Fans pick 100 books like The Price of Peace

As post-Cold War globalisation seems to face its fate, I always go back to this book as it offers lessons on the perils of taking for granted economic rationality. The 19th-century liberal order crumbled, and fascism emerged as a solution. In the same vein, is far-right populism a reaction against the consequences of neoliberalism?

Although he does not bring to the centre stage the impact of ethnic-religious cleavages, such a shortcoming only made me wonder whether his riveting account of modernity applies nowadays.

Folks familiar with the term “neoliberalism” usually describe it as the economic system that tries to unleash the market by getting the government out of the way. I like Globalists because it shows how unleashing the market demands that government gets in the way—of workers’ rights, movements for equality, and, most ominously, democracy itself. Since it’s impossible to understand fascism without tackling capitalism, a book explaining how we got to today’s market principles is vital.

I see this book as a history of the neoliberal economists who encouraged political leaders to use state violence and repression to unleash free trade and shape the global economy. Globalists tell the story of how modern capitalism developed into today’s vast landscape of inequality that makes a fertile ground for fascism and violent extremism to develop.

This book was a revelation.

I first encountered it when the original 1974 edition was assigned in an undergraduate course on social movement politics. I have never looked back.

Lukes’ three-dimensional view of power, and especially his two and three-dimensional views, make visible the power relations that are at work in areas where power does not seem to be active at all.

This has turned out to be an amazingly helpful way to look at power relations in the modern world. Lukes added two chapters to update his original text in the second edition.

I read Lukes’ work as anticipating constructivist insights. Even though others have since developed these ideas at greater length, in my opinion, this book remains a necessary guide to navigating the twenty-first century. 

This book is a welcome antidote to the defeatism that results from a crisis-prone view of the world which is so easy to fall into today.

Grable argues that we should recognize that the rigid models that define a narrow “correct” path to progress are inadequate. Instead, she puts forward the value of what she calls “unscripted” innovations and reminds the reader of the value of “muddling through” and incremental change.

Grable shines a well-deserved light on earlier work by Hirschman and Lindblom. She combines an appreciation of the importance of ideas and the necessity of a high tolerance for complexity and incoherence. This book makes the case for the importance of remaining calm and carrying on, while still keeping an eye out for opportunity.  

Biographies of economists can be dull and technical, but not if their subject is John Maynard Keynes. The flamboyant British economist was a member of the Bloomsbury Group of Virginia Woolf and E.M. Forster, married the famous Russian ballerina Lydia Lopokova, and had a group of followers known as the Cambridge circus. The great skill of Skidelsky is his ability to integrate the many facets of Keynes life, from the exciting intellectual milieu of Cambridge and the cultural milieu in London to the economic problems of war, peace, and the Great Depression. This book demonstrates in vivid terms that economics is done by economists with an underlying vision. In Schumpeter’s words that of Keynes was that of: “the arteriosclerotic economy whose opportunities for rejuvenating venture were in permanent decline.”

My fourth pick is another biography, of the economist John Maynard Keynes. Richard Davenport-Hines has divided up his account into ‘seven lives’. Yet by taking his personal life and sexual identity seriously, Davenport-Hines achieves an outstanding unification. Seriousness is not solemnity: readers will find here a delightful story about Keynes admiring Alan Turing’s fingernails at King’s College, Cambridge. There is much more to illustrate the extraordinary King’s College ambiance in which Turing found his home, and deeper connections: in late 1946, both were crossing the Atlantic, Keynes to rescue the British economy, Turing on his start-up of the computer industry. Keynesian economics are newly relevant now, but the liberal élite culture in which it was hatched may still surprise readers. When Turing started war work at Bletchley Park, he wrote to Keynes’s circle that Dillwyn Knox was ‘his boss’. Did he know, as Richard Davenport-Hines explains, that Knox had been… show more.

Lionel Robbins was very important in twentieth-century British economics, primarily because he was a key figure at the London School of Economics, which by mid-century came to dominate the field. Susan Howson tells the story of his life, from his birth on a farm just outside London, through his military service in the First World War to his career as an economist. His views brought him into conflict with Keynes over how government should (or should not) take action to cure the Great Depression, and he was responsible for bringing the Austrian economist, Friedrich Hayek, to London. In the Second World War, he worked alongside Keynes in what later became the Government Economic Service. However, he was much more than an economist and after the war he became a major public figure, important for the arts and laying out a blueprint for the development of British higher education. It is… show more.

This is a defence of Smith's continuing relevance. It combines an overview of Smith's life and writings together with an assessment of his long-term and enduring contribution.

What is distinctive is that second-half of the book takes up Smith's ideas thematically and analyses them in the light of contemporary issues. Norman's judgment is that mainstream academic discussion of 'economics' is too self-absorbed and would be improved by heeding Smith's inclusive insights.  Impressively what could have been a heavy read is conveyed in a readable, accessible style.

What was impressive about this book and what made me recommend it (on the back cover) was how it succeeded in covering the full range of Smith’s work while demonstrating that it possesses a common unifying thread.

The author has already written a learned treatment of Smith (based on his doctoral dissertation); this volume, as befits a designedly introductory book, is written without jargon, in careful, clear prose. While students will gain the most benefit (the purpose of the series of which it is a part), it is, as well as informative, accessible to anyone with an initial interest in Smith, which it will succeed in broadening and deepening. 

Joan Robinson is widely considered to be the woman who should have received the Nobel Memorial Prize in economics but never did. This book is the story about how she managed to forge a career as an economic theorist, at a time when such a career path was unusual, in the misogynistic environment of Cambridge. Not only did she succeed in writing a book that arguably changed the way firms and markets were analysed, but she also became involved in the Keynesian revolution. Her career did not just happen: it needed to be promoted and for that strategy was important. Aslanbegui and Oakes focus on the interpersonal interactions through which her career developed taking the story up to the outbreak of the Second World War, by which time she was established as one of the most distinguished economists at Cambridge.