future more predictable and therefore reduces this kind of demand for money.
After Adam Smith orthodoxy persistently espoused non-intervention, but the Great Depression of 1929-32 stopped the artificers of orthodox economics in their tracks. A precarious balance of forces between government, employers, and trade unions enabled Keynesian economics to emerge as the new policy paradigm of the Western world. However, the stagflation of the 1970s led to the rejection of Keynesian policy and a return to small-state neoclassical orthodoxy. Thirty years later, the 2008 global financial crash was severe enough to have shaken the re-vamped classical orthodoxy, but, curiously, this did not happen. Once the crisis had been overcome - by Keynesian measures taken in desperation - the pre-crash orthodoxy was reinstated, undermined but unbowed. Since 2008, no new 'big idea' has emerged, and orthodoxy has maintained its sway, enacting punishing austerity agendas that leave us with a still-anaemic global economy.
This book aims to familiarise the reader with essential elements of Keynes's 'big idea'. By showing that much of economic orthodoxy is far from being the hard science it claims to be, it aims to embolden the next generation of economists to break free from their conceptual prisons and afford money and government the starring roles in the economic drama that they deserve.
Skidelsky, historian and biographer of Keynes, is a major figure in the revival of Keynesian thought since the financial crisis. His aim in this ambitious new book is to argue that pervasive uncertainty, which Keynes emphasised in his seminal theory of the 1930s, explains why money and governments must be central players in any market economy.
—— Martin Wolf , Financial Times (Books of the Year)Engrossing … His wariness makes Gellman a thorough, exacting reporter; it also makes him a marvelous narrator for this particular story, as he nimbly guides us through complex technical arcana and some stubborn ethical questions … He deploys plenty of metaphors, not to adorn the stakes but to clarify them. He shows how discussions of medieval ramparts and Six Degrees of Kevin Bacon are surprisingly pertinent to the architecture of mass surveillance. His voice is laconic and appealingly wry … Dark Mirror would be simply pleasurable to read if the story it told didn’t also happen to be frighteningly real
—— New York TimesPartly a thriller, partly a deeper exposé about the vast power the surveillance state, Dark Mirror is a riveting page-turner that captures the danger and drama of the most important leak of classified material in generations
—— Carol Leonnig, three-time Pulitzer winner and bestselling author of A Very Stable GeniusBart Gellman is that rare combination of a tenacious reporter, a clear explicator of the most complex subjects, and a first-rate storyteller, all rolled into one. This book is a deep exploration of a surveillance apparatus of unimaginable magnitude, a chronicle of Gellman's intense and sometimes fraught relationship with his enigmatic and controversial source, Edward Snowden, and an intimate, disarmingly candid reporter's notebook about what it's like to spend years watching the watchers, and realizing, along the way, that they are watching you back
—— Patrick Radden Keefe, author of Say NothingA riveting narrative of investigative reporting in the age of surveillance. It is a dramatic, authoritative account not only of the significance of Edward Snowden’s revelations, but of what public interest journalism must overcome to inform citizens about their exposure to our dystopian Internet
—— Steve Coll, Pulitzer-winning author of Ghost WarsDark Mirror stands out from all the other accounts. Gellman, a Pulitzer Prize-winning … investigative reporter … didn’t just use the Snowden files as sources; he used them as starting points for deep, labor-intensive reporting
—— Washington PostEnthralling ... a fine and deeply considered portrait of the US-dominated 21st-century surveillance state ... Gellman has waited seven years to give his version. He has spent the time well – delving into some of the more abstruse programmes from the Snowden archive, and talking to sources from the tech and security worlds [to] provide new and scary technical detail
—— Luke Harding , GuardianIt is not hard to imagine the heart-stopping excitement of receiving the great trove of secrets that Edward Snowden sent to Barton Gellman ... a necessary and deep meditation about how far our online lives can or indeed should remain completely private
—— Sunday TimesA cyberspace thriller where even knowing the ending renders it no less gripping ... A much more nuanced piece of writing [than Poitras's, Greenwald's and Snowden's accounts] ... both credible and readable ... It is impossible not admire Gellman's industry and journalistic courage
