Reviews
"Utilizing a very long telescope, one that sees back as far as the DarkAges, Fischer investigates the history of price changes to expound on afascinating theory that can possibly foretell nothing less than the furture ofthe United States, whether we're headed for an era of greater prosperity, or acatastrophe like that of the Great Depression.... Economics has been called thedismal science, but Fischer's work offers a cautionary story that is readilyunderstandable and surprisingly compelling to the general reader."--TheHerald, "A bold overview of how ordinary men and women have been protagonists in a drama that was (in retrospect) nothing less than the modernization of economic life."--Civilization, "The breadth and depth of Mr. Fischer's knowledge, his facility withlanguages and his expertise in handling both quantitative and qualitativeevidence exemplify the historian's craft.... He has described the past andpresent in ways that inspire interesting questions and offer novel insights intoour condition. Can a historian make a finer contribution?"--Thomas J.Archdeacon,The New York Times Book Review, "Very persuasive....A major work that deserves the attention of all historians."--Nancy Gordon, Bloomberg Quarterly"This year's best book for investors."--The New York Times Annual Survey of Books in Business and Economics"A powerful piece of historical analysis and ought to become part of everyone's framework of understanding."--New Statesman and Society, "Utilizing a very long telescope, one that sees back as far as the Dark Ages, Fischer investigates the history of price changes to expound on a fascinating theory that can possibly foretell nothing less than the furture of the United States, whether we're headed for an era of greaterprosperity, or a catastrophe like that of the Great Depression.... Economics has been called the dismal science, but Fischer's work offers a cautionary story that is readily understandable and surprisingly compelling to the general reader."--The Herald, "No economist or historian will agree with everything [Fischer] says. Many will vehemently disagree; but most will learn a great deal."--Lexington Herald-Leader, "No economist or historian will agree with everything [Fischer] says. Manywill vehemently disagree; but most will learn a great deal."--LexingtonHerald-Leader, "After reading this superbly written and potentially controversial book,you'll never glare at a price tag in quite the same way again."--San FrancisoExaminer, "The breadth and depth of Mr. Fischer's knowledge, his facility with languages and his expertise in handling both quantitative and qualitative evidence exemplify the historian's craft.... He has described the past and present in ways that inspire interesting questions and offer novel insightsinto our condition. Can a historian make a finer contribution?"--Thomas J. Archdeacon,The New York Times Book Review, "After reading this superbly written and potentially controversial book, you'll never glare at a price tag in quite the same way again."--San Franciso Examiner, "It is rare to find a history book that tells an important story withoutputting you to sleep, especially perhaps if the subject is economic history. ButDavid hackett Fischer's The Great Wave is just such a book, both informative andcompelling."--Stanley W. Angrist, The Wall Street Journal, "The Brandeis historian David Hackett Fischer gives us a brilliant boldanalysis of the relationship between economics--the prices of things--and humanwelfare over 800 years.... All that research, bold assertion, vast scope oflearning, swift writing is simply the product of a historian who, for all of hisseriousness, has a great zest for the craft.... Fischer has, in fact, given usone of our classic American jeremiads."--William S. McFeely, The BostonGlobe, "Very persuasive....A major work that deserves the attention of all historians."--Nancy Gordon, Bloomberg Quarterly "This year's best book for investors."--The New York Times Annual Survey of Books in Business and Economics "A powerful piece of historical analysis and ought to become part of everyone's framework of understanding."--New Statesman and Society, "An informative and readable history of price revolutions.... Fischer combines a lively narrative with cogent analysis and sound advice."--Library Journal, "Mr. Fischer looks at a thousand years of European history, and documentswith fascinating detail long periods of rising pricees that are accompanied bysocial unheaval and even war, followed by long periods of stable pricesaccompanied by social clam."--Wall Street Journal, "It is rare to find a history book that tells an important story without putting you to sleep, especially perhaps if the subject is economic history. But David Hackett Fischer's The Great Wave is just such a book, both informative and compelling."--Stanley W. Angrist, The Wall StreetJournal, "An informative and readable history of price revolutions.... Fischercombines a lively narrative with cogent analysis and sound advice."--LibraryJournal, "The Brandeis historian David Hackett Fischer gives us a brilliant bold analysis of the relationship between economics--the prices of things--and human welfare over 800 years.... All that research, bold assertion, vast scope of learning, swift writing is simply the product of a historian who,for all of his seriousness, has a great zest for the craft.... Fischer has, in fact, given us one of our classic American jeremiads."--William S. McFeely, The Boston Globe, "Mr. Fischer looks at a thousand years of European history, and documents with fascinating detail long periods of rising pricees that are accompanied by social unheaval and even war, followed by long periods of stable prices accompanied by social clam."