06/24/2024

In this stimulating inquiry, Collier (The Future of Capitalism), a public policy professor at Oxford University, explores how to turn around the fortunes of economically distressed regions. Cautioning against putting too much stock in any single approach, Collier argues that in the 1980s American and British legislators’ unfounded confidence in Milton Friedman’s monetary ideas caused currency appreciation that resulted in the deindustrialization of such steel towns as Pittsburgh and South Yorkshire. Instead, Collier encourages lawmakers to experiment with what strategies work for their locale, discussing how Chinese statesman Deng Xiaoping transformed his country’s economy by assigning a party chief to each of China’s 40 districts, requiring each chief to devise methods for meeting a variety of civic goals, and then spreading successful strategies to other districts (though it’s an oversight that Collier doesn’t discuss what some of those strategies were). Still, the case studies do a competent job of illuminating the myriad factors that contribute to a region’s prosperity (or lack thereof), and the takeaways are relatively straightforward. For instance, Collier illustrates the big difference that “little platoons” can make by describing how a group of six people formed the Spanish worker cooperative Mondragon in 1956, which has since grown into a powerhouse that’s transformed the Basque region’s economy. It’s a thought-provoking complement to Nick Romeo’s The Alternative. (Aug.)

"Paul Collier shows how centralized authority and economic orthodoxy have hollowed out communities and deepened the divide between prosperous and neglected places. Ranging across politics, economics, and moral philosophy, he offers a compelling vision for renewal. This tour de force book points the way to a political economy of shared prosperity and common purpose."—Michael J. Sandel, Author of The Tyranny of Merit

“Practical lessons for how neglected places can be drawn back into the mainstream. Collier’s vision of a more inclusive and prosperous world is alluring. This book tells us how we might get there.”—Raghu Rajan, professor of finance, Booth School of Business, University of Chicago

"Being left behind is a curse on people, places, and even whole countries. Paul Collier brings his astonishing range of global experiences and interdisciplinary knowledge to forge a guidebook for catching up. He challenges the belief that the market is a trustworthy remedy and catalogues the many collective strategies that have worked in the past and can work again. Great wisdom lies herein."—Sir Angus Deaton, Nobel Laureate for Economic Sciences

"Paul Collier has written another brilliant, must-read book for anyone interested in human progress. I greatly enjoyed this book, you will too."—Baroness Dambisa Moyo, Author of Dead Aid

"Brilliant, orthodoxy-upending …this book is a compelling and practical manifesto for a better future. It is not only required reading but demands action."—Andy Haldane, Chief Executive, Royal Society of Arts

"Another tour de force from the acclaimed author of The Bottom Billion. Reading the book left me with a sense of optimism and hope that those who get left behind need not stay that way."—Ngozi Okonjo-Iweala, Director-General of the World Trade Organization

"A wide-ranging account of why societies have gone so badly wrong in the early 21st century by emphasizing individualism, and an ambitious – but essential – agenda for tackling some of the problems."—Professor Diane Coyle, Author of GDP: A Brief but Affectionate History

"In this brilliant, passionate, angry book, Paul Collier makes a deeply unfashionable but completely convincing case for hope. Drawing on a wide range of fascinating/persuasive/hugely interesting case studies from across the world Collier shows that with appropriate support left behind places can “spiral up” – rebuilding their communities and their economies through respect, hard work and good governance. In the process he draws on the latest research to show us what good states look like and how they operate. A manual for the future for all of us."