—— StandpointFascinating ... Gellman ... did more than any other journalist to make [Snowden's] story public ... cautious, agonised, philosophical, responsible
—— The TimesThe scale of [the NSA’s surveillance operations] was truly staggering … Gellman’s concerns about the state’s ability to spy on its own citizens are particularly relevant today – as governments seek to monitor our movements even more closely
—— TelegraphAn enthralling tale of how Barton Gellman, one of the great investigative journalists of our era, worked to understand, process, and report the greatest and most challenging leaks of all time. Dark Mirror is a spy-thriller page-turner and a gripping, self-reflective master-class on how to discern truth in the dark shadows of the intelligence world
—— Jack Goldsmith, Professor of Law, Harvard UniversityA riveting and often surprising account. The scope of the NSA global snooping campaign is more shocking than ever, as Gellman pieces together the puzzle. If you want to understand how intelligence works in the 21st century, Dark Mirror is a must
—— David Ignatius, columnist for the Washington Post and author of The PaladinAn endlessly insightful narrative ... that deserves its place alongside All the President’s Men ... and other classics of the genre ... A riveting, timely book sure to be one of the most significant of the year
—— KirkusA frightening exposé on the powerful networks watching you that you haven't even heard of
—— EsquireThe subject is so important that it is a book which ought to be read by anyone concerned with the way the world is going
—— Allan Massie , ScotsmanIn Dark Mirror, Gellman tells the story with verve... compelling
—— John Kampfner , Financial Times[Reveals] the huge hold in the standard economic model . . . offers a mountaintop view of the world.
—— Knowledge@Wharton: The Journal of Wharton Business SchoolJudiciously combining history, theory, anecdotes and diagrams, [Raworth] provides a narrative that is easy to follow . . . Worthwhile and challenging.
—— FrontlineA radical and solidly-argued book . . . Plausible and informative.
—— El PaisA compact synthesis of modern heterodoxy.
—— GuardianAn eminently sane and important book.
—— Caught by the RiverA precious book . . . State-of-the-art, unorthodox economic thinking that calls for the redistribution of wealth and resources.
—— La RepubblicaA radical viewpoint . . . [Raworth's] approach centres economics on action
—— The HinduKate Raworth, in Doughnut Economics, makes the case for a new economic model that pays more attention to human and environmental pressures.
—— Andrew Hill, FT/McKinsey Business Book Award Longlist , Financial TimesDoughnut Economics presents a genuine case for a global reform and a rebalancing of resources. The book is a game-changer.
—— Hong Kong Review of BooksConsiders the shape of a doughnut as a guide to understanding how a modern, globalized economic system is interconnected but can serve people fairly and lead to happier, more fulfilled humans.
—— InverseWe need different ways to enable us to achieve deep ecological, social, economic and cultural sustainability . . . [Doughnut Economics offers] a concept for how we can bring about such transformative change, and fast.
—— NewsroomAn illuminating book . . . reminds us that in the 21st century global networks are doing what economists and policymakers should be doing but are not.
—— Japan TimesWritten in a clear and engaging style, Kate Raworth explains to the general public and students what is wrong with the standard curriculum in economics, and how to break out of that monopolised mental prison . . . [Doughnut Economics is] a cause for celebration . . . I highly recommend this book.
—— Professor Herman Daly , Ecological Economics JournalDoughnut Economics is an important contribution to economic thought. It is so rich in detail and so full of insights that it is hard to believe it has been written by a single individual. It is the one book that deserves to be read by all our policy makers.
—— Business LineCan anyone seriously suppose that today’s economic orthodoxies are going to bring the world back from the brink of chaos? We need to fundamentally rethink the way we create and distribute wealth, and Kate Raworth’s Doughnut Economics provides an inspiring primer as to how we must now set about that challenge. I hope it ushers in a period of intense debate about the kind of economy we now so urgently need.
—— Jonathan Porritt, author of THE WORLD WE MADE; founding director of Forum for the FutureA refreshing take on the ecology of modern economics . . . This book serves as a fascinating reminder to business leaders and economists alike to stand back at a distance to examine our modern economics.