--Wall Street Journal, "This year's best book for investors.... too often, historical perspective on Wall Street means going back a decade or two. Mr. Fischer instead traces inflation data from medieval times forward, finding evidence of repreated long patterns of rising prices, followed by long periods ofstability. In the process, he demolishes some theories of what causes inflation."--Floyd Norris, The New York Times, "A bold overview of how ordinary men and women have been protagonists in adrama that was (in retrospect) nothing less than the modernization of economiclife."--Civilization, "This year's best book for investors.... too often, historical perspectiveon Wall Street means going back a decade or two. Mr. Fischer instead tracesinflation data from medieval times forward, finding evidence of repreated longpatterns of rising prices, followed by long periods of stability. In theprocess, he demolishes some theories of what causes inflation."--Floyd Norris,The New York Times, "Very persuasive....A major work that deserves the attention of all historians."--Nancy Gordon,Bloomberg Quarterly "This year's best book for investors."--The New York Times Annual Survey of Books in Business and Economics "A powerful piece of historical analysis and ought to become part of everyone's framework of understanding."--New Statesman and Society
Synopsis
David Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive - even stories as familiar as Paul Revere's ride, or as complicated as the assimilation of British culture in North America. Now, in The Great Wave, Fischer has done it again, marshalling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices - 'the history of change', as Fischer puts it - covering the dazzling sweep of Western history from the medieval glory of Chartres to the modern day. Going far beyond the economic data, Fischer writes a powerful history of the people of the Western world: the economic patterns they lived in, and the politics, culture, and society that they created as a result. As he did in Albion's Seed and Paul Revere's Ride, two of the most talked-about history books in recent years, Fischer combines extensive research and meticulous scholarship with wonderfully evocative writing to create a book for scholars and general readers alike.Records of prices are more abundant than any other quantifiable data, and span the entire range of history, from tables of medieval grain prices to the overabundance of modern statistics. Fischer studies this wealth of data, creating a narrative that encompasses all of Western culture. He describes four waves of price revolutions, each beginning in a period of equilibrium: the High Middle Ages, the Renaissance, the Enlightenment, and finally the Victorian Age. Each revolution is marked by continuing inflation, a widening gap between rich and poor, increasing instability, and finally a crisis at the crest of the wave that is characterized by demographic contraction, social and political upheaval, and economic collapse. The most violent of these climaxes was the catastrophic fourteenth century, in which war, famine, and the Black Death devastated the continent - the only time in Europe's history that the population actually declined. Fischer also brilliantly illuminates how these long economic waves are closely intertwined with social and political events, affecting the very mindset of the people caught in them. The long periods of equilibrium are marked by cultural and intellectual movements - such as the Renaissance, the Enlightenment, and the Victorian Age - based on a belief in order and harmony and in the triumph of progress and reason. By contrast, the years of price revolution created a melancholy culture of despair.Fischer suggests that we are living now in the last stages of a price revolution that has been building since the turn of the century. The destabilizing price surges and declines and the diminished expectations the United States has suffered in recent years - and the famines and wars of other areas of the globe - are typical of the crest of a price revolution. He does not attempt to predict what will happen, noting that 'uncertainty about the future is an inexorable fact of our condition'. Rather, he ends with a brilliant analysis of where we might go from here and what our choices are now. This book is essential reading for anyone concerned about the state of the world today., David Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive--even stories as familiar as Paul Revere's ride, or as complicated as the assimilation of British culture in North America. Now, in The Great Wave, Fischer has done it again, marshaling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices--"the history of change," as Fischer puts it--covering the dazzling sweep of Western history from the medieval glory of Chartres to the modern day. Going far beyond the economic data, Fischer writes a powerful history of the people of the Western world: the economic patterns they lived in, and the politics, culture, and society that they created as a result. As he did in Albion's Seed and Paul Revere's Ride, two of the most talked-about history books in recent years, Fischer combines extensive research and meticulous scholarship with wonderfully evocative writing to create a book for scholars and general readers alike. Records of prices are more abundant than any other quantifiable data, and span the entire range of history, from tables of medieval grain prices to the overabundance of modern statistics. Fischer studies this wealth of data, creating a narrative that encompasses all of Western culture. He describes four waves of price revolutions, each beginning in a period of equilibrium: the High Middle Ages, the Renaissance, the Enlightenment, and finally the Victorian Age. Each revolution is marked by continuing inflation, a widening gap between rich and poor, increasing instability, and finally