The most readable Guidebooks to Economics

I have, I readily admit, a certain fixation about the style of social science books – particularly economic ones. I have at least 5 reasons for deep concern –

- the lack of taste shown by publishers - who insist on imposing narrow and badly-written texts on us

- the way continuing academic compartmentalisation into tinier and tinier sub-fields makes it more and more difficult for those who work across disciplinary fields to get a serious hearing

- the obfuscating nature of the prose - which results as they disappear up one another’s arses;

- the dominance and unjustifiable arrogance of the economists; and

- the managerialist grab of the past few decades

I try, occasionally, to explore why specialists write such inferior books compared to those who have resisted groupthink and who approach an issue more creatively…..from a multidisciplinary point of view. I find myself using the metaphor of a bridge, border or network.

But perhaps “outsider” is a better term since it better conveys the sense of not belonging to the group – of being on the periphery…..Indeed the word “periphery” also gives a useful sense of the importance of messages and pressures from diverse sources in helping avoid the dreaded disease of “groupthink”…  “Think “peripheral vision” and “tunnel vision”, focus – which is why my blog currently bears the title it does….

Like the good social scientist I am, I already have a hypothesis – namely that the feeling of being an outsider is a catalyst to identify and challenge “groupthink” and that writing is an effective way of exploring the multiple perspectives which subsequently open up…..

Clearly one can be a great writer without being (or feeling) an outsider - although I suspect that people who lack empathy won’t be great writers. But the weak point in my argument is the connection between creativity and writing. There’s no obvious reason why those with creative insights should be able to express them clearly in writing,,,,……Or is there?    

But I have probably been insufficiently sensitive to the system in which social scientists are trapped…

Academics are now under pressure to publish - with their Departments rewarded financially for those who have high ratings from what’s called “peer-reviews”. Those who accept the “conventional wisdom” in their fields and write in jargon will generally score well in these ratings.

But go off piste and/or write in plain language the (wo)man in the street can understand and you’re in trouble.

One of the concluding chapters of The Econocracy – the perils of leaving economics to the experts by Earle, Moran and Ward-Perkins (2017) explains this very well. And argues, correctly in my view, that the way we allow economists to continue to bamboozle us into believing that the subject is a difficult one is nothing short of criminal!

It was early 2018 when I did the first list for my readers of clearly-written explanatory economics books which I could recommend….   So it’s about time it was updated

All the books until the list reaches 2017 are downloadable in full 

Table 1; Best written books about Economics for the general reader (chronological order)

Title, author and date	Comment
Almost Everyone’s Guide to Economics; JK Galbraith and N Salinger (1978)	One of the world’s best non-fiction writers and economists is quizzed by a Frenchwoman. Superb
Short Circuit – strengthening local economies in an unstable world” - Ronald Douthwaite (1996)	Very practical insight into local economic development by an Irishman – but also inspirational….24 years on, it hasn’t really been bettered.
Debunking Economics – the naked emperor dethroned; Steve Keen (2001 and 2011)	Written before the crash, it might be called the first alternative textbook (except it’s much greater fun to read!). By an Australian
Economics for Everyone  – a short guide to the economics of capitalism”; Jim Stanford (2008)	a very user-friendly book commissioned by Canadian trade unions with excellent graphics and “further reading” list ….for full version see table 2 …..
Zombie Economics - how dead ideas still walk among us; by John Quiggin (2010)	is a great read – with a self-explanatory title. He is also an Australian
23 Things they didn’t tell you about capitalism; Ha Joon-Chang (2010)	superbly-written demolition job on the myths perpetrated on us by economists. By a Cambridge economist educated in South Korea
"The End of Progress - how modern economics has failed us"; Graham Maxton (2011)	a highly readable book by an ex-Director-General of the Club of Rome
Austerity – the history of a dangerous ides; Mark Blyth (2013)	written by a Scottish political scientist/political economist (now working at Brown Uni in US) , it shows how old theories still affect the contemporary world profoundly
Economics of the 1% - how mainstream economics serves the rich, obscures reality and distorts policy; John F Weeks (2014	One of the best introductions to the subject - which can't be faulted for being over-diplomatic!  By a US economist who worked in London from the 2000s
Credo – economic beliefs in a world of crisis; Brian Davey (2015)	An alternative approach to economics which situates it in its cultural and historical context. It may be long (at 500 pages) but is definitely worth persevering with....
Economics Rules – the rights and wrongs of the dismal science; Dani Rodrik (2016)	Rodrik is from Turkey and is one of the few economists prepared to challenge the mainstream. This is a balanced rather than critical analysis
The Econocracy – the perils of leaving economics to the experts; Earle, Moran and Ward-Perkins (2017)	This is a highly readable little book from those who took part in the protests about the irrelevance of economic teaching and set out the deficiencies they experienced. This is one of the few which is not freely downloadable
Vampire Capitalism – fractured societies and alternative futures; Paul Kennedy (2017)	A sociologist’s treatment which earns high points by stating in the very first sentence that it has “stood on the shoulders of so many giants that he is dizzy” and then proves the point by having an extensive bibliography with lots of hyperlinks…
Doughnut economics – 7 ways to think like a 21st century economist; Kate Raworth (2017).	This Oxford economist’s book is advertised as a new perspective on the subject. One of the few not downloadable
Economics for the common good; Jean Tirole (2017) A French Nobel-prize winning economist	A useful review here
Economics in Two Lessons; John Quiggin (2019) Google excerpts only	Quiggin wrote this book on his website, seeking feedback as he went . You may therefore be able to see a fair amount of the content here
“What’s wrong with economics – a primer for the perplexed”; Robert Skidelsky (2020)	Skidelsky is a stylish writer – historian and biographer of Keynes – I’ve long admired. I’ve not had a chance to read the book yet – although Diana Coyle’s not impressed

