The Shifts and the Shocks is the tour d’horizon of the new world economy that only Martin Wolf could write. It cements his status as among our most farseeing and imaginative economic commentators. Wolf makes us see how partial and confused our view of the economic events of the last five years has been. No other book offers such a thoroughly global perspective, nor one that understands the connection between the macroeconomics and the financial system with Wolf’s level of sophistication and insight. It is not a book for those looking for a cheerful prognosis on the future of the European Union, or any number of other vital issues hanging fire, and it offers solutions that will seem extremely radical to some, but neither is it without hope.

The new global economic order is lifting tens of millions of people out of poverty and creating new winners and losers at an unimagined scale and pace. It’s simply high time, indeed past time, for our economics to keep pace with our economy. Now, with The Shifts and the Shocks, it has. (less)