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False Economy
False Economy
May 19, 2024 8:14 PM

Author:Alan Beattie

False Economy

*NEW YORK TIMES BESTSELLER*

Why do some countries succeed while others fail? What causes boom or bust? The World Trade Editor of the FT explains how the world reallyworks.

'A thorough examination of economies from the age of empire to the age of the IMF' The Washington Post

Why do oil and diamonds lead to economic disaster more often than boom? Why doesn't Africa grow cocaine? Why might believing in God be good for your balance-sheet?

Botswana and Sierra Leone are both blessed with abundant diamonds. Why did Botswana became the world's fastest-growing economy while Sierra Leone suffered a decade of brutal civil war?

For the past two hundred years Argentina had enjoyed a vista of economic opportunity almost identical to that of the USA but in 2001 Argentina's government bankrupted itself. Why did the USA succeed while Argentina stalled?

Time and again, world leaders have failed to learn the lessons of economic history, and their mistakes continue to have surprising and catastrophic consequences.

The path to prosperity is rarely obvious and the sources of success are often unexpected.

In False Economy, Alan Beattie uses extraordinary stories of economic triumph and disaster to explain how some countries went wrong while others went right, and why it's so difficult to change course once you're on the path to ruin.

Reviews

As a piston-driven primer not only to the processes of thought, labour and collaborative generosity of the fathers of steam, this book runs along a new track like - well, like a Rocket

—— Iain Finlayson , The Times

Its scope and lively intelligence make it the best kind of popular account. Anyone who has ever wondered over Britain's exceptional contribution to the modern world should read it

—— Ian Jack , Financial Times

Intriguing, witty account of the birth of steam power

—— Robin McKie , Observer

Infectiously enthusiastic, all encompassing investigation of steam power and the men that drove the industrial revolution... A particularly fascinating account of the tangled relationship between iron, coal and steam

—— James McConnachie , The Sunday Times

An enjoyable read... Wonderfully eclectic

—— The Economist

Rosen is skilled at hooking small, local phenomena into a narrative of global sweep and significance

—— Guardian

Genius

—— Sunday Times

Compelling and horrifying

—— GQ

A more than worthy successor to Liar's Poker ... if you want to know about the origins of the credit crunch, and the extraordinary cast of misfits, visionaries and chancers who made money from the crash, there's no more readable account

—— Daily Telegraph

A triumph ... riveting ... a genuine page-turner

—— Times

The very best book about this whole affair

—— John Lanchester, author of 'Whoops!'

If you read only one book about the causes of the recent financial crisis, let it be Michael Lewis's The Big Short

—— Washington Post

In the hands of Michael Lewis, anything is possible ... if you want to know how a nation lost its financial mind - and have a good laugh finding out - this is the book to read.

—— The Sunday Times

Magnificent ... a perfect storm of brilliant writer meeting big subject.

—— The Guardian

A great book for anyone interested in inspiring and managing creative talent (Books of the Year)

—— Financial Times , Lionel Barber, Editor of the Financial Times

In this riveting, well-written expose, Shaxson goes deep into the largely unexamined realm of offshore money. In the process, he reveals that this shadow world is no mere sideshow, but is troublingly central to modern finance, with the US and the UK as leaders. The resulting abuses are widespread, ranging from tax revenue stripping from African nations to individuals and corporations escaping enforcement and accountability. A must read for anyone who wants to understand the hidden reasons why financial services firms have become so powerful and impossible to reform

—— Yves Smith, creator of Naked Capitalism and author of Econned

They who sold us globalisation as a way of the whole world getting richer with fair rules, cheated us by letting the rich and powerful go "offshore". This gripping exposé should help end the scandal

—— Anthony Barnett, founder of openDemocracy

Possibly the most important political book that I have read since The Spirit Level

—— Stuart Weir, co-founder of Charter 88, former editor of the New Statesman

He has prised the lid off an important and terrifying can of worms

—— Martin Vander Weyer , Literary Review

Lively and well written book

—— Toby Young , Mail on Sunday

A welcome account of how the sun is never allowed to set on the British empire's old islands, whose fiscal pirates hoard the tax-free treasures of the rich

—— Geoffrey Robertson , New Statesman, Books of the Year

Shaxson delves into capitalism's secret nooks and tells us about how a culture of secrecy can perpetuate itself. Very interesting

—— William Leith , Evening Standard

A compelling read [...] an important and very much a live topic, it'll take you a few hours to read the book but it will be a worthwhile investment of time

—— Peter Magee , Bookbag

What makes this such a good read for the layman is that the author employs all his journalistic skill (he used to work at Reuters) to illustrate his arguments and uses real examples to real examples to illustrate complex issues

—— John Arlidge , Sunday Times

This book is a must-read for anyone who wants to understand the world we live in

—— Brian Maye , Irish Times

This engrossing book about the offshore banking racket, with its eye-opening scrutiny of tax havens and the suited scoundrels who profit from them, will make you think again about the murkier side of the City...This first-rate forensic work ends with a plea that the closed City "must be abolished and submerged into a...fully democratic London"

—— Boyd Tonkin , Independent

[An] informed polemic against finance capital

—— Oliver Kamm , The Times

Now more than a decade old, this is still the best introduction to the world of tax havens

—— Economist, *Summer Reads of 2022*
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