Further reading

The Delusions of Economics - the Misguided Certainties of a Hazardous Science Gilbert Rist (2010)

429,500 academics are employed in British universities

What are Universities for? Useful briefing paper from 2008

In Praise of the Outsider

Universities are a frequent whipping-boy in these posts…….mainly for the compartmentalisation of the social sciences; the obfuscating nature of the prose which results as they disappear up one another’s arses; for the dominance and unjustifiable arrogance of the economists; and for the managerialist grab of the past few decades

This, of course reflects the prevailing neo-liberalism - which threw the idea of “learning for learning’s sake” completely out of the window and turned, instead, to a clear and strong insistence on vocational relevance

I’ll readily confess, however, that my cheap shots conceal the mixed feelings I still have about my own (ultimately painful) 17-year experience of academia….

I never allowed myself the discipline of keeping my nose to the intellectual grindstone - I was too busy proselytising - but I’m always secretly delighted when someone calls me a “scholar” (which happens!)   

What I object to, however, is the narrowness of the world which not only envelops the normal scholar but is then automatically transmitted to post-graduates - who are forced to spend years on a sub-sub-sub field of a discipline. Little wonder that we are so badly served with books about key issues – such as the global financial crash..

I try, occasionally, to explore why specialists write such inferior books compared to those who have resisted groupthink and who approach an issue more creatively…..from a multidisciplinary point of view. I find myself using the metaphor of a bridge, border or network.

Perhaps “outsider” is a better term (??) since it better conveys the sense of not belonging to the group – of being on the periphery…..Indeed the word “periphery” better conveys the sense of the messages and pressures from diverse sources which help avoid "groupthink"…  

And I have probably been insufficiently sensitive to the system in which social scientists are trapped…Academics are now under pressure to publish - with their Departments rewarded financially for those who have high ratings from what’s called “peer-reviews”. 

Those who accept the “conventional wisdom” in their fields and write in jargon will generally score well in these ratings. 
But go off piste and/or write in plain language the (wo)man in the street can understand and you’re in trouble. 
One of the concluding chapters of The Econocracy – the perils of leaving economics to the experts by Earle, Moran and Ward-Perkins (2017) explains this very well.

Some exceptional people have not been prepared to accept this - and I want to pay tribute to those who have challenged the conventional wisdom and produced books written for the common (wo)man…..

The list starts with some ex-academics - David Korten, calling himself an “engaged citizen”, is the best known. I remember the impact his first book made when it first came out all of 25 years ago. The introduction is quite gripping – you can see for yourself

Then someone whose name is almost unknown - who decided to opt out completely from the academic rat-race….Harry Shutt is a freelance indeed “dissident” economist. That means someone with none of the institutional ties that break a man’s soul. Shutt earns his keep by project work - and writes books he actually wants to on subjects he chooses and in language he hopes will be understood by his readers. That shows in two of his books which have just come to my attention and which I incorporate into one of my famous tables…..

