There can be no doubt that Joseph Stiglitz’s essay on the financial crisis will be an instant bestseller. It is the most sophisticated book-length analysis from a left-liberal perspective yet to have hit the shelves; and most of its claims and explanations will therefore become the received wisdom, especially in Washington and London. 

This is a shame. Stiglitz, whose analysis throughout the book is lucid and occasionally brilliant, is unable to depict fairly the arguments of those with whom he disagrees; and while his relentlessly angry tone, sarcastic asides, sweeping dismissals and polemical style will go down a treat with those