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False Economy: A Surprising Economic History of the World (Hardcover)

by Alan Beattie (Author)
4.1 out of 5 stars  See all reviews (9 customer reviews)
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Product details

  • Hardcover: 336 pages
  • Publisher: Viking (4 Jun 2009)
  • ISBN-10: 0670917370
  • ISBN-13: 978-0670917372
  • Product Dimensions: 23.6 x 15.8 x 3.2 cm
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon.co.uk Sales Rank: 141,291 in Books (See Bestsellers in Books)

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Product Description

Product Description

Why do oil and diamonds lead to economic disaster more often than boom? Why doesn't Africa grow cocaine? Why might believing in God be good for your balance-sheet? In 2001 Argentina’s government bankrupted itself, yet for the past two hundred years it had enjoyed a vista of economic opportunity almost identical to that of the USA. Why did the USA succeed while Argentina stalled? Botswana and Sierra Leone are both blessed with abundant diamonds. Why did Botswana became the world’s fastest-growing economy while Sierra Leone suffered a decade of brutal civil war? The path to prosperity is rarely obvious and the sources of success are often unexpected. Time and again, world leaders have failed to learn the lessons of economic history, and their mistakes continue to have surprising and catastrophic consequences. In False Economy, Alan Beattie uses extraordinary stories of economic triumph and disaster to explain how some countries went wrong while others went right, and why it’s so difficult to change course once you’re on the path to ruin.

About the Author

After graduating with a degree in history from Balliol College, Oxford, Alan Beattie took a master's degree in economics at Cambridge. He worked as an economist at the Bank of England until 1998 when he joined the Financial Times. He is currently the world trade editor of the Financial Times.
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

9 Reviews
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Average Customer Review
4.1 out of 5 stars (9 customer reviews)
 
 
 
 
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3 of 3 people found the following review helpful:
4.0 out of 5 stars A rather short and witty book on a vast subject, 13 Oct 2009
By Gaurav Sharma (London, UK) - See all my reviews
(REAL NAME)      
If chronologically authored, an account or analytical narrative about economic history of the world would have taken-up many volumes. Instead, Alan Beattie, world trade Editor of the Financial Times, chose to employ his wit, knowledge and researching skills to conjure up this book comprising of short thematic chapters offering viewpoints coupled with historical contexts on anything from natural resources and agriculture to urbanisation and economic progress (or lack of it in some cases).

As for the element of surprise, Beattie is true to his word. He begins the narrative by fictionally staging the 9/11 attacks in Argentina and economic collapse of the U.S. Of course, in 2001 actual events occurred the other way round, but the author suggests it could so easily have been different. For most of the 19th century both nations held similar economic potential, yet the U.S. evolved into a superpower while Argentina went into near-terminal decline. He argues that such a trajectory was not preordained but down to differing employment of resources and political will. Both countries, he opines, were given "similar hands" at one point in history, but played them very differently.

Continuing down this path, Beattie offers a similar type of analysis about why, for instance, abundant natural resources turn out to be a curse for some nations or why religion is no hindrance to economic progress or prowess of others. Spread over ten chapters, in this short book, the auther has picked and chosen his way through history, commerce, business practices, politics and religious texts to make his arguments. Chapter 2 (on urbanisation, especially in Latin America), Chapter 3 (on trade) and Chapter 4 (on natural resources) are the ones I particularly liked.

On the other hand, one minor criticism I offer is that Beattie, at times, comes across as working needlessly overtime to live-up to the "surprising" bit in the book's title. Fictionally moving 9/11 to Argentina or opining that if the U.S. does not sort out some of its problems in the financial system, it too could head down Argentina's path is a bit over the top if not downright silly. The content of this book does not need steroid shots. However, regrettably it has escaped the author. Nonetheless, an overt eagerness to impress the reader should not be held against him.

Overall, it is a good book and by the time the reader reaches concluding pages, the author seems to have pulled ample lessons from our economic history that we ought to take note of. Rounding off with Shakespeare's words - "Our remedies oft in ourselves do lie" - is not half bad an idea, either.
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4 of 5 people found the following review helpful:
4.0 out of 5 stars Suitable for a broad audience, 11 Aug 2009
By S. Sellers (NorthYorkshire) - See all my reviews
(REAL NAME)   
I found this book fascinating. Although, like a previous reviewer, I have no economic background and therefore couldn't comment on the soundness of the analysis, it's certainly plausible and enjoyable. The author could have written a boring book, instead it's a fascinating read with broad appeal (both myself and my father-in-law enjoyed it!). It would make a great Christmas gift for anyone interested in how the world works (or doesn't), or for those with a curious mind.
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6 of 9 people found the following review helpful:
4.0 out of 5 stars False Economy, 26 July 2009
By D. E. Yates (Evesham UK) - See all my reviews
(REAL NAME)   
Alan has written the background and his understanding of many of the influences and choices leading to the present worldwide economy. He has used his keen interest in history and economic training to carry out this analysis.
He starts with a comparison of today's Argentina and USA whose economies are similar at the beginning of the 20th century. He examines and argues the reasons for their present day differences. Other factors including corruption, religion and natural resources are also reviewed making the analysis in this book more comprehensive.
It is refreshing to read a book written in layman's terms presenting Alan's understanding of the reasons for "why we are where we are today". However, each sentence of the book requires concentration and occasionally a dictionary!
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Most Recent Customer Reviews

5.0 out of 5 stars Analysis of why some countries and cities get rich
This is a fabulous book that provides an analysis of why some countries and cities get prosperous while others stumble. Read more
Published 2 months ago by Mariusz Skonieczny

3.0 out of 5 stars Doesnt have the answers it claims
Clearly Alan Beattie can put together a series of anecdotes well enough, but therein lies the problem. Read more
Published 4 months ago by Dr. R. Mootoosamy

5.0 out of 5 stars Counterfactually creative
This is an important book. Here's why: Beattie's insight is to show, using a deft mix of well chosen examples, that our fates are not pre-ordained, that with a slightly different... Read more
Published 4 months ago by Alistair Kelman

5.0 out of 5 stars Counterintuitive
An entertaining and insightful book explaining why the world is the way it is, and in particular why it isn't how we imagine it should be. Read more
Published 6 months ago by Neil Bradford

5.0 out of 5 stars A very good book.
I really enjoyed this book as I'm into books that deal with business stories. Alan Beattie has presented what could have been a complex and boring analysis of contrast in the... Read more
Published 6 months ago by Mr. M. D. Burton

2.0 out of 5 stars Nothing surprising in this book
As axiom-based and model-driven economics met its ignominious fate, economic history jocks emerged, ready to hawk alternative (hi)stories to the bemused public. Read more
Published 6 months ago by Aldo Matteucci

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