What do you think?
Rate this book
Hard Times: The Divisive Toll of the Economic Slump
2008 was a watershed year for global finance. The banking system was eventually pulled back from the brink, but the world was saddled with the worst slump since the 1930s Depression, and millions were left unemployed. While numerous books have addressed the financial crisis, very little has been written about its social consequences.
Journalist Tom Clark draws on the research of a transatlantic team led by Professors Anthony Heath and Robert D. Putnam to determine the great recession’s toll on individuals, families, and community bonds in the United States and the United Kingdom. The ubiquitous metaphor of the crisis has been an all-encompassing �financial storm,” but Clark argues that the data tracks the narrow path of a tornado—destroying some neighborhoods while leaving others largely untouched. In our vastly unequal societies, disproportionate suffering is being meted out to the poor—and the book’s new analysis suggests that the scars left by unemployment and poverty will linger long after the economy recovers.
Politicians on both sides of the Atlantic have shown more interest in exploiting the divisions of opinion ushered in by the slump than in grappling with these problems. But this hard-hitting analysis provides a wake-up call that all should heed.
Journalist Tom Clark draws on the research of a transatlantic team led by Professors Anthony Heath and Robert D. Putnam to determine the great recession’s toll on individuals, families, and community bonds in the United States and the United Kingdom. The ubiquitous metaphor of the crisis has been an all-encompassing �financial storm,” but Clark argues that the data tracks the narrow path of a tornado—destroying some neighborhoods while leaving others largely untouched. In our vastly unequal societies, disproportionate suffering is being meted out to the poor—and the book’s new analysis suggests that the scars left by unemployment and poverty will linger long after the economy recovers.
Politicians on both sides of the Atlantic have shown more interest in exploiting the divisions of opinion ushered in by the slump than in grappling with these problems. But this hard-hitting analysis provides a wake-up call that all should heed.
312 pages, Hardcover
First published June 24, 2014
2 people are currently reading
105 people want to read
About the author
Tom Clark
3 books1 followerTom Clark writes daily editorials on politics, economics and social affairs for The Guardian in London.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 4 of 4 reviews
November 30, 2016
‘Hard Times’ very much does what it says on the tin - it is a sustained and evidence-based indictment of financial crisis’ human cost. In particular, it demonstrates the importance of path dependence. Those who were already badly off prior to the crisis have been hit in the most damaging and long-lasting ways. The experiences of the US and UK are contrasted interestingly, as are the current downturn and the Great Depression of the 1930s. The statistical analysis of unemployment’s psychological impact and fracturing effect on society did not provide any surprises for me. The most important and original element of the book was introduced towards the end: analysis of policy responses to the crisis. It is evident that the prevailing narrative of austerity is a sharp contrast to the political response in the 1930s. Moreover, the authors demonstrate that initial responses from 2007-2010 were very different to those subsequently. This is especially notable in the UK, where the Coalition government got into power in 2010 and immediately began an ideologically-motivated assault on the welfare state.
Given that only four years have passed since, this is the first book I’ve read to try and dissect both the terrible impact of this and the reasons for it. The media has covered some of the former and this book does not attempt a detailed exploration. What it does contemplate is why so much of the population has gone along with the cruel cutting of benefits to the worst off in society. The conclusion seems to be that the entrenched inequality in society has allowed the Coalition to divide and conquer. The media’s collusion with the austerity narrative clearly also helps considerably. Frankly, the implications are deeply depressing for the UK. I am used to thinking, “Well, the UK government is awful but at least I don’t live in America”. This book demonstrates that by some metrics the UK is doing worse than the US, whilst our welfare regime is moving towards the US model of allowing destitution. It’s an eye-opening reminder of how much havoc the Coalition have wreaked in a relatively short time, with no electoral mandate for doing so. None of the three political parties explained their plans for cuts to the public sector during the 2010 election, I remember that clearly.