—— Best Business Books of 2017 , ForbesI am loving Kate Raworth’s book Doughnut Economics. It puts inequality in a far broader context, connecting a great many 21st century problems with a single vision. Every business leader and every policy maker should read it.
—— Tim O’ReillyWhat if it were possible to live well without trashing the planet? Doughnut Economics succinctly captures this tantalising possibility and takes up its challenge. Brimming with creativity, Raworth reclaims economics from the dust of academia and puts it to the service of a better world.
—— Tim Jackson, author of PROSPERITY WITHOUT GROWTHKate Raworth makes a powerful argument to look beyond economic growth alone for a true measure of prosperity and progress . . . The doughnut offers a vision for an equitable and sustainable future.
—— Intelligent HQThis book gave me faith that there is an alternative story to tell to the neoliberal narrative.
—— Marcus de SautoyFinding a healthy alternative to the prevailing growth model that has strained the planet to bursting is the holy grail of environmental economics. And it looks like maybe we’ve found it . . . It’s hard to understate how exciting this revelation is
—— InhabitatThis is truly the book we've all been waiting for. Kate Raworth provides the antidote to neoliberal economics with her radical and ambitious vision of an economy in service to life. Given the current state of the world, we need Doughnut Economics now more than ever.
—— L. Hunter Lovins, president and founder of Natural Capitalism SolutionsI read this book with the excitement that the people of his day must have read John Maynard Keynes’s General Theory. It is brilliant, thrilling and revolutionary. Drawing on a deep well of learning, wisdom and deep thinking, Kate Raworth has comprehensively reframed and redrawn economics. It is entirely accessible, even for people with no knowledge of the subject. I believe that Doughnut Economics will change the world.
—— George Monbiot, author and Guardian columnistRaworth’s groundbreaking book hand-picks the best emergent ideas – ranging from ecological, behavioural and institutional economics to complexity thinking, and Earth-systems science – to reveal the insights of eclectic economic re-thinkers . . . Revolutionary.
—— Judges' Statement, The Transmission Prize 2018In Doughnut Economics Raworth takes on the enormous task of sketching out a new approach to the economy in 290 pages . . . A dizzying whirl through the 300 years of economic theory, and challenges to their fundamental principles
—— City A.M.One of last year's most important books on (fixing) economics
—— Best Books on Innovation , NestaA good starting point for a much needed debate about economic policy priorities.
—— Reuters BreakingViewsHighly informed and intelligent.
—— Socialist Review[Raworth’s] business-friendly 2017 book Doughnut Economics advocated meeting the needs of all within the means of the planet.
—— 1000 Most Influential Londoners , Evening StandardPowerful and radical
—— Building.co.ukIt's an absolute must-read about the circular economy and an economic model beyond capitalism.
—— Sam Galsworthy, co-founder of Sipsmith , The GrocerExcellent
—— Ben Cooke , The TimesIt’s the first book about the future economy that I can’t put down!
—— Frances Morris , ELLE DecorationA fascinating look at future economic policy
—— U2’s The Edge , Daily TelegraphKate is not the first person to try to reconcile economic growth with our world's finite resources . . . but her book makes a complex thesis accessible.
—— George Alagiah , New StatesmanOne of the best books I have read in the last year or two was Doughnut Economics by Kate Raworth, an economist. She puts economics into the framework of society and the environment, rather than at the top. I recommend it to all.
—— Lord GreavesIn Doughnut Economics, Kate Raworth's economics serve life - not the endless growth of late capitalism. Compellingly, she invites us to see the economy as an organism rather than a mechanism. By referring to our knowledge of natural systems instead of the machine models of Newtonian mechanics, she offers us a way to reimagine money in order to regenerate rather than degenerate. In this wonderful, readable book, Raworth completely rewrites the textbooks of economic theory in language that is lucid and inspirational: a must read!
—— Antony Gormley , GQRaworth radically redraws the system, putting people's needs at its heart . . . with growth bound by an ecological ceiling, the outer edge of the circle, beyond which there is climate change, freshwater stress and biodiversity loss. The doughnut is the safe space where there can be sustainable development.
—— Conde Nast TravellerAn accessible, relatable account that relays academic thinking back to everyday lives and communities.
—— Best Books on Climate Change , Independent