But the interest of Fixing Global Finance goes beyond the masterful exposition of these macro imbalances. It marks the start of a big moment of questioning of the ‘good liberal ideology’. The world looked promising ten years ago: the spread of trade and the rule of law were lifting millions out of poverty.

This may have upset conservatives who see in progress the destruction of cherished traditions, and also egalitarian social democrats who are impatient for more distributive justice, and faster. But the good liberal had a strong sense of being with the angels in welcoming the progress that raises the welfare of the poor, and with the ‘realists’ in seeing honest, disciplined government and profitable business as the right agents of change.

Wolf sounds a first note of caution: the free flow of hot capital combined with the policy freedom of flexible exchange rates to create truly destructive financial crises at a rate unimagined when this era was first theorised in the late 1960s. Nations insuring against such vicissitudes have created the imbalances which may destroy global capitalism.

Wolf has lately become fond of quoting Keynes: ‘When the facts change, I change my mind. What do you do, sir?’ One continuing fascination of reading Wolf – here and in his columns – is how far the change of mind of the good liberal will go. In Fixing Global Finance, there is real sympathy for the notion of national autonomy. More recently, Wolf has become anti-banker, pro-stimulus, pro-nationalisation. He has developed these positions with all the honesty and clarity of someone looking for understanding, not effect.

Keep reading Wolf to catch a once-attractive 20th century creed in full mutation.

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