Balwyn Booktalk. 12 October 2009

Here's what we talked about...

LISA

Quick, Amanda

Affair

Isaacson, Rupert.

Horse boy

Kitchen, Leanne.

Recipes from the baker

Recipes from the butcher

Recipes from the dairy

Recipes from the greengrocer

HUGH

Abercrombie, Joe.

The blade itself

Before they are hanged

Last argument of Kings

Bayard, Pierre.

How to talk about books you haven’t read

Ansary, Tamim Mir.

Destiny disrupted

De Botton, Alain.

The pleasures and sorrows of work

FIONA

Abbott, Jeff.

Cut and run

Corbin, Julie

Tell me no secrets

Helton, Peter

Headcase

Le Vay, Benedict.

Britain from the rails

Review: The ascent of money.

The Ascent of Money: a financial history of the world
Niall Ferguson

You might remember Ferguson as the author of such titles as Empire: how Britain made the modern world and Colossus (subtitled ‘the price of America’s empire’ in the US edition and ‘the rise and fall of the American empire’ in the UK edition).

In The ascent of money, Ferguson lays out a chronological history from the Babylonians’ clay tablets recording loans, through the invention of coinage, then paper money, government bonds, the joint-stock company, insurance and finally, the hedge fund.

Whilst all this sounds rather dry, Ferguson manages to recount the world’s financial history in an engaging, clear manner. The relationship between the bond market and general interest rates, for example, is much clearer to me now, as is the way that hedge funds operate. Whilst there is an increasing amount of jargon as the book progresses, it is still relatively easy to understand what Ferguson is saying when he tries to explain the incredible complexities of “mortgage backed securities” and how they managed to take down a great deal of the financial system recently.

Ferguson is clearly a fan of modern finance and what it has enabled humans, through governments and join-stock companies, to achieve, but he is no market fundamentalist. Ferguson repeatedly points to the shortcomings of our various financial tools, including stock and bond market bubbles, hyper-inflation and excessive leveraging. All of these arise from the simple fact that “Homo economicus” is a figment of classical economists’ imaginations and it is in fact Homo Sapiens that participates in and runs our economies and financial systems.

In later chapters Ferguson points to recent work in economic theory that looks at its evolutionary nature – treating economies as ‘ecosystems’. A much deeper investigation into this fascinating and fairly new field of economic research was published by Eric D. Beinhocker in his 2006 book The origin of wealth: evolution, complexity and the radical remaking of economics.

The thing that makes The Ascent of Money so interesting for me, though, is that Ferguson shows how something as seemingly mundane as finance can have unexpected repercussions upon broader political and social history. Amongst other things, Ferguson posits that the French Revolution and resulting Napoleonic wars, the First and Second World Wars, the demise of the Spain and her empire, the rise of the Netherlands and the Britain and their empires, the collapse of South American into dictatorships and the decline of China in the eighteenth and nineteenth centuries can all be traced to financial systems and decisions.

The Ascent of money, whilst focussed mostly on the Anglosphere, provides a broad sweep of history through the prism of finance. After reading it you will be better able to understand just exactly how the ‘credit crunch’ became the ‘global financial crisis’ and what it all might mean in the future.

Reviewed by Hugh

Review: Keep the Aspidistra Flying

George Orwell; Keep the Aspidistra Flying

When we think of Orwell, two important literary works spring to mind. His name conjures images of dystopian societies, inherent corruption of political regimes and a characteristically satirical style which forges strong emotional connections between the reader and the book. ‘Keep the Aspidistra Flying’ differs from these with the central concern of the book being that of human nature and the individual. Its themes, while overtly political at times, are bound up with ideas relating to economy, and the repercussions of economy on the individual. Satire is not absent, but can be recognised only through the development of the book where we grow to transform our opinions of Gordon Comstock, the loathsome but loveable (depending on the chapter) protagonist.

‘Keep the Aspidistra Flying’ was reputedly a work of which George Orwell himself was ashamed, later defending it’s publication as an event which was catalysed by pure poverty and need.

This book urged me to ask some vital questions, such as; to what degree are our political ideals fashioned by our own economic status? Is every socialist in a liberal society a hypocrite because he thrives on the wealth of a political policy that he has been so unsuccessful in demolishing? Does poverty inherently breed greed and crime? To what degree can we separate our identity from our bank accounts? What is more unappealing; a man who makes money or money that makes a man?

As we watch the protagonist reject the ‘nine to five’ way in attempt to pursue a more humble lifestyle where he can consider himself an artist rather than someone defined by a ‘respectable job’, we see his creativity and vigour for life (crucial to anyone, but mostly the artist) fade away with his will to write. This book serves as a dreary reminder that almost all of our physical and psychological instincts can, in modern society, only be satiated through the acquisition of money. Whether or not our generation can recognise the symbolic importance of the recurrent ‘Aspidistra’ motif throughout the novel, we can be certain that the books basic premise is as timeless as his others; whether it’s a hearty lunch with friends, a place to live or a good book; love it or loathe it; it all comes down to money.

I would recommend this book to anyone who enjoys novels infused with political commentary, anyone who’s wealthy or poor and all starving artists and students. If you enjoyed ‘Down and Out in Paris and London’ (Orwell), you are bound to enjoy this impartial narrative even more.

Reviewed by Tammy

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Review: The art of racing in the rain by Garth Stein

THE ART OF RACING IN THE RAIN by Garth Stein.


In Garth Stein’s new novel, the narrator is the family dog, named Enzo. Enzo, a shepherd-poodle-terrier cross, is old and death is approaching. He takes stock of his life and tells the story of his family.

He has spent years watching day-time TV – mostly documentaries & the weather channel so he knows about the world beyond his home in Seattle. His owner, Denny, is an aspiring race car driver & together they have watched hours of race footage. By listening very closely to his master he has gained tremendous insight into the human condition, and he sees that life, like racing, isn’t simply about going fast. Using patience, control & intelligence, all qualities needed on the race track, one can successfully navigate all of life’s ordeals.

Deeply frustrated by the limitations imposed by being a dog (& an obsession with opposable thumbs) he takes to heart something he learned on TV.

“In Mongolia, when a dog dies, he is buried high in the hills so people cannot walk on his grave. The dog’s master whispers into the dog’s ear his wishes that the dog will return as a man in the next life. The his tale is cut off and put beneath his head, and a piece of meat or fat is placed in his mouth to sustain his soul on its journey; before he is reincarnated, the dog’s soul is freed to travel the land, to run across the high desert places for as long as it would like.

I learned that from a program on the National Geographic channel, so I believe it is true. Not all dogs return as men, they say; only those who are ready.

I am ready.”

Bad things happen to good people in Enzo’s story – but it is told with humour, humanity & compassion.

Despite the themes it is not necessary to be either a dog lover or a fanatic about car racing to enjoy this book. I must admit to actively disliking car racing.

This book has been compared with “Charlotte’s web’ & “Of mice and men”, perhaps a little flattering, but nevertheless, an ultimately uplifting story of family, love, loyalty and hope.

Reviewed by Julie.

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