Coming soon: The New Statesman Century

Weidenfeld & Nicolson's 100th anniversary book will feature contributions from George Orwell, Virginia Woolf, John Maynard Keynes and Hugh Grant.

 

From Weidenfeld & Nicolson: 

Weidenfeld & Nicolson to publish

THE NEW STATESMAN CENTURY

Alan Samson, Publisher Non-Fiction, has bought World Rights from Sophie Lambert of Tibor Jones & Associates for THE NEW STATESMAN CENTURY  edited by the magazine ‘s own editor, Jason Cowley. The book will be published by W&N in August 2013 to mark the magazine’s centenary year.

THE NEW STATESMAN CENTURY will celebrate 100 years of stellar and influential journalism with a fascinating selection of the most interesting, groundbreaking and amusing writing to have appeared in the magazine.  Contributors include George Orwell, WB Yeats, HG Wells, Virginia Woolf, Graham Greene, Christopher Hitchens, Gabriel Garcia Marquez, Richard Dawkins and Hugh Grant.

No British periodical or weekly magazine has a richer and more distinguished archive than the New Statesman, which has long been at the centre of British political and cultural life.  If not quite at the centre, then at the most energetic, subversive end of the progressive centre-left.  

Most of the great political and cultural writers of the last 100 years or so have written for the New Statesman.  Many have been on its staff or were associates of it: HG Wells, George Bernard Shaw, John Maynard Keynes, V.S. Pritchett, Paul Johnson, Christopher Hitchens and John Gray.  Many of the radical causes of our times were launched in association with or in the pages of the New Statesman -.  for example, the Campaign for Nuclear Disarmament (CND) and Charter 88.  There is, too, a rich history of illustration and cartoons to draw on, from Low's sketches of the great and the good to the gonzo art of Ralph Steadman and Will Self's early comic strips.

The book is much more than an anthology.  It tells the story of the New Statesman century, from the eve of the First World War to the long aftermath of 9/11 and the Great Recession through which we are still passing.  It looks forward as well as back, offering a unique and unpredictable perspective on a tumultuous century.

Jason Cowley said: “We are delighted to be collaborating on this project with Weidenfeld & Nicolson, a publishing house as distinguished and venerable as the New Statesman itself. The book should delight anyone with an interest in good writing, and the history, politics and literature of a tumultuous century.”

Jason Cowley is a journalist, magazine editor and writer.  He became editor of the New Statesman in October 2008. Before that he was the editor of Granta magazine and a senior editor and writer on the Observer. In 2009 and 2011 he was named editor of the year in the Newspaper and Current Affairs Magazines category at the British Society of Magazine Editors awards. He is the author most recently of a memoir, The Last Game (2009).

Published by W&N in August 2013 at £20 in hardback and £10.99 in eBook. For further information please contact Helen Richardson on 0207 520 4449 or email helen.richardson@orionbooks.co.uk

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump