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Shutdown: How Covid Shook the World's Economy Hardcover – September 7, 2021

4.4 4.4 out of 5 stars 333 ratings

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"This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis."Robert Rubin, The New York Times Book Review

"Full of valuable insight and telling details, this  may well be the best thing to read if you want to know what happened in 2020." --Paul Krugman,
New York Review of Books

Deftly weaving finance, politics, business, and the global human experience into one tight narrative, a tour-de-force account of 2020, the year that changed everything--from the acclaimed author of
Crashed.

The shocks of 2020 have been great and small, disrupting the world economy, international relations and the daily lives of virtually everyone on the planet. Never before has the entire world economy contracted by 20 percent in a matter of weeks nor in the historic record of modern capitalism has there been a moment in which 95 percent of the world's economies were suffering all at the same time. Across the world hundreds of millions have lost their jobs. And over it all looms the specter of pandemic, and death.

Adam Tooze, whose last book was universally lauded for guiding us coherently through the chaos of the 2008 crash, now brings his bravura analytical and narrative skills to a panoramic and synthetic overview of our current crisis. By focusing on finance and business, he sets the pandemic story in a frame that casts a sobering new light on how unprepared the world was to fight the crisis, and how deep the ruptures in our way of living and doing business are. The virus has attacked the economy with as much ferocity as it has our health, and there is no vaccine arriving to address that.

Tooze's special gift is to show how social organization, political interests, and economic policy interact with devastating human consequences, from your local hospital to the World Bank. He moves fluidly from the impact of currency fluctuations to the decimation of institutions--such as health-care systems, schools, and social services--in the name of efficiency. He starkly analyzes what happened when the pandemic collided with domestic politics (China's party conferences; the American elections), what the unintended consequences of the vaccine race might be, and the role climate change played in the pandemic. Finally, he proves how no unilateral declaration of 'independence" or isolation can extricate any modern country from the global web of travel, goods, services, and finance.
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Editorial Reviews

Review

"This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis. . . . Whether we can overcome that incoherence and meet the challenges ahead while protecting the values at the heart of the American idea — freedom, pluralism, democracy — is the essential question posed by Shutdown."—The New York Times Book Review

"A seriously impressive book, both endlessly quotable and rigorously analytical. Tooze synthesises a huge volume of information to argue that we must prepare for a new wave of crises or risk being sunk by them. Hopefully, governments everywhere will heed his warning.”
—The Guardian

"Offer insights and frameworks likely to be of enduring value… To read
Shutdown feels like sitting alongside the great professor while he feverishly collates an array of data and anecdotes, attempts to chronicle what is going on, his head fizzing with ideas about what it might all mean and where it might be leading."—Financial Times

"This is truly a picture of the global impact of the crisis; it covers the disruption in the financial markets, as well as the ins and outs of government policy. . . An impressively full account of the economic developments of the past 18 months."
—The Economist

"A primer on the mechanics of a global financial panic, the techniques that central bankers deployed to contain it, and the political events that ensued. Laced through these taut synopses is a meditation on a grand historical question: Did 2020 mark the end of the world economic order as we’d known it since 1980? And if so, what precisely is taking neoliberalism’s place?"
New York Magazine

"Tooze’s book offers readers a comprehensive and smartly written summary of the economic impact of the coronavirus…Tooze briskly and expertly recounts the tense weeks in March 2020 [and] routinely compares the coronavirus shutdown to the 2008-2009 financial crisis, [which] happens to make for apt comparisons, as few previous economic and health disasters can match the scale and global reach of this pandemic."
—Washington Post

"[Tooze's] writing demystifies the world before us, dispelling the cloud created by the chaotic motivations and invidious narcissism of the market.
Shutdown is one such cure, a book that answers so many questions about the state of the world that it will leave its readers feeling not just more learned but dizzy too. It is cliché at this point to remark that after COVID-19, everything changed; what Tooze illustrates masterfully in Shutdown is that the crisis the virus unleashed began much earlier, the world order’s fragility the product of a much longer process of mismanagement and selfishness."—Vulture's "40 Books We Can’t Wait to Read This Fall"

"Fascinating, informative, and wise...Tooze brings us to the brutal reality of Covid: it was not about money...Shutdown concludes with a plea for 'constant interplay of expertise and counter-expertise.' It is a wake-up call for us to bridge that chasm." Paul Collier, Times Literary Supplement

"Adam Tooze makes a strong case for looking back, and beginning to draw some conclusions. . . . His focus is the period that started with Chinese President Xi Jinping’s public acknowledgement of the coronavirus outbreak on Jan. 20, 2020, and ended with U.S. President Joe Biden’s inauguration exactly a year later. The scale and variety of what unfolded in the intervening days remains dizzying. Tooze lucidly organises these events in the book’s 300 pages, while maintaining the sweeping perspective that will be familiar to readers of
Crashed."—Reuters

"A comprehensive history of an unprecedented year, Tooze’s account describes how the pandemic played out politically across the globe, the interplay between climate change and the pandemic, and the myriad effects of the world economy nearly shutting down in a brief period that, as Tooze puts it, made “History with a capital ‘H.’” Readers will find this deeply informed parsing of the pandemic to be illuminating and thought-provoking."
—Publishers Weekly

"Economic historian Tooze examines the unprecedented decision of governments around the world to shutter their economies in the face of pandemic . . . As the pandemic hopefully continues to fade, other crises remain. This book is a valuable forecast of future problems."
—Kirkus Reviews

About the Author

Adam Tooze is a professor of history at Columbia University and the author of Crashed, winner of the Lionel Gelber Prize, a New York Times Notable Book of 2018, one of The Economist's Books of the Year, and a New York Times Critics' Top Book. He lives in New York City.

