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The Capital Order
Book

The Capital Order

How Economists Invented Austerity and Paved the Way to Fascism

Clara E. Mattei
University of Chicago Press, 2022

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Recommendation

Most economists and investors view the modern economic order as a success. Sure, the rich are getting richer, but overall living standards have been on the rise around the world. Yet in this bracing study, economist Clara Mattei delivers a contrarian analysis. She asserts that, by using central bank policy and tax levels to control the economy, the powerful are enriching themselves and ripping off the masses. Mattei skillfully traces the roots of austerity programs to World War I, and she offers a thought-provoking take on the political and economic upheavals that have ensued in the century since.

Take-Aways

  • World War I upended established notions of capitalism.
  • In Britain during the Great War, the government rapidly nationalized the economy.
  • The about-face led to uncomfortable questions about the role of private capital.

About the Author

Clara E. Mattei is an assistant professor of economics at the New School for Social Research in New York City.

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