Best books… Merryn Somerset Webb
The commentator and editor-in-chief of MoneyWeek chooses five books on
late capitalism. Her book Share Power: How Ordinary People Can Change the Way That Capitalism Works – and Make Money Too is out now
The Wealth of Nations
by Adam Smith, 1776 (Penguin £9.99). No discussion of modern capitalism can be had without reference to this. Every brilliant part of it (globalisation, comparative advantage) is mentioned here, as are the downsides we still complain about today (price fixing, monopolies and so on). A bestseller in its time – and an easier read than you think.
Woke, Inc: Inside the Social Justice Scam
by Vivek Ramaswamy, 2021 (Swift Press £20). The world is full of calls for companies to think more about stakeholders – suppliers, staff and community groups – and less about shareholders. Sounds good. But the result is big firms interfering in politics and democracy. Ramaswamy makes a convincing case for old-school shareholder capitalism.
Youthquake: Why African Demography Should Matter to the World
by Edward Paice, 2021 (Apollo £25). Populations are falling in many countries, but in much of Africa they are still soaring. That’s going to mean change for us all. Intensely researched – and very important!
Empty Planet
by Darrell Bricker and John Ibbitson, 2019 (Robinson £10.99). The other side of the demography story. Most people worry about global population
explosion. In fact, fertility trends suggest the global population will peak earlier and at a much lower level than previously thought. Quite soon our problem globally will be not too many people, but too few. Also very important.
More: the 10,000 Year Rise of the World Economy by
Philip Coggan, 2020 (Economist Books £10.99). Would the world be better if everyone stopped striving when they had enough? Coggan says no. To drive the innovation that gives us growth – and better lives – history tells us we need people who always want more. An unfashionable but excellent call for governments to leave capitalism alone.