Simon Wren-Lewis writes:
In 2007, Alan Greenspan, the former chair of the Federal Reserve, was asked by a Swiss newspaper which presidential candidate he was supporting. He said it didn’t matter: ‘We are fortunate that, thanks to globalisation, policy decisions in the US have been largely replaced by global market forces. National security aside, it hardly makes any difference who will be the next president. The world is governed by market forces.’ This was the ultimate hope – the ultimate delusion, as it turns out – of one of the architects of neoliberalism. Over the next two years market forces inflicted major damage on the global economy, and politics was forced back into the picture, though it had never really gone away. In Crashed, Adam Tooze sets himself the mammoth task of making sense of the Global Financial Crisis (GFC) and its consequences over the last ten years. By and large he succeeds brilliantly.