a crisis at the crest of the wave that is characterized by demographic contraction, social and political upheaval, and economic collapse. The most violent of these climaxes was the catastrophic fourteenth century, in which war, famine, and the Black Death devastated the continent--the only time in Europe's history that the population actually declined. Fischer also brilliantly illuminates how these long economic waves are closely intertwined with social and political events, affecting the very mindset of the people caught in them. The long periods of equilibrium are marked by cultural and intellectual movements--such as the Renaissance, the Enlightenment, and the Victorian Age-- based on a belief in order and harmony and in the triumph of progress and reason. By contrast, the years of price revolution created a melancholy culture of despair. Fischer suggests that we are living now in the last stages of a price revolution that has been building since the turn of the century. The destabilizing price surges and declines and the diminished expectations the United States has suffered in recent years--and the famines and wars of other areas of the globe--are typical of the crest of a price revolution. He does not attempt to predict what will happen, noting that "uncertainty about the future is an inexorable fact of our condition." Rather, he ends with a brilliant analysis of where we might go from here and what our choices are now. This book is essential reading for anyone concerned about the state of the world today., David Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive--even stories as familiar as Paul Revere's ride, or as complicated as the assimilation of British culture in North America. Now, in The Great Wave , Fischer has done it again, marshaling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices--"the history of change," as Fischer puts it--covering the dazzling sweep of Western history from the medieval glory of Chartres to the modern day. Going far beyond the economic data, Fischer writes a powerful history of the people of the Western world: the economic patterns they lived in, and the politics, culture, and society that they created as a result. As he did in Albion's Seed and Paul Revere's Ride , two of the most talked-about history books in recent years, Fischer combines extensive research and meticulous scholarship with wonderfully evocative writing to create a book for scholars and general readers alike. Records of prices are more abundant than any other quantifiable data, and span the entire range of history, from tables of medieval grain prices to the overabundance of modern statistics. Fischer studies this wealth of data, creating a narrative that encompasses all of Western culture. He describes four waves of price revolutions, each beginning in a period of equilibrium: the High Middle Ages, the Renaissance, the Enlightenment, and finally the Victorian Age. Each revolution is marked by continuing inflation, a widening gap between rich and poor, increasing instability, and finally a crisis at the crest of the wave that is characterized by demographic contraction, social and political upheaval, and economic collapse. The most violent of these climaxes was the catastrophic fourteenth century, in which war, famine, and the Black Death devastated the continent--the only time in Europe's history that the population actually declined. Fischer also brilliantly illuminates how these long economic waves are closely intertwined with social and political events, affecting the very mindset of the people caught in them. The long periods of equilibrium are marked by cultural and intellectual movements--such as the Renaissance, the Enlightenment, and the Victorian Age-- based on a belief in order and harmony and in the triumph of progress and reason. By contrast, the years of price revolution created a melancholy culture of despair. Fischer suggests that we are living now in the last stages of a price revolution that has been building since the turn of the century. The destabilizing price surges and declines and the diminished expectations the United States has suffered in recent years--and the famines and wars of other areas of the globe--are typical of the crest of a price revolution. He does not attempt to predict what will happen, noting that "uncertainty about the future is an inexorable fact of our condition." Rather, he ends with a brilliant analysis of where we might go from here and what our choices are now. This book is essential reading for anyone concerned about the state of the world today., David Hackett Fischer has gained a reputation for making history come alive--even stories as familiar as Paul Revere's ride or as complex as the transit of British culture to America. Now he has done it again in The Great Wave, a history of price movements and cultural change from the middle ages to the present. Fischer examines price records in many nations, and finds our great waves of rising prices in the thirteenth, sixteenth, eighteenth, and twentieth centuries. All were marked by price swings of increasing volatility, falling real wages, a growing gap between rich and poor, and an increase in violent crime, family disintegration, and cultural despair. Each long wave reached its climax in a period of political revolution, demographic contraction, and economic collapse. Every crisis was followed by sharp deflation, and then by a long era of price equilibrium, rising real wages, falling returns to capital, growing equality, and accelerating population-growth. Aggregate demand increased, and another wave began. Fischer concludes that we are living in the late stages of the twentieth century price revolution. He does not predict what will happen next. Rather, he ends with an analysis of where we might go from here, and what our choices are now.
