In January Verso published my latest book. Copies are available from here.
The book is dedicated to the memory of the international political economist Susan Strange, author of Casino Capitalism (1986). The opening quotation is from John Maynard Keybes who wrote in The General Theory in 1936 that:
Financial markets were dominated by insane gambling to get in at the bottom, just as they were dominated in the book by insane gambling to get out at the top….It is truly remarkable, that the paper value of all the railways and public utilities, after having fllen to one tenth of what it had been two years previously, has then proceeded to double itself within five weeks.
For this is no more than a vivid illustration of the disadvantages of running a country’s development and enterprise as a by-product of a casino.
That insight is relevant today as the global Casino Economy enters what I call “a revolutionary situation”. As I write, the Wall St. Journal reports as follows: The AI Trade Hits Overdrive, Powering Stocks to Historic Gains…
For more of my insights and views please visit my substack page: System Change.
To contact me please write to [email protected]