Sunday, September 09, 2007
The Coming First World Debt Crisis (Ann Pettifor)
Another book purchased at Greenbelt - principally because I couldn't get to her talk. This was OK but not as powerful as it could have been, mainly because like many left-wingers she doesn't fully appreciate the nature of capital (not that right-wingers often do much better, but there is more to economics than the inanities of 'homo economicus' and rational choice maximisation). In particular she would do well to read Hernando de Soto (see my review here). However, that shouldn't detract from her overall message which I am in agreement with. We're at the beginnings of a major financial contraction.