Titles which deserve more readers

Book Title	Status of author	Focus of book	comment
When Corporations rule the world; David Korton (1995 and 20th anniversary edition)	Free-lance writer Ex Harvard Business School Prof. One of world’s most respected ant-globalists	One of the first (and still amongst the few) books to explore the unusual aspects of the structure of the global company and analyse the damage it inflicts on us all	The link gives the complete book If you read nothing else read, the introductory chapter
The Trouble With Capitalism – An Enquiry into the Causes of Global Economic Failure; Harry Shutt (1998)	Free-lance economist	A wide-ranging book to help the general reader put contemporary events in a proper historical context - and to challenge what Shutt calls the “organised indifference” which ruling interests try to encourage	Still worth reading, 22 years on!
The Decline of Capitalism – Can a Self-regulated Profits System Survive? Harry Shutt (2005)	freelance Interview here with Harry Shutt	A short book (just 150pp) which focuses on events since 1990 and should be read in conjunction with his first book Google excerpts only for his 2 books	I would love to see a further update
Parecon – life after capitalism; Miichael Albert (2003)	Activist	The strange title word refers to “participatory economics”.	The link gives the entire book – which argues for an alternative way of thinking of economics
Inside Capitalism – an introduction to Political Economy; Paul Phillips (2003)	University economist	this is an rare intro to political economy which uses Canadian examples Google excerpts only	One of the clearest textbooks I’ve seen,
Supercapitalism – the transformation of business, democracy and everyday life; Robert Reich (2007).	University administrator who was US Cabinet member	One of the early books about the tension between capitalism and democracy – well summarised here	Link gives the entire book
The Crises of Capitalism – a different study of political economy; Saral Sarkar (2011)	Indian-german academic eco-activist	A book written by someone steeped in the critical literature and its activist circles whose background (presumably) allows him to pose questions and see things others don’t	Link gives the entire book
Global Capitalism and the crisis of humanity; William Robinson (2014)	prolific leftist activist sociologist	Google excerpts are unusually extensive The book is more academic than the others (certainly with denser references) but the opening pages “situate” the book nicely in the wider lit – always a plus for me	another clearly-written exposition..  read more about the author here

Capitalism – what is it? Can it change for the better?

If character traits are getting more inward and selfish, what does this mean for our ability to create a better future?

The recent series I did on Paul Collier’s “Future of Capitalism” makes me realise that I have never offered a serious post on “Capitalism – what is it and can it change its spots?”. This is how I had left things -

By the turn of the millennium the message seemed to be that Capitalism takes various forms; is constantly changing; and will always be with us. But increasingly, people were wondering whether it was not out of control.

And a few years back, something changed. It wasn’t the global crisis in itself but rather the combination of two things – first the suggestion that the entire engine of the system (profitability) was reaching vanishing point; and, second, a sudden realisation that robotization was a serious threat to even middle-class jobs. Now the book titles talk of the new phenomenon of “post-capitalism” 

Curious that I omitted global warming the growing appreciation of whose reality makes it a third factor. I have therefore developed a table which identifies what I consider are the most accessible books about the nature of this system “without a proper name”. In my day we knew the system as “the mixed economy” but that phrase fell out of favour in the 1980s in the face of the onslaught of privatisation.

“Neoliberalism” wasn’t a very good substitute since very few people knew what this meant – indeed it clearly registered as a term of abuse…..And any use of the term “capitalism” was banned in all but the most militant circles….. 

You almost felt the sense of relief when the phrase “post-capitalism” came along – a system whose name didn’t embarrass us!!!!

The table looks at almost a dozen very different specialisms (inc journalism, religion and policy analysts/think tankers).

I have to confess that I get very impatient with the incredible specialism in the so-called “social sciences” which has developed these past few decades with the expansion of universities. Two things in particular annoy me - first the lack of communications between these so-called “experts” is nothing short of criminal. Most of them received free education and yet, starved of the slightest contact with those developing similar thoughts in separate fields (let alone with real life), offer us, with few exceptions, boring, barren thoughts

And I get impatient, secondly, with the amnesia of these micro-specialists…their worship of the new…just look at the recommended reading they inflict on their poor students……very little before 2000….And my own lists are the same……And note what the author of one of the clearest books on capitalism said in 2008

“No social scientist over the past half century has added anything that is fundamentally new to our understanding of the capitalist economic system”

Geoff Ingham in “Capitalism” (2008)

I have selected the books which appear in the table according to whether they portray a world of “perfect competition” in which, according to the theory, no one has any power or, at the other extreme, a world of large companies and groups exercising power (legal and illegal).

We are prone these days to use ideological labels too easily – so I want to avoid that by using less obvious labels.

-      “Mixed” therefore covers those who clearly argue for what used to be called “the mixed economy” and are quite clear that they wish a better, more balanced capitalism;

-      The “critical-realist” label covers those who go further in their critical approach, extending their analysis to the role exercised by dubious and illegitimate power players who try to buy democracy and whose activities threaten the planet’s very survival.

