Slouching Towards Utopia

DeLong's long 20th century goes from 1870 up until right after the financial crisis of 2008. In those 140 years humanity has made massive strides forward in technological improvements, quality of life and accumulation of wealth. The key change makers are: the research lab, corporations, and globalization. And so we're climbing towards an utopia, yet the further along we get on that climb, the more it becomes clear that a) we'll never be satisfied, and b) we don't agree on how to get there.

History and economic development is an oscillating climb. Two steps forwards (the gilded ages from 1870-to-WWI and WWII-to-1970) one step back (world wars). The highs seems to be tied to the lows and also the other way around. We need creative destruction in order to reinvent ourselves. And if we're doing too well, we reset our benchmarks for success, those on top get cocky, and discontent start to brew below. Economics growth followed by depressions.

This book is a fascinating attempt at a summary of the economy of the last 140 years. DeLong mostly tried to give a global picture, but still is too US-centric (it's always the same), especially in the last chapters. In addition, in the final chapters, he dives too deep into specific US political decision making, and loses his objective focus. Which was the guiding light for all the previous chapters. Still, I feel I learned a bunch, even though a lot of it was a bit overwhelming.

I feel I should read a primer on Keynes, Hayes, etc now
“The Market Giveth; The Market Taketh Away: Blessed Be the Name of the Market?”