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The Gods That Failed: How Blind Faith In Markets Has Cost Us Our Future - Softcover

 
9781847920300: The Gods That Failed: How Blind Faith In Markets Has Cost Us Our Future
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A devastating assault on the delusional, faith-based thinking that markets can, unaided, create heaven on earth.

Since the late Sixties, control of our economy has passed into the hands of a new elite of super-rich free-market operatives and their colleagues in national and international institutions. These New Olympians, so named because of their remoteness from everyday life and their lack of accountability, are unconcerned with — in fact, hostile to — job security, social tranquility and the traditional middle-class aspiration for both the good life and the quiet life.
This group has sought to insulate itself from democratic challenge and to make “irreversible” the legal changes from which it has profited so enormously. Aside from the obnoxious principles involved, the rule of this financial elite has brought not prosperity but sluggish growth in living standards, a debt explosion, and now a major crisis of international proportions as a vast borrowing bubble starts to deflate.

Elliott and Atkinson argue that the coming crisis will shatter all remaining faith in the empty dogmas of “shareholder value” and “labour flexibility.”

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About the Author:
Larry Elliott and Dan Atkinson are Economics Editors of the Guardian and the Daily Mail respectively. They are the co-authors of Fantasy Island and The Age of Insecurity.
From Publishers Weekly:
Latest in the parade of where-were-they-a-year-ago expert financial authors are economics editors Elliott (of the Guardian) and Atkinson (of Britain's Mail on Sunday). Likening Wall Street professionals to "New Olympians" who opened a "Pandora's Box" of financial evils, the two are less than skilled with their analogies, but possess great knowledge and a perspective encompassing London, Wall Street and Washington DC. While it's true that free-market philosophies have been increasingly adopted, even by the left (Jimmy Carter's deregulation of airlines and telecommunications, Bill Clinton's NAFTA), the authors blame the current mess, somewhat fantastically, on an international group of 38 economic theorists (including Friedrich von Hayek, Karl Popper and Milton Friedman) who, meeting in Switzerland in 1947, set the course for "classical liberalism" to fight back against "what was seen as the tyranny of the collective." Aside from this, the authors provide an excellent, witty explanation for the past few years of economic boom and bust, with a broad approach that makes clear the multiple forces working to sink the economy (rather than focusing exclusively on, say, Alan Greenspan and the Federal Reserve). Though it's not impartial, this is a well-written, well-informed guide to today's crisis and a sharp critique of free market philosophies.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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  • PublisherBodley Head
  • Publication date2008
  • ISBN 10 1847920306
  • ISBN 13 9781847920300
  • BindingPaperback
  • Number of pages336
  • Rating

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Atkinson, Dan; Elliott, Larry
Published by The Bodley Head, London (2008)
ISBN 10: 1847920306 ISBN 13: 9781847920300
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