I recommend this book as a clear and cogent analysis of the 2007-now economic slump and its social consequences in the US and UK. As such, it’s very depressing, especially for generation Y (now seemingly referred to interchangeably as ‘millennials’). The writing style is accessible but thankfully not too journalistic. I would pick out for criticism a tendency to comment that men have it worse than women regarding employment. This seems to me to ignore that women were already more likely to be on lower wages and in part-time jobs prior to the crisis. Low-skilled ethnic minority men might well have the worst employment outcomes, but high-skilled white men likely have the best. The treatment of gender factors in employment needed more nuance. Otherwise, it was a cheerless reminder that UK politics are terrible and I am unlikely to ever get the chance to own my own home. Thanks, neoliberal dogma and generation X.
Given that only four years have passed since, this is the first book I’ve read to try and dissect both the terrible impact of this and the reasons for it. The media has covered some of the former and this book does not attempt a detailed exploration. What it does contemplate is why so much of the population has gone along with the cruel cutting of benefits to the worst off in society. The conclusion seems to be that the entrenched inequality in society has allowed the Coalition to divide and conquer. The media’s collusion with the austerity narrative clearly also helps considerably. Frankly, the implications are deeply depressing for the UK. I am used to thinking, “Well, the UK government is awful but at least I don’t live in America”. This book demonstrates that by some metrics the UK is doing worse than the US, whilst our welfare regime is moving towards the US model of allowing destitution. It’s an eye-opening reminder of how much havoc the Coalition have wreaked in a relatively short time, with no electoral mandate for doing so. None of the three political parties explained their plans for cuts to the public sector during the 2010 election, I remember that clearly.
I recommend this book as a clear and cogent analysis of the 2007-now economic slump and its social consequences in the US and UK. As such, it’s very depressing, especially for generation Y (now seemingly referred to interchangeably as ‘millennials’). The writing style is accessible but thankfully not too journalistic. I would pick out for criticism a tendency to comment that men have it worse than women regarding employment. This seems to me to ignore that women were already more likely to be on lower wages and in part-time jobs prior to the crisis. Low-skilled ethnic minority men might well have the worst employment outcomes, but high-skilled white men likely have the best. The treatment of gender factors in employment needed more nuance. Otherwise, it was a cheerless reminder that UK politics are terrible and I am unlikely to ever get the chance to own my own home. Thanks, neoliberal dogma and generation X.
June 5, 2020
This book is actually quite refreshing because it actually delves into macro and micro data of the economic poverty that is facing both America and United Kingdom.
It seeks to make valid comparisons between both countries through societal wide trends as well as more anecdotal evidences, which illuminate the experiences which the Great Recession of 2008/09 has inflicted upon the population.
One key takeaway is that the economic devastation inflicted upon both countries across the Atlantic is unequal, due to numerous factors such as their social security policies, their economic conditions prior to economic devastations. Another takeaway would be how economic hardships can actually come in numerous forms, that basic unemployment figures are often inconclusive in understanding actual suffering of the working population, given the prevalence of zero hour contracts, part time employment, underemployment and even people who do not seek employment anymore (and are thus classified as unemployed!) But the most interesting takeaway from this book is how economic hardships actually has numerous impacts; ranging from withdrawal from society to the mental scarring and trauma which such hard times cause on these groups of most affected individuals.
I think this book is definitely worth a read, because it allows one to understand the impacts which economic hardship can actually have on individuals, families and societies as a whole. It also allows us to better understand the flaws of capitalistic systems and the importance of having a comprehensive social security. All of the negative effects on labor explained within this book will only get worse in the years ahead as big tech continue to grow in scale with not as many jobs being created in tandem.
It seeks to make valid comparisons between both countries through societal wide trends as well as more anecdotal evidences, which illuminate the experiences which the Great Recession of 2008/09 has inflicted upon the population.
One key takeaway is that the economic devastation inflicted upon both countries across the Atlantic is unequal, due to numerous factors such as their social security policies, their economic conditions prior to economic devastations. Another takeaway would be how economic hardships can actually come in numerous forms, that basic unemployment figures are often inconclusive in understanding actual suffering of the working population, given the prevalence of zero hour contracts, part time employment, underemployment and even people who do not seek employment anymore (and are thus classified as unemployed!) But the most interesting takeaway from this book is how economic hardships actually has numerous impacts; ranging from withdrawal from society to the mental scarring and trauma which such hard times cause on these groups of most affected individuals.