Product details

  • Publisher ‏ : ‎ Viking (September 7, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 368 pages
  • ISBN-10 ‏ : ‎ 0593297555
  • ISBN-13 ‏ : ‎ 978-0593297551
  • Item Weight ‏ : ‎ 1.2 pounds
  • Dimensions ‏ : ‎ 6.18 x 1.21 x 9.28 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 333 ratings

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Top reviews from the United States

  • Reviewed in the United States on September 7, 2024
    Simply amazing. Tooze never disappoints; he astounds. I am always wiser for the reading. Can’t wait to see what’s next.
  • Reviewed in the United States on December 30, 2022
    Perhaps this book was written too early in the pandemic, which of course continues. Tooze is an excellent economist and teacher. He writes clearly. But here, I fear, he put hands on the keyboard while the impact was still in development. For that reason, the book is informative to a point.
    His great book is about the financial crisis of 2007=2009 called Crash and that is a high recommendation.
    2 people found this helpful
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  • Reviewed in the United States on February 13, 2024
    My first book by Tooze and I’m a fan. You need to read this if you’re under the delusion that the US handled it well. Read before you vote in November!
  • Reviewed in the United States on April 20, 2022
    A true history of present times : a brilliant and overarching view of the difficult economical and political challenges that we need to face
  • Reviewed in the United States on September 13, 2021
    Historian Adam Tooze presents his analysis of the global shocks triggered by the COVID pandemic. Tooze focuses on the efforts of Western governments to cope with the pandemic, and the resulting severe economic effects. Tooze also shows how unprepared most countries were, and how this created a devastating cascade of socioeconomic problems. On the plus side, Tooze tackles a wide variety of topics and countries, but this is also a weakness. Sometimes, it seems that Tooze loses sight of the "forest for the trees'" as the saying goes. I suspect that a book on this topic written a few years from now will have a more useful insights. I addition, I found the author's writing style to often be so turgid as to make reading unnecessarily difficult. Having read numerous books on social and physical science topics, I know that it is possible to present complex information in an understandable manner. Despite these criticisms, however, I still recommend this book because of the importance of the subject. The US and other countries will have to learn quickly how to prepare much better for the next pandemic, before another dangerous virus arrives at our shores.
    8 people found this helpful
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  • Reviewed in the United States on October 29, 2021
    An important read for those with some exposure to history and economics. When asked about the book I find that many are even more confused and complain that I am making covid and economics more complicated than it should be.
    I enjoyed Tooze's other books and he remains one of my favorite authors. It's always hardest to understand the present.
    3 people found this helpful
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  • Reviewed in the United States on January 7, 2023
    Early-on in the pages of this far reaching and lucid account, Professor Tooze quotes the President of Ecuador, Lenin Moreno, who correctly observed: “This is the real first world war…[This] is not localized. It is not a war from which you can escape.” President Moreno was, of course, referring to the war against the pandemic unleashed by Covid-19, which spared no corner of the world. We are fortunate to have Shutdown, by Columbia University’s Adam Tooze, the aim of which, as Tooze tells us, is “to trace the interaction in the economic sphere between [the] constrained choices” made in response to Covid-19’s deadly reach, choices made “under conditions of huge uncertainty at different levels all across the world,” from main street to central banks, from families to factories.

    Tooze does not give us a breezy account. Then again, given that the relatively short period of time covered involves the political leaders of every country in the world, the global scientific and medical community, and every major financial institution engaged in keeping market’s liquid and in preventing global economies from entering a downward death spiral, complexity is inherent in the task. Moreover, Tooze is keenly aware of the striking similarities in the U.S. and the U.K., specifically, the concurrent ascendance of President Trump and the effort of Prime Minister Boris Johnson to implement Brexit.

    This is clearly not the history of how the world responded to Covid-19. That history is very much ongoing. Invariably, newly emerging developments make some passages in the text a bit obsolete, particularly the passages involving China’s success in containing the disease. Related issues, the surge in migration at the southern border, and Russia’s invasion of Ukraine came after publication.

    It follows, then, that there is no over-arching recommendation in Shutdown, although Tooze clearly cautions against the isolationism and populist nationalism characteristic of the Trump years, and urges us to view the pandemic as not an exceptional moment, but as one in a series of future global challenges.

