Book of the week: Backlash against democracy is nothing new

Book review: Age of AngerPankaj Mishra’s long-term historical approach is a refreshing contrast to those who solely blame short-term causes.

Dr Matthew Partridge
By
published
in Features

831-Age-of-Anger-100

Published by Allen Lane, £20

Buy at Amazon

The past few years has seen a swing away from liberal democracy. In the Middle East, the pro-democracy protests of the Arab Spring gave way to the savagery of Islamic State. Populist and far-right movements have surged in the West, putting Donald Trump in the White Houseand Marine Le Pen on the cusp ofthe lyse.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

In Age of Anger: A History of the Present, Pankaj Mishra argues that this backlash against democracy and globalisation is nothing new. Ever since the enlightenment began in the 18th century, there have been periodic backlashes against free trade, capitalism and an open society, he says. What's more, cheerleaders for these ideals underestimate their drawbacks, and in many cases only support them for selfish reasons. For example, the French philosopher Voltaire was an elitist who only wanted a place alongside the aristocracy for himself, and was horrified by the idea that "shoemakers and servant girls" could themselves deserve rights.

Mishra's long-term historical approach is a refreshing contrast to those who solely blame short-term causes, such as Syrian refugees or the delayed after-effects of the great financial crisis. It's hard to deny the family breakdown and creeping inequality are serious problems, and are undermining the very framework needed for enterprise and trade to flourish. However, Mishra's pessimism is perhaps excessive. After all, despite recent setbacks, nearly everywhere in the world is more democratic, and significantly richer, than it was 40 years ago.

Dr Matthew Partridge
Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri

Latest