Allister Heath
What Went Wrong
Freefall: Free Markets and the Sinking of the Global Economy
By Joseph Stiglitz
Allen Lane/The Penguin Press 361pp £25 order from our bookshop
Whoops! Why Everyone Owes Everyone and No One Can Pay
By John Lanchester
Allen Lane/The Penguin Press 223pp £20 order from our bookshop
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
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