    Tooze, in my view, is less successful at linking environmental issues, part of the “great acceleration” as he terms it, and the response to the pandemic. To be sure, both present global issues; both require considerable intergovernmental coordination; but the difference in time horizons is central. However close we may be to the challenges of climate change, the pandemic was unleashing its wrath in the here and now and did, indeed, require action at warp speed. Societal adaptation at a global scale in limited time is simply not yet a core competence of humanity.
    One person found this helpful
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  • Reviewed in the United States on September 23, 2021
    Based on some of the negative comments, Tooze's intellectual rigor is not compatible with partisanship or a desire for simple explanations of complex phenomena. I am attracted to his work because of his rare gift for explication without reductionist distortion.
    9 people found this helpful
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Top reviews from other countries

  • Graduate Student
    5.0 out of 5 stars Timely and insightful
    Reviewed in Canada on October 27, 2021
    An excellent look at the broader arcs of history and that challenges we will need to come to terms with in the coming years
  • Jeff Kaye
    5.0 out of 5 stars Our Fight with Covid19 and ourselves
    Reviewed in the United Kingdom on October 16, 2021
    I read Adam Tooze's Chartbrook newsletters and devoured Crashed, a superb book. Shutdown is no less important a read, although far more topical.

    Shutdown is about the challenge of Covid19 to a world still shaking from the 2008 financial and mired by extraordinary political uncertainties - Trump, Brexit, Middle East, Turkey / Erdogan and many others. It is also a story about how the vaccine was developed in the west, China and Russia but how poorer countries have been expelled from the use of that vaccine and, although some funds and loan were forthcoming, they remain under the cosh of the virus.

    The world's institutions are shown to be seriously imperfect. This may have already been known but the virus triggered a technological response which was required and successful but the ultimate use of technology, as Tooze so wisely shows, has been variable in the extreme. The dominant sign of the times is that the west and the incredible rise of China is unhinging the world along with its pummelling of nature (from a standpoint of environment as well as diseases). The world is in a mess despite its greater wealth, so unequally split across the world and within nations. It is a situation that is worsening and Tooze shows how, in times of great stress, such as the Covid19 pandemic, the world's institutions are unable to bring together public and private partnerships to resolve it.

    My impression is of a world divided into so many groupings, many antipathetic to working with each other (notably the Republicans in the US, which Tooze rightly demonizes as incapable of imaginings vistory on democratic grounds and focused purely on division and remapping the US into non-democratic fiefdoms). "We ain't seen nothing yet" is his final statement. We have seen a lot, of course, much if it completely unedifying but Tooze is right to express his concern that the future offers so many uncertainties (natural, human-made and the combination of the two allied to human frailties that come to the fore throughout) that, while we may learn lessons from the past, the future will make us forget many and forge its own path.
  • Gazzarian
    5.0 out of 5 stars Comprehensively brilliant
    Reviewed in the United Kingdom on September 9, 2021
    Or you could reverse those two adjectives. I'm a big fan of Adam Tooze's books, and this one is probably even better than his others, perhaps because of the scale of the issues it addresses. It might seem a little premature to be writing on the economic impact of Covid, but in fact the quality of near real time, insightful and deeply informed analysis brings significant, immediate value.

    The author is aware that his readers will have followed events closely and doesn't re-report them, reminding us briskly and effectively of key moments and how they affected economic and financial decisions. Which is not to say that it is in anyway inhumane or coldly logical; on the contrary, his own humanity shines through and he takes care to outline the human consequences of both plague progress and policy decisions.

    They say that an impartial account is one that accords with one's own prejudices, and if that is so then this is an impartial account for me. In particular, the change from monetarist post 08 policies that did nothing more than exacerbate inequality, to fiscal solutions that distribute money direct to individuals and the services they need, is recounted in detail. Even the Germans eventually succumbed, in one of Merkel's abrupt turnabouts which made for interesting reading. Also interesting is the way that the QE merry-go-round provided artificial liquidity to fund things like unconditional cash payments to unemployed US workers and furlough payments elsewhere.

    This huge change in political philosophy, a reversal from the disaster of pure monetarism, must surely now be permanent and hence there is a lot in here that will help in looking to the future. Also, of course, there is the role of China. To be fair I don't think he says a lot that you won't already know (the importance of its economy versus the security and humanitarian threats posed by CCP behaviour) but even so his perspective is helpful.

    So, if you're hesitating (and it is expensive for a Kindle book) I would highly recommend clicking on buy.
  • Daniel
    5.0 out of 5 stars Extremely lucid example of history written in real time
    Reviewed in the United Kingdom on September 22, 2021
    The book does an excellent job of recapping the Coronavirus crisis and placing it in wider context. He lucidly and engagingly explains the financial crisis of March 2020, which was terrifying to insiders and completely opaque to outside observers. He also explores the social impact of the virus itself and points to original ways of understanding it as a historical moment.

    Tooze is probably the most readable and exciting historian writing in English today, and I would recommend not just this but his other books as well. His work focuses (each book in radically different ways) on the politics and political economy of elite technocracy in America and Europe, as leaders deal with challenges both from within their own states and without, cooperating to construct (or vying to disrupt) rival international orders. As it is considerably shorter than his other books it would work very well as an introduction.
  • Harry3
    5.0 out of 5 stars Very interesting resd
    Reviewed in the United Kingdom on November 22, 2021
    Very informative account of pandemic with very useful data