Karl marx

On 18 September 1873, the leading American bank Jay Cooke & Co collapsed after a disastrous bet on the railroad boom. Like the bankruptcy of Lehman Brothers in 2008, it was a watershed moment in an unfolding global financial crisis. Yet ‘the first Great Depression’, which lasted until 1896, is now mostly forgotten, despite some intriguing parallels to contemporary events and a fascinating dramatis personae, which includes the Rothschilds, Ottoman sultans and Otto von Bismarck. The Panic of 1873 and its aftermath took place in a period of financial globalisation and technological growth, with bond markets funding the epochal projects of America’s first transcontinental railroad and the Suez Canal. US railroads were the artificial intelligence investment of the day.

No one should be put off reading Patrick Cockburn’s remarkable biography of his father by its misleading subtitle. ‘Guerrilla journalism’ doesn’t do justice to its subject. The suggestion of irregular warfare from the left underrates Claud Cockburn’s great accomplishments in mainstream politics and journalism and doesn’t begin to embrace the romantic and daring complexity of his life and career. By late 1931, his eyewitness reporting at the start of the Great Depression convinced him that Marx was right Indeed, it is the journalist son’s signal achievement to have surmounted left-wing cliché and written a fascinating and subtle portrait of a paradoxical career.

Laughs are in short supply in the academic world unless that world is serving as the victim of satire. So full marks to the Swedish philosopher Nick Bostrom for loading Deep Utopia – his reflections on life in a ‘solved world’, perfected by technology and science – with self-mockery and slapstick. Bostrom isn’t the first to fret about the travails of extreme leisure. John Maynard Keynes feared that economic abundance would produce more disgusting aristo-like behaviour. It’s nice to see how mighty minds can be so wrong. Bostrom cites John Stuart Mill being seriously depressed by the prospect, as humanity solved its problems, of there not being enough music to keep everyone happy all day.

These days the world seems to end with staggering regularity. From the financial crisis to Brexit to Trump to a climate apocalypse to coronavirus: new eras are born faster than old ones can die. And yet, despite it all, the proletariat still haven’t bothered to rise up and overthrow capitalism. Worse still, many of them voted for an old Etonian with the middle name ‘de Pfeffel’. When will the oppressed masses learn? Perhaps, just perhaps, such questions aren’t helpful. For the left-wing political scientist Francesco Boldizzoni, rather than banging on about class consciousness, it’s time that a new consciousness dawned on a class of intellectuals who have confidently predicted capitalism’s downfall for two centuries, only to see it adapt and thrive.