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Book Review: The Failed Experiment, by Andrew Fisher


This book was published in 2014, predating the 2015 General Election. It is an easy to read account of the events leading up to the 2008 financial crash and the systemic failings that created the environment in which the crash could happen.

The experiment that failed was the neo-liberal agenda and the deregulation of the finance industry.

Fisher then explains the events since then, including why quantative easing has not been successful.

The full title is “The Failed Experiment And how to build an economy that works.” Fisher observes that quantative easing is simply the creation of liquidity by the issue of government bonds.

He suggests that for much less money than has been created for quantative easing bonds could be issued to nationalise key industries such as the rail industry. Bonds could also be used for local authorities to purchase rented properties to provide security of tenure to tenants.

A state bank could offer loans to industry much cheaper than at present AND pay investors a better return on their capital deposited at the state bank. There are lots of good ideas to support co-operatives, strategic industries, education and the like.

Best of all, Andrew Fisher is now an economic adviser to Jeremy Corbyn and John McDonnell!

Published by Comerford and Miller ISBN 978-1-871204-28-5

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