All posts filed under: Economics

Empire of Cotton: A Global History (Sven Beckert)

“Empire Of Cotton” is really two books. First, it’s an exhaustive exposition of the history of cotton as a textile raw material. That’s about 80% of the book, and by exhaustive I mean very, very exhaustive. Second, and unfortunately dominating, it’s a puerile, scattered, self-contradictory and confused attack on the Great Boogeyman “Capitalism,” along with sustained criticism of anything originating in or related to European culture. This book is a sort of “Occupy For Eggheads.” But not for very clear-thinking eggheads.

This Time Is Different: Eight Centuries of Financial Folly (Reinhart & Rogoff)

Unfortunately, this book is nearly unreadable. Oh, I’m sure it’s readable if you’re a professional or academic economist. But for the casual reader, even one with a pretty good background knowledge of economics, it’s mostly an endless series of highly technical, loosely related charts, graphs and conclusions. All this to agree with the writer of Ecclesiastes, 2500 years ago, that “The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.”

The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor (William Easterly)

William Easterly is a leading critic of traditional approaches to development—that is, of traditional approaches to bridging the Great Divergence. He, and everyone else studying development, want to know why and how the West and a few Western-influenced countries have become wealthy, and everyone else in the world has stayed poor, despite trillions of dollars spent fruitlessly over seven decades by the West to bring the poor out of poverty.