Reviews Round-up

The critics' verdicts on Jaron Lanier, Michael Axworthy and Jane Dunn.

Who Owns the Future? By Jaron Lanier

Jaron Lanier’s latest book has received critical acclaim for its unique inquiry into the information economy. He writes about economic imbalances on account of online corporations such as Google, Amazon and Facebook dubbed “Siren Servers” which have hoarded valuable data from its customers in exchange for the use of their services, denying them remuneration for this information.

James Harkin of the Financial Times observes Lanier’s scepticism over the power of the internet to spur widespread economic growth. He states Lanier “complains that the latest waves of high-tech innovation have not created jobs like the old ones did” adding that the conventional “'levees' that protected us from economic devastation are being swept away by this digital free-for-all.”

The Observer’s John Kampfner states Lanier’s book has pointed out the presence of an internet “ruling class” as a factor of serious consideration by “policymakers and technologists.”Kampfner adds that "our insatiable demand for information and entertainment and for access to instant communication has come at a heavy price. Most people don't know they're paying it.” 

Lanier’s book proposes a method to balance what the Guardian’s Laurence Scott describes as “capitalism…gone digital.” Lanier suggests that a small royalty sum should be paid to each customer when they part with information used by the company in a similar method to focus groups used by market research firms.  Scott commends the book for producing an "inspiring portrait of the kind of people [in a] democratic information economy.” He adds Lanier’s hypothesis implies that “if we are allowed to lead absorbing, properly remunerated lives, we will likewise outgrow our addiction to consumerism and technology.”

The Telegraph’s Matt Warman highlights Lanier’s doubts that this system of remuneration could result in us “reclining in the lap of luxury” but commends Lanier’s hypothesis for the future as “persuasive” and one which cannot be disputed “until we get there.”

Daphne du Maurier and Her Sisters by Jane Dunn

 

The Independent’s Helen Taylor praises Jane Dunn’s biography of Daphne du Maurier for its inclusive study of the three du Maurier sisters - Angela, Daphne and Jeanne during “a period of class and gender upheaval, and the sisters' response to social change.” She notes how biographies of artists “often ignore the interaction with siblings in favour of parent-child bonds” and adds the strength of the book lies in accounting for tense relations between the three sisters of on account of their mother Muriel’s favouritism towards Jeanne.

Nicholas Shakespeare relishes Jane Dunn’s biography Daphne du Maurier and Her Sisters in the Telegraph and gushes how “Dunn, one of six sisters herself, has written before of sisterhoods”. He states she understands that “it is sisters who weave the most complex web of love and loyalty, resentment and hurt.” Shakespeare concedes that her portrayal does “sag in places” but it is a feat of organisation – flamboyantly explaining that Dunn succeeds in keeping, “each du Maurier sister separate and yet still bubbling at the same intensity, like three temperature charts.” Thus the overall effect of “her triptych is sensitive and sympathetic.” It is described as a compelling biography, with Shakespeare highlighting psychoanalytical themes including the du Maurier girls’ relationship with their father, their "forbidden" sexual experiences and dreams of child rebellion.

In contrast, Rachel Cooke in the Guardian  provides a damning and sparky review of this latest installment that tries to establish the lives of the du Maurier sisters. She writes matter of factly that, “Dunn has nothing much that is new to say about Daphne. This version of the writer is just as introverted and as selfish as the last.” Cooke points out that Dunn's most surprising discovery is the fact that the sisters were not rivals in adulthood, especially considering the fact that they grew up in a household where "histrionics were a way of life". The longueurs in the biography, as Cooke puts it, are mostly down to the problematic organisation of the book. Cooke criticises the way all three women are dealt with at once, and chronologically, rather than in separate sections, which gives Dunn’s narrative “a fatal blow”. She concludes how, “Bing, that great mistress of narrative pace, would have rolled her eyes at this book, and set about its more laboured passages with a sharp, red pencil.”

Revolutionary Iran: A History of the Islamic Republic by Michael Axworthy

James Buchan praises Michael Axworthy in the Guardian  for his “calm and literate portrait of the Islamic Republic,”and explains how the central thesis in Revolutionary Iran is that, “certain long-lived chickens are coming home to roost.” The Persian nezam or system is under threat, and for Axworthy the turning point in Iran was the 2009 Presidential election – in which Khomeini's policy of balance between the factions in favour of "naked force" alienated the ruling clique, which served to weaken the republic. Buchan describes Axworthy as, “an academic historian, and sometime British diplomat” who “avoids the grand schemes and theories that have so clouded the study of Iran.” Buchan notes that Axworthy’s theory of the 1979 revolution has parallels with Tancredi in Tomasi di Lampedusa's novel The Leopold: "If we want things to stay as they are, everything must change."

The Economist writes that Axworthy mined newly opened archives effectively, balancing “scholarly precision with narrative flair”, exposing the failure of Western governments to keep abreast of fast-changing events, including the episode whereby the Iranian hostage-takers were astounded to find that none of the four CIA officers in the American embassy in Tehran could speak Persian. Axworthy is lauded for his description of the Iran-Iraq war, in which he draws on first-hand accounts of key military personnel, and challenges the contention that the Iranian air force was inept. The Economist’s analysis is that Axworthy breaks from James Buchan’s thesis that Khomeini was bent on exporting Islamic government to Iraq, “arguing instead that he saw the conflict as a just war to fend off a real threat.” Overall, the verdict is that Axworthy’s “analytical approach helps demystify a revolutionary regime that has needed to feed off myths.”

According to David Shariatmadari in this week’s issue of New Statesman, Axworthy has confirmed “his position as one of the most lucid and humane western interpreters of Iran writing at the moment” and is good at putting Iran into context. A narrative with “plenty of historical echoes” is formed and Axworthy makes modern parallels, which is “important as [Iran] is too often seen as exceptional.” Sameer Rahim reiterates this sentiment for the Daily Telegraph, endorsing it as a book packed with gobbets of information and policy advice on how to deal with Iran, and that it “feels like a book designed for William Hague’s bedside table.”

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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

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