Shutdown: How Covid Shook the World's Economy Paperback – 30 Mar. 2023

I read Adam Tooze's Chartbrook newsletters and devoured Crashed, a superb book. Shutdown is no less important a read, although far more topical.Shutdown is about the challenge of Covid19 to a world still shaking from the 2008 financial and mired by extraordinary political uncertainties - Trump, Brexit, Middle East, Turkey / Erdogan and many others. It is also a story about how the vaccine was developed in the west, China and Russia but how poorer countries have been expelled from the use of that vaccine and, although some funds and loan were forthcoming, they remain under the cosh of the virus.The world's institutions are shown to be seriously imperfect. This may have already been known but the virus triggered a technological response which was required and successful but the ultimate use of technology, as Tooze so wisely shows, has been variable in the extreme. The dominant sign of the times is that the west and the incredible rise of China is unhinging the world along with its pummelling of nature (from a standpoint of environment as well as diseases). The world is in a mess despite its greater wealth, so unequally split across the world and within nations. It is a situation that is worsening and Tooze shows how, in times of great stress, such as the Covid19 pandemic, the world's institutions are unable to bring together public and private partnerships to resolve it.My impression is of a world divided into so many groupings, many antipathetic to working with each other (notably the Republicans in the US, which Tooze rightly demonizes as incapable of imaginings vistory on democratic grounds and focused purely on division and remapping the US into non-democratic fiefdoms). "We ain't seen nothing yet" is his final statement. We have seen a lot, of course, much if it completely unedifying but Tooze is right to express his concern that the future offers so many uncertainties (natural, human-made and the combination of the two allied to human frailties that come to the fore throughout) that, while we may learn lessons from the past, the future will make us forget many and forge its own path.

Or you could reverse those two adjectives. I'm a big fan of Adam Tooze's books, and this one is probably even better than his others, perhaps because of the scale of the issues it addresses. It might seem a little premature to be writing on the economic impact of Covid, but in fact the quality of near real time, insightful and deeply informed analysis brings significant, immediate value.The author is aware that his readers will have followed events closely and doesn't re-report them, reminding us briskly and effectively of key moments and how they affected economic and financial decisions. Which is not to say that it is in anyway inhumane or coldly logical; on the contrary, his own humanity shines through and he takes care to outline the human consequences of both plague progress and policy decisions.They say that an impartial account is one that accords with one's own prejudices, and if that is so then this is an impartial account for me. In particular, the change from monetarist post 08 policies that did nothing more than exacerbate inequality, to fiscal solutions that distribute money direct to individuals and the services they need, is recounted in detail. Even the Germans eventually succumbed, in one of Merkel's abrupt turnabouts which made for interesting reading. Also interesting is the way that the QE merry-go-round provided artificial liquidity to fund things like unconditional cash payments to unemployed US workers and furlough payments elsewhere.This huge change in political philosophy, a reversal from the disaster of pure monetarism, must surely now be permanent and hence there is a lot in here that will help in looking to the future. Also, of course, there is the role of China. To be fair I don't think he says a lot that you won't already know (the importance of its economy versus the security and humanitarian threats posed by CCP behaviour) but even so his perspective is helpful.So, if you're hesitating (and it is expensive for a Kindle book) I would highly recommend clicking on buy.

The book does an excellent job of recapping the Coronavirus crisis and placing it in wider context. He lucidly and engagingly explains the financial crisis of March 2020, which was terrifying to insiders and completely opaque to outside observers. He also explores the social impact of the virus itself and points to original ways of understanding it as a historical moment.Tooze is probably the most readable and exciting historian writing in English today, and I would recommend not just this but his other books as well. His work focuses (each book in radically different ways) on the politics and political economy of elite technocracy in America and Europe, as leaders deal with challenges both from within their own states and without, cooperating to construct (or vying to disrupt) rival international orders. As it is considerably shorter than his other books it would work very well as an introduction.

Very informative account of pandemic with very useful data

For such a recent period of history the author shows an incredible lack of doubt about his views. His criticical abilities are blinded by his political bias. There is no attempt to evaluate the effectiveness of different potential responses to the crisis. It was a stunningly disappointing read.

Simplistic and badly written.

Simply amazing. Tooze never disappoints; he astounds. I am always wiser for the reading. Can’t wait to see what’s next.

An excellent look at the broader arcs of history and that challenges we will need to come to terms with in the coming years

Perhaps this book was written too early in the pandemic, which of course continues. Tooze is an excellent economist and teacher. He writes clearly. But here, I fear, he put hands on the keyboard while the impact was still in development. For that reason, the book is informative to a point.His great book is about the financial crisis of 2007=2009 called Crash and that is a high recommendation.

My first book by Tooze and I’m a fan. You need to read this if you’re under the delusion that the US handled it well. Read before you vote in November!

A true history of present times : a brilliant and overarching view of the difficult economical and political challenges that we need to face