The best books about the economy

We frequently read about the glories and historic decisions of the Civil War, but here is an eye-opening book that shows us how enormous was the civilian suffering caused by the conflict. Joan Cashin invigorates Civil War studies by treating military history, material culture, the environment, gender, and military-civilian relations from a fresh perspective. You will think about the war in a changed way after reading this fine book.

The joy of this book (and its sister volumes on the “national” and the democratic” experience) comes from the panoramic journey across space and time that the reader is taken on. This work is, above all, a positive, life-enhancing view of the United States with its focus on continuity rather than conflict. There is an idealistic and romantic strain to this vision, as he pictures a young nation sloughing off the rigid carapace of the Old World, with the idea of a calling replaced by an idea of opportunity. Boorstin is an exemplary guide: his canvas is rich and complex, with countless stories brilliantly picked out to illuminate his vision. Examples include: the utopian vision for the State of Georgia known as “The Margravate of Azalia”; the creation of the Minnesota Pioneer as a dynamic editor loaded a press on a steamboat going up the Mississippi to the future state… show more.

Perhaps no one object was more demonstrative of the Dutch thirst for beauty, novelty and showing-off-but-not-showing-off riches than the tulip. The famous mania for these exotic bulbs, bred to produce ever more exotic flowers and to command ever higher prices, supposedly produced the world’s first economic bubble, which burst spectacularly in February 1637.

The truth is less spectacular (few people were involved in the trade and even fewer were ruined) but, in Goldgar’s skilful telling, much richer and more nuanced than the myth. The episode tells us about the growth of maritime trade and the emergence of the modern financial industry (including the important concept of risk) as well as the cultural interests of Dutch people at this exciting time in their history when the accumulation and subtle display of wealth vied in importance with the quest for aesthetic novelty and genuine curiosity about the natural world. One fashion-conscious doctor… show more.

This groundbreaking and wonderfully written study of two “protest” leaders during the Great Depression of the 1930s in the United States shows us what happens when truly hard times hit ordinary people, and what sort of leaders they then turn to. Brinkley brilliantly chronicles the rise of Louisiana politician Huey Long, the “Kingfish”, from obscurity in the poor Jim Crow south to becoming, by the time he was assassinated in 1935, the most significant political threat to the popular President Franklin D. Roosevelt. Long’s calls for wealth redistribution, contempt for traditional elites, and disregard for democratic institutions, make him an important historical example of so-called populist leadership, and of the power and appeal of populism in times of crisis.

By offering free taxi rides in Shanghai, long-time NPR correspondent Frank Langfitt opened his ears to a wide variety of ordinary Chinese from all walks of life. Due to the pandemic, Americans haven’t been able to travel in China lately, so this is the closest a reader can get to actual conversations with Chinese people about life in China today. Most do not seem oppressed! Published in June 2019. 

I met Barbara at an international conference on human rights called Oslo Freedom Forum, in Norway, where we were both speakers at that conference. After talking to her, I read her book and learned more about the heart-breaking situation in North Korea. It was a real eye-opener for me and inspired me to see the courage of North Korean refugees who escaped the atrocities and speak out for their own homeland. 

Many people get involved with Africa through their concern for its’ poverty and with a genuine desire to help “develop” Africa. Ferguson’s analysis shows how counter-productive this is without an understanding of the ways in which African society differs from western society. Much social theory is generalizations based on interpretations of western development. These ideas are then projected into Africa on the basis that the more they are like us, the more developed they will be. I hope these five books help you un-learn this perspective and embrace the originality and genius of Africa.

This is the classic study of the other side of Regency politics: the working class’s struggle to achieve class consciousness and assert themselves in a threatening new industrial environment, where many of them were losing their jobs. Thompson has a Marxist support for the working-class struggle, combined with a surprising respect for the statesmen who prevented that struggle from erupting into revolution. Forestalling the emergence of Thompson’s working-class consciousness was a primary objective of Pitt, Liverpool, and their colleagues and generally, they succeeded; working-class consciousness only emerged, encouraged by the Whigs, in the Reform Bill struggle of 1831-32, after the Tories had lost power.  Alas, the workers lost out through that measure’s middle-class franchise; as the ‘Poor Man’s Guardian’ wrote, quoted by Thompson: “Of all governments, a government of the middle classes is the most grinding and remorseless.”

Apart from revealing and sometimes dismaying insights into the workings of the White House, this legendary chairman of the US Federal Reserve presents a tour d’horizon of the economic thought that underpins the creation of wealth. As such, it should be obligatory reading for anybody interested in how nations prosper (or don’t), how governments routinely make disastrous interventions even if they aim to act for the right reasons, why Adam Smith continues to influence our lives (even though we don’t know it), and why capitalism is so foolishly demonised by banner-waving grandstanders.

The monuments we see when we visit Rome were constructed under the emperors. But Rome was already a great metropolis before they began work, one that was architecturally unique and built on a scale to dwarf most ancient cities. What this book does is reconstruct the great building projects of the Republic, beginning with the original fourth-century walls of Rome and the first aqueducts. It asks (and answers) questions like: Where did they get the stone? Who provided the labour? How long did it take them? And what technologies did they use? This was a Rome built without marble, without concrete, and not a royal foundation, but one managed by generations of magistrates riding the wave of a slow economic boom. Completely fascinating.