Extreme Economies
What Life at the World's Margins Can Teach Us About Our Own Future
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4.0 • 2 Ratings
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- $11.99
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- $11.99
Publisher Description
A New Statesman best book of the year | New York Times Editors' Choice pick
A Financial Times best economics book of 2019
An accessible, story-driven look at the future of the global economy, written by a leading expert
To predict our future, we must look to the extremes. So argues the economist Richard Davies, who takes readers to the margins of the modern economy and beyond in his globe-trotting book. From a prison in rural Louisiana where inmates purchase drugs with prepaid cash cards to the poorest major city on earth, where residents buy clean water in plastic bags, from the world’s first digital state to a prefecture in Japan whose population is the oldest in the world, how these extreme economies function—most often well outside any official oversight—offers a glimpse of the forces that underlie human resilience, drive societies to failure, and will come to shape our collective future.
While the people who inhabit these places have long been dismissed or ignored, Extreme Economies revives a foundational idea from medical science to turn the logic of modern economics on its head, arguing that the outlier economies are the place to learn about our own future. Whether following Punjabi migrants through the lawless Panamanian jungle or visiting a day-care for the elderly modeled after a casino, Davies brings a storyteller’s eye to places where the economy has been destroyed, distorted, and even turbocharged. In adapting to circumstances that would be unimaginable to most of us, the people he encounters along the way have helped to pioneer the economic infrastructure of the future.
At once personal and keenly analytical, Extreme Economies is an epic travelogue for the age of global turbulence, shedding light on today’s most pressing economic questions.
PUBLISHERS WEEKLY
Davies, a former economics editor of The Economist, debuts with a well-curated, globe-spanning study of nine irregular financial systems to understand where the modern world is headed. In the book's first section, Davies examines informal economies in Aceh, Indonesia, where tsunami survivors have transformed international aid into entrepreneurial success; the Syrian refugee camp Zaatari in northern Jordan, where smuggling fuels a thriving barter system; and the Louisiana State Penitentiary at Angola, where inmates have developed innovative currency markets. The second section investigates resource-rich sites the Darien Gap bridging South and Central America, Democratic Republic of Congo capital city Kinshasa, and Glasgow, Scotland where successful economies have either failed to develop or collapsed. The third and perhaps most compelling section examines the leading edge of societal trends including aging populations (Akita, Japan), advanced technologies (Tailin, Estonia), and extreme inequality (Santiago, Chile). In each location, Davies keeps his perspective on broad, and often disturbing, historical trends while celebrating the resourcefulness of the individuals and communities he profiles. His analysis is straightforward enough for general readers to understand, while businesspeople, economic forecasters, and policymakers will find his insights imminently applicable to their own work. This ambitious and thought-provoking guide helps to make sense of the economic future.
