Overview

Political economy is a vibrant field of study in which one can draw worrying and profitable conclusions. After the Great Recession: The New Normal is the hybrid of a passionate left-leaning pamphlet and an academic essay in political economy. It brings together in a legible synthesis wide ranging readings to clarify and answer key questions, generating new ones. Why does neoliberalist economy blow bubbles, only to burst them by blowing new ones? How was cheap energy from fossil fuel the cradle of modern economic growth and hegemony? Here writes a fellow seeker with unfailing curiosity and an inquiring mind sustained by hope to build a new society based on mutual aid and shared ethical rules. Mutuality is the second law of the jungle, assisting group survival. This insightful, provocative and timely book provides a comprehensive view of the devastating 2008 financial crisis and its lasting impact on our world and the economy. As well as the nature of capitalism and its financialised version, she considers how environmental changes impact the ability to govern humanity, and what constraints for access to materials and energy may mean for civilisation’s future. The history of several oil shocks is researched, secure energy supplies being a primary driver for geostrategic strategies. The book suggests fossil fuel may not be available and/or profitable to extract in the quantities required long before renewable energy is able to substitute for it. Financialised capitalism, plagued by cycles of boom and bust damaging the real economy, is crashing in slow motion. It is urgent to agree on simplified political structures that may help us face the decline foretold in ‘Limits to Growth’, half a century ago, and prepare for future re-building. After the Great Recession: The New Normal appeals to its audience with a stoic and constructive voice so that we may eventually come together for a better outcome for us all.

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9781803136134

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Cecilia Clementel-Jones is a psychiatrist and psychotherapist who left her native Bologna in Italy to train and work in London during the seventies and worked 30 years for the NHS. The impact of the 2008 crisis and subsequent recession altered, not for the first time, her world. Wide ranging research, from economics to sociology, from psychology to ethics, is distilled in this cultured, committed and stimulating book.

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