    

Needless to say, the allocation to one particular column is arbitrary and could be disputed – as can the choice of illustrative authors and books! I shall try to say something about my choice in a subsequent post...   

Key Texts about the future of capitalism – by academic discipline and “approach”

Academic Discipline	1. Critical-Realist	2. Mixed approach	3. “market” proponents
Economics	Conceptualising Capitalism – institutions, evolution, future; Geoff Hodgson (2015) Debt and Neo-Feudalism; Michael Hudson (2012) Credo – economic beliefs in a world of crisis; Brian Davey (2015). Davey is not a career or conventional economist!	People, Power and Profits – progressive capitalism for an age of discontent; Joseph Stiglitz (2019) The Future of Capitalism – facing new anxieties; Paul Collier (2018) Shifts and Shocks – what we’ve learned, and still have to, from the financial crisis; Martin Wolf (2014) – with accompanying power point presentation	Why Globalisation Works; Martin Wolf (2004) most of the discipline
Economic history	Capitalism and its Economics – a critical History; Douglas Dowd (2000) Never Let a Good Crisis go to waste; Philip Mirowski  (2013)	Crashed – how a decade of financial crises changed the world Adam Tooze (2018)	Economic historians by definition have a strong sense of political and other institutions
Political economy	“The Lugano Report: On Preserving Capitalism in the Twenty-first Century” – Susan George (1999). Susan Strange - The Retreat of the State (1994) - States and Markets (1988) - Casino Capitalism ; (1986)	Austerity – the history of a dangerous idea; Mark Blyth (2013) Yanis Varoufakis - And the Weak Suffer what they must – Europe, austerity and the threat to global stability (2016) - The Global Minotaur (2012)	The discipline still rediscovering itself but, again, by definition, has a strong sense of the importance of institutions
Political Science	Crisis without End - the unravelling of western prosperity: A Gamble (2014) Democracy Incorporated – managed democracy and the spectre of inverted totalitarianism; Sheldon Wolin (2008)	Paul Hirst eg Revisiting Associative Democracy; ed Westall (2011). The Great Disruption – human nature and the reconstitution of social order; Francis Fukuyama (1999) Mammon’s Kingdom – an essay on Britain, Now; David Marquand (2015)	Only a few brave pol scientists trespass into the economic field – although it is becoming more fashionable
Policy analysis/Think Tanks		“The Locust and the Bee – predators and creators in capitalism’s future”; G Mulgan (2015)	An Intro to Capitalism (IEA 2018)
Sociology	Wolfgang Streeck. - How will Capitalism End?; (2016) - Buying Time – the delayed crisis of democratic capitalism (2013) End of capitalism? Michael Mann (2013) Capitalism; Geoff Ingham (2008)	Vampire Capitalism – fractured societies and alternative futures; Paul Kennedy (2017)	The sociological voice is still inspired by C Wright Mills, Veblen, Weber and Durkheim
Geography	David Harvey - Seventeen Contradictions and the End of Capitalism (2014) - The Enigma of Capital (2010) - A Brief History of Neo-Liberalism (2005).	Danny Dorling - A Better Politics – how government can make us happier (2016 - Injustice (2014)	The geographers are a bolshie lot - with a strong sense of geo-politics
Environment	Come On! Capitalism, short-termism, population and the destruction of the planet; (Club of Rome 2018).	Why we can’t agree about Climate Change; Mike Hulme (2009) Natural Capitalism – the next industrial revolution; Paul Hawken (1999)	they pride themselves on their technocracy
Journalism	Post Capitalism – a guide to our Future; Paul Mason (2015) …. The Capitalism Papers – Fatal Flaws of an Obsolete System; Jerry Mander (2012).	How Good Can we be – ending the mercenary society Will Hutton (2015) Capitalism 3.0 Peter Barnes (2006)	They don’t enjoy the tenure of the academics (altho Hutton is a college Director)
Management and man’t studies	“The Dictionary of Alternatives – utopianism and organisation”; M Parker (2007)	Rebalancing Society; Henry Mintzberg (2014) Peter Senge Charles Handy	Most mant writers are apologists – apart from the critical mant theorists
Religious studies	Laudato-Si – Pope Francis’ Encyclical (2015). Accessible in its entirety here	The Crisis of global capitalism – Pope Benedict XVI’s social encyclical and the future of political economy; ed A Pabst (2011) Questions of Business Life; Higginson (2002)	A more ecumenical bunch!

Psychology

What about me – the struggle for identity in a market based society?; Paul Verhaeghe (2014)