'In the 1930s, great books were written on the economic policies necessary to save democracy, and Keynes's General Theory and Schumpeter's Capitalism, Socialism and Democracy are still on reading lists for students and general readers alike. But there are few modern counterparts. Bernard Connolly's new book will fill this gap.
Connolly does not take prisoners. He points out that the source of the financial crisis a decade ago lay in global developments and lays particular responsibility on Western policymakers. Most important of all, he explains why this happened in terms of an intellectual failure of much of the modern economics profession which, seduced by its own technical progress, failed to learn the lessons of the 1930s and failed to understand what was going on in the world around them. In their own understanding, the problem lay with the world and not with their models.
A unique feature of Connolly's work is his understanding of the historical origins of both the economics and politics that are driving current developments. It is unusual to find a very good economist who understands not only the intellectual origins of his subject but also political history. Even those reviewers who would disagree with his conclusions will recognise that they have learnt a great deal from the richness of his analysis and the force of his argument. This will be a book to read by anyone interested in political economy today - and surely we all ought to be concerned about what is going on in the world.'
Mervyn King, former governor of the Bank of England
'For many years Bernard Connolly's work has cut through the noise and shown unrivalled insight into what is really happening in Western economies. You Always Hurt the One you Love needs to be read by every policymaker as a necessary first step to understanding why we are in the fix we are in and how we get out of it.'
Lord Frost, former Cabinet minister and chief Brexit negotiator
'Recent developments in financial markets reveal again that mainstream macroeconomics has deep flaws. Bernard Connollys book offers an alternative approach which deserves wide attention.'
Otmar Issing, former Chief economist of The European Central Bank
'There are plenty of books already out on the subject of the causes of the rise of what the establishment refers to as populism and on the various ways we might save capitalism. Few are written, or likely to be written, by an economist with the depth of understanding of both the political and economic drivers of the shifting sands of the West as Bernard Connolly - or, indeed, with his forecasting record. His book displays a genuine understanding of the policy mistakes that have taken our current system to the brink of unsustainability - and offers a lifeline in the form of the policies that could pull us back from that brink. Connolly isn't going to find a willing audience for his ideas at the world's central banks. But he should certainly find a fascinated one among the ordinary people who have borne the brunt of their failures.'
Merryn Somerset Webb, senior columnist, Bloomberg
'Given that views are so different even among experts, what is the right economic policy in a democratic society? Simply put, we need a rethinking of macroeconomics, as Keynes did in the 1930s. Of course, it is a really daunting task, but we have to start it. What is needed is deep observation from a wider perspective, clarity of thinking, and honesty and courage to raise one's voice. Bernard Connolly has been doing exactly this over the past decades. I believe Connolly's new book, which synthesises and develops his ideas from the past two decades, will be a great contribution to much-needed work going forward for academics and policymakers - and it will allow a wider public to understand and assess the social and political implications of what those policymakers are up to.'
Masaaki Shirakawa, former governor of the Bank of Japan
'Bernard Connolly is one of the five most prescient global financial strategists in the world today. Everything he writes is light years ahead of the pack. Agree or disagree, his analysis regularly stirs the pot of the global economic debate.'
David Smick, founder and editor, The International Economy magazine, and New York Times bestselling author
'Bernard Connolly is a seer - one of the most penetrating intellects I have ever encountered. What he sees in his new book, and explains more clearly and compellingly than anyone, is how central bank policies based on a wholly inadequate academic theory have so distorted Western economies that capitalism itself, and the whole structure of our societies, is now in danger. Connolly combines rigour and passion with insight in his writing. This book matters. And it will be unmissable.'
Paul Tudor Jones, founder and chief investment officer, Tudor Investment Corporation; founder and sponsor, Robin Hood philanthropic foundation
