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Shutdown
Shutdown
Sep 23, 2024 5:23 AM

Author:Adam Tooze

Shutdown

FINALIST FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2022

THE TIMES BOOKS OF THE YEAR 2021

'A complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic' The Times

From the author of Crashed comes a gripping short history of how Covid-19 ravaged the global economy, and where it leaves us now

When the news first began to trickle out of China about a new virus in December 2019, risk-averse financial markets were alert to its potential for disruption. Yet they could never have predicted the total economic collapse that would follow in COVID-19's wake, as stock markets fell faster and harder than at any time since 1929, currencies across the world plunged, investors panicked, and even gold was sold.

In a matter of weeks, the world's economy was brought to an abrupt halt by governments trying to contain a spiralling public health catastrophe. Flights were grounded; supply chains broken; industries from tourism to oil to hospitality collapsed overnight, leaving hundreds of millions of people unemployed. Central banks responded with unprecedented interventions, just to keep their economies on life-support. For the first time since the second world war, the entire global economic system contracted.

This book tells the story of that shutdown. We do not yet know how this story ends, or what new world we will find on the other side. In this fast-paced, compelling and at times shocking analysis, Adam Tooze surveys the wreckage, and looks at where we might be headed next.

'A seriously impressive book, both endlessly quotable and rigorously analytical' Oliver Bullough, The Guardian

Reviews

A complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic.

—— The Times

Shutdown is a seriously impressive book, both endlessly quotable and rigorously analytical. Tooze synthesises a huge volume of information to argue that we must prepare for a new wave of crises or risk being sunk by them. Hopefully, governments everywhere will heed his warning.

—— Oliver Bullough , The Guardian

Mr Tooze displays a remarkable ability to master the detail ... This is truly a picture of the global impact of the crisis; it covers the disruption in the financial markets, as well as the ins and outs of government policy.

—— The Economist

Fascinating, informative and wise.

—— Times Literary Supplement

An admirable work of synthesis and original analysis from the pre-eminent diagnostician of our age of discontents.

—— New Statesman

What sets [Shutdown] apart is Tooze's ability to keep his eye on the big picture - and the long view ... There will be plenty more books to come on the global economy of 2020. Few will be as timely, as wide-ranging or as clear as Shutdown.

—— Duncan Weldon , Prospect

[A] brilliant, bracing account of the Covid pandemic and its protracted political aftermath ... Nuanced and wide-ranging. Tooze has the impressive ability, as a writer, to contextualise historical events as they unfold.

—— Jamie Maxwell , The Herald

To read Shutdown feels like sitting alongside the great professor while he feverishly collates an array of data and anecdotes, attempts to chronicle what is going on, his head fizzing with ideas about what it might all mean and where it might be leading ... a fine use of one's time.

—— Bill Emmott , Financial Times

Of all the instant histories spawned by the pandemic, this is the closest we'll get to a thriller ... it's a story that bears rereading ... a survival guide for the next man-made cataclysm that Adam Tooze warns will surely come soon.

—— Patrick Maguire , The Times

A comprehensive history of an unprecedented year ... Readers will find this deeply informed parsing of the pandemic to be illuminating and thought-provoking.

—— Publishers Weekly

Tooze examines the unprecedented decision of governments around the world to shutter their economies in the face of pandemic ... As the pandemic hopefully continues to fade, other crises remain. This book is a valuable forecast of future problems.

—— Kirkus

Some of the stories could be straight out of John Le Carré. The difference is they're true . . . A fascinating tale . . . A great read about very important topics. It's well worth your time.

—— Andrew Neil

A fantastic book about the world of commodity trading.

—— Stephanie Flanders , Bloomberg Stephanomics

A fascinating, sometimes hair-raising new book . . . A book which on the one hand tells us some really important things about the nature of money, power and the nature of the modern economy, but on the other is just full of some of the most fascinating stories.

—— Matthew Taylor , RSA Bridges to the Future

The captivating stories of the powerful commodity traders and mystery actors of markets and geopolitics

—— Roula Khalaf, FT Editor-in-Chief - Summer Books 2021 , Financial Times

The blistering tale of a clutch of hard-charging international commodity trading houses such as Cargill and Glencore. The authors, both former FT journalists, trace how they harnessed the commodity boom and the setbacks they now face as climate change casts a shadow over their business model.

—— Andrew Hill, FT & McKinsey Business Book of the Year Award Longlist , Financial Times

A very impressive profile of an industry that has long preferred to avoid the spotlight . . . The authors deftly weave stories of the individual traders and their trades with an account of the major shifts in the global economy of the past 70 years . . . Extensively researched and well written throughout . . . I would not hesitate to recommend this book.

—— International Affairs

A thriller . . . An engaging story of secret deals and embargo-evasion.

—— Forbes

An entertaining history of the rise of the international trading houses and the charismatic, freewheeling risk-takers who headed them.

—— Books of the Year , Financial Times

The story of how a few commodity-trading firms quietly reconfigured the world economy, making fortunes, juggling embargoes and swaying geopolitics.

—— Books of the Year , Economist

There was no single, dominant, astonishing voice in the wilderness in the debate on the credit crunch, but... Edward Chancellor, an economic historian, foresaw almost everything.

—— Charles Moore , Daily Telegraph
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