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Digital Subscriptions > Prospect Magazine > Aug-18 > The wrong catastrophe

The wrong catastrophe

Before 2008 some economists were warning of a looming crash—but when it came, it wasn’t the one they expected, discovers Duncan Weldon

Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze (Allen Lane, £30)

As the 10th anniversary of the fall of Lehman Brothers approaches, many books on the financial crisis will be published. Few are likely to match Adam Tooze’s Crashed in scope, ambition or rigour. This is truly contemporary history—the book runs right up to the end of 2017. It is hard to think of another author who can write as authoritatively on such a wide range of subjects—from the workings of the credit default swap market to the intricacies of Italian politics and the geopolitics of Ukraine.

Tooze, an Anglo-German historian based in the US, is best known for his work on the first half of the 20th century: The Wages of Destruction (2006), a revisionist account of the Nazi economy and war effort; and 2014’s The Deluge dealt with the aftermath of the First World War, and the reshaping of the global order in the 1920s. So Crashed might, at first sight, seem like a radical departure. But the essential themes are familiar territory for him: the interactions of economics, finance and geopolitics—and how the world order is reshaped by catastrophe.

The twist is that Crashed examines the financial crisis through a new lens: a sharp focus is kept on bank balance sheets, and the (often cross-border) capital movements between them. This is less a work of contemporary macroeconomic history and more a work of contemporary macrofinancial history.

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In Prospect’s August issue: Zoe Williams argues that the first thing we need to do if we are to remain in the EU is to tackle the reasons why so many wanted out—namely pay and conditions at home and the impact of unfettered capitalism. Prospect’s Alex Dean and Tom Clark interviewed former Liberal Democrat leader Nick Clegg who says the liberal centre should keep the faith—there is another way to work closely with Europe, but the immigration question is central to finding that solution. Meanwhile, a group of writers including Wolfgang Münchau, Shashank Joshi and Owen Hatherley explain some of the pitfalls, prizes and things you hadn’t thought about when it comes to the UK’s relationship with the EU. Elsewhere in the issue: Former UK diplomat Tom Fletcher profiles the out-going UN human rights chief who is causing a stir by saying the things nobody else would dare. Steve Bloomfield asks what happened to Seymour Hersh—how did the legendary journalist come to echo the thoughts and ideas of Bashar al-Assad; and Phil Ball examines the crisis of male infertility asking: where has all the sperm gone?
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