Much depends on its offensive in Gaza—and its politicians and neighbours
Briefing
The miscalculations of Israel’s and Gaza’s leaders are being laid bare
‘Editor’s Picks’ Podcast (October 9, 2023) – A selection of three essential articles read aloud from the latest issue of The Economist. This week, are free markets history? Also, why Africans are losing faith in democracy (10:25) and we investigate whether bitcoin originally leaked from an American spy lab? (17:25)
Governments are jettisoning the principles that made the world rich
The alternatives will undoubtedly be worse
His successor should seek cross-party support to keep funding the war
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NOBODY HAS EVER seen the economy. We can see specific markets, but my local farmers’ market looks very different from the Diamond District in Manhattan and even the street stalls I frequented in East London.
Markets are institutions with more or less physical infrastructures, but “the market” (like “the economy”) is an abstraction, no more fixed or certain than “the Left” or “nature.” If “the economy” and “the market” are often described as though they were things out there in the world to be measured and monitored while other abstractions (such as “beauty” and “joy”) are not, that tells us as much about ways of thinking as it does about the workings of the world.
Powered by this insight, the history of economic thought (and related “new histories of capitalism”) has grown over the past 20 years to become one of the most lively and popular historical subfields.
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The recent controversy over Jacob Soll’s new book Free Market: The History of an Idea (2022) reveals just how attached some people are to their economic ideologies (no surprise there) and to their ideas about who gets to have “economic thoughts.”
In a sweeping text that ranges across 2,500 years in barely 250 pages, Soll argues that, for centuries, “free” markets were understood as existing only where strong, moral governments liberated trade from domination by selfish, moneyed merchants. Markets had to be set free—they were not born that way—and the danger has always lurked of commerce being recaptured to enrich the few rather than benefit the many.
This is a loosely “antitrust” way of describing market freedom, and it might have barely registered at all had Soll attributed it chiefly to Louis Brandeis, Frances Perkins (secretary of labor under FDR), or even Machiavelli. But by invoking the name “Adam Smith,” Soll seems to have violated the holy of holies.
New York Times Book Review – November 20, 2022:
“Mr. B,” by Jennifer Homans, explores the life of the Russian-born choreographer, as well as the beauty and pains of his art.
“The books I try not to pick up, and don’t want to read, are ones I wrote myself and published in the past,” says the Japanese writer, whose new book is “Novelist as a Vocation.” “Though it does make me want to do better with my next work.”
Jacob Soll’s ambitious history takes us from Cicero to Milton Friedman, but is hobbled by questionable assertions.
Boomers Daily 