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.
Published by Allen Lane, £20
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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

-
We visited a food bank providing a lifeline to struggling households – how you can support Trussell this ChristmasMoneyWeek is supporting anti-poverty charity Trussell for our 2025 Christmas charity appeal. We spent the day at a Trussell food bank to see first-hand the important work that they do in providing a lifeline for those in need.
-
Big Short investor Michael Burry warns of an AI bubbleProfile Michael Burry rightly bet against the US mortgage market before the 2008 crisis. Now he is worried about the AI boom