Update: Interesting (if short) review from Tom Watson MP
Tribune has just published my review of Paul Mason's book Meltdown, on the global economic crisis. You can't see the review online so a copy is below.
"A succinct and
well-structured post mortem on the last days of casino capitalism" is my bid for the sentence which ends up on the back of the next edition.
It's one of a number of books on the credit crunch (such an innocuous term) and while I'm not that bothered with Vince Cable's The Storm I would like to try The Gods That Failed by Larry Elliot and Dan Atkinson which predicted many of the current problems.
But, as it is, I have Jason Cowley's The Last Game on the Liverpool v Arsenal title deciding match in 1989 to review next (reviewed by the excellent Jim White here). It's bringing back a lot of good memories.
If there’s one boom caused by the global financial bust then
it’s in books telling us how it all happened.
Paul Mason, Newsnight’s relatively new economics editor, got
to cover the biggest economics story of the last 70 years and could hardly
believe what he was reporting. The one constant through the breathless prose is
the sound of his jaw dropping as another low is breached.
The book is roughly in three sections. The initial part is the
traditional bit where a journalist talks in the present tense as events unfold
around them. Mason is always being woken at some ungodly hour to be told
another venerable institution has gone belly up and then has to rush off to
stand outside a big glass building or watch Alistair Darling give a press
conference.
There are nice details such as the body language of Treasury
officials betraying their terror.
Having set the scene, Mason then tries to put the crisis in
context. Some of this will please supporters of the position that it’s all America’s fault.
For Mason it stems from deregulation during the Clinton presidency combined with a complete
lack of oversight by all the institutions we usually rely on. That includes the
media.
As the mind boggling sums of money accumulated nobody
thought to peek behind the curtain. It’s here that Mason sticks it to Brown.
Second only to America
in cheering on this gigantic house of cards was the Labour government and the
then chancellor. It had given up on manufacturing as a basis for the country’s
prosperity and bet everything on the City of London.
Mason does not spare us the complex details of the financial
deals. Reassuringly he tells us that MPs have been left holding their heads in
their hands having tried to similarly fathom where the money went. A glossary
of terms at the back helps you get through this.
He also makes the vital point that the collapse has already
had a direct and savage impact on the poorest. Swathes of urban America
have been cleansed of people who defaulted on their mortgages as industries
folded. Meanwhile the short lived commodity bubble priced food directly out of
reach of millions of people in the Third World.
In a short final section of a short book, Mason suggests how
this changed financial and political landscape might develop.
He sees an opportunity to institute systems “shaped by the
willingness of ordinary people to impose limits, standards and sustainability
on capital”.
Being such a short, and somewhat rushed, conclusion it
doesn’t quite have the force that it might have. However this is a succinct and
well-structured post mortem on the last days of casino capitalism.
ENDS