Economics books are frequently dry. This one is not. Richard Davies, the former economics editor of The Economist, surveys 9 economies that have or are experiencing extreme stressors to see what we can learn about markets. The case studies are fascinating, both in general and in the details (want to learn about prison currencies or how refugees subvert cashless economies?)

Davies believes in the concept of markets in general--and he takes obvious delight in the way refugees and prisoners thwart attempts to stop markets for necessities--but he is not doctrinaire. Markets can fail, and less regulation is not more. The running theme is that while governments can misregulate the market, government also has the power to develop and support it. In Kinshasa, the market fails because the state is corrupt and lacks trust, leading to a cycle of corruption and weakness. In Glasgow, social capital was destroyed, leading to worse outcomes for its people than in other de-industrializing cities.

In Santiago, meanwhile, slavish devotion to Chicago economics has lowered absolute poverty, but has caused skyrocketing inequality, and its voucherized education system is a shambles. (It's worth noting that since the book was completed, major protests have rocked Santiago, and economic reforms have been promised.)

The book definitely reads like an Economist writer wrote it, but is none the worse for it.

If I were to offer any criticisms, it's that he ignores an element in Japan's aging: the birth rate has plummeted, in part because of ingrained sexism and poor support for families. Japanese women have responded to this incentive by not having children. Also, while he tempers his enthusiasm for technology in the section on Tallinn, he still comes off as a bit of a booster who's a little too quick to wave off job losses or the potential for misuse of technology. If I could give this 4.5 I would, but it was too enjoyable to round down. ( )