The Global Casino: How Wall Street Gambles with People and the Planet
Ann Pettifor, Verso, £16.99

ANN PETTIFOR’s book is not just a good read but an important contribution. Those who follow her on substack or have read other works by her will know that she writes on the economy with the authority which you’d expect from her academic credentials. But, more importantly, her prose is not just easy to read but also both easy to follow and in particular to understand.

After all “It’s the economy, stupid” was the phrase linked with Bill Clinton’s first presidential campaign, and elections oft-times confirm. Clinton’s tenure was to see a low-wage economy and mass incarceration, but the phrase still resonates. It can be easy on the left to concentrate on the society that’s sought rather than the economy required to underpin it. But as any shop steward can detail, there’ll be no terms and conditions to protect — let alone improve — unless the profitability and viability of the business is assured.  

Yet the economy can, and sadly is, often ceded to the right despite capitalism’s self-evident failures. This happened most recently with the financial crash, yet the bond markets are back in charge and all too often unchallenged and bankers’ obscene bonuses are higher than ever. 

Of course, much of that control of the debate is deliberate, with finance and big business claiming the ground and berating and belittling voices which challenge their orthodoxy. There are left voices among economists even though their profile is restricted, if not drowned out.

The language and lexicon of the economy can also be difficult to follow and hence is often ignored or shunned by many on the left, despite its importance. Many activists can often feel on the back foot in debate when the economy is raised. I know as I’ve experienced the pile-on and the doubts. So, when those with knowledge and the ability to explain it write, we should take notice.

Economic books are often viewed as heavyweight tomes and best left on the coffee table, if not the shelf. But this isn’t like that at all. Pettifor’s great talent is to make her writings on economics easily digestible for the layperson, explaining complex issues in a manner which is engaging and enjoyable to read.  

This is a compact book at just under 200 pages, though its paper size is smaller than usual and hence reduces the word count. In some ways it could be seen as a lengthy pamphlet which many, who might disdain or be put off an economics book, would have no hesitation in reading. In both length and style it popularises a potentially dry subject and for that alone is a huge contribution providing an oversight, explanation and a direction to be taken before capitalism destroys our planet as well as crushing the lifeblood out of humanity.

As well as providing an introduction which sets the scene and will resonate with all socialists, she lays out the economic reasons underpinning what has been happening. It’s an overview of issues such as Bretton Woods and giving context. Subsequent chapters address critical issues: finance, pensions, housing, food and energy. All are treated with authority and yet explained easily with a relevance to our lives and society.

It’s by no means simplistic and explanations such as about the role of Chicago in commodity trading was both interesting and yet is little known. That chapter I enjoyed as, while the sins of Wall Street and the City are well known, the importance of grain for bread on our table or in hungry mouths is vital.

The book, or booklet in many ways, is also very good at breaking down some of the language and lexicon which can baffle or put off the ordinary reader. Her descriptions of the bond market, derivatives and other such words and phrases which are bandied about, often it seems to bamboozle, are excellent in providing an insight and appreciation.

This is a good read for those with knowledge of economics or those seeking some insight but afraid of difficulty or boredom. Neither apply to this read which is why it’s such a welcome contribution.