I think this book is definitely worth a read, because it allows one to understand the impacts which economic hardship can actually have on individuals, families and societies as a whole. It also allows us to better understand the flaws of capitalistic systems and the importance of having a comprehensive social security. All of the negative effects on labor explained within this book will only get worse in the years ahead as big tech continue to grow in scale with not as many jobs being created in tandem.
April 18, 2015
This is a book you don’t want to like because of its subject matter and the impact it has on many lives, yet it is a stunning, sensitive and impactful study at the same time.
The authors take an academically focussed look at the 2008 financial crisis that is still reverberating around the world, carefully and neutrally examining the social consequences and noting that its impact is far from equal. Many are not really being affected at all and yet others are having their lives turned inside out. For many, society itself is changing and that brings its own challenges and opportunities – albeit depending at what end of the telescope you are looking through. The book’s research focuses primarily on developments in the U.K. and U.S., although other countries also get a look in too.
Publicity material for the book gives a powerful starting point: “The ubiquitous metaphor of the crisis has been an all-encompassing ‘financial storm’ but (…) the data tracks the narrow path of a tornado - destroying some neighbourhoods while leaving others largely untouched. In our vastly unequal societies, disproportionate suffering is being meted out to the poor - and the book’s new analysis suggests that the scars left by unemployment and poverty will linger long after the economy recovers. Politicians on both sides of the Atlantic have shown more interest in exploiting the divisions of opinion ushered in by the slump than in grappling with these problems. But this hard-hitting analysis provides a wake-up call that all should heed.”
After reading this book it is hard to disagree with these claims, even if many politicians and those in positions of power will do the equivalent of sticking their fingers in their ears whilst chanting “la la la!” According to some official views and statistics there is an economic revival in many countries, although there is no universal feel-good factor. Are statistics being modified or strongly leant up and redefined? If employment is up, for example, is this due to real, measurable expansion in the economy or people migrating towards temporary, zero hours or self-employment contracts. For the average man or woman on the street who is lucky to have a job, most agree that real-term pay has been steadily sinking for years, contributing to the sharpest pay squeeze since the 1860s and the most sustained decline on record.
The book seeks to focus on verifiable facts – as befits an academic work – rather than political rhetoric and posturing. Naturally some may argue with the interpretation, such is their prerogative, yet the source of claims and references are given and can be tracked back. A clear case of “don’t shoot the messenger” even if the message is not pleasant reading – the authors are clear that the book is unashamedly about inequality, as well as about recession. Even though as a society many countries are better off than others and that we are comparatively richer than many of our ancestors, life is not necessarily a walk in the park for the majority of people. Yet for those at the bottom of society’s totem pole, it can be immensely hard if not nigh on impossible to slowly climb up.
The authors have done well in cramming this book full of interesting material and making it readable both for the casual “regular Joe” as well as the academic. This is a book that might not change your life, but it will surely have you thinking differently about life and other people. It is a highly recommended “serious” read and at its price point it should not be missed.
Hard Times, written by Tom Clark & Anthony Heath and published by Yale University Press. ISBN 9780300212747, 328 pages. YYYYY
The authors take an academically focussed look at the 2008 financial crisis that is still reverberating around the world, carefully and neutrally examining the social consequences and noting that its impact is far from equal. Many are not really being affected at all and yet others are having their lives turned inside out. For many, society itself is changing and that brings its own challenges and opportunities – albeit depending at what end of the telescope you are looking through. The book’s research focuses primarily on developments in the U.K. and U.S., although other countries also get a look in too.
Publicity material for the book gives a powerful starting point: “The ubiquitous metaphor of the crisis has been an all-encompassing ‘financial storm’ but (…) the data tracks the narrow path of a tornado - destroying some neighbourhoods while leaving others largely untouched. In our vastly unequal societies, disproportionate suffering is being meted out to the poor - and the book’s new analysis suggests that the scars left by unemployment and poverty will linger long after the economy recovers. Politicians on both sides of the Atlantic have shown more interest in exploiting the divisions of opinion ushered in by the slump than in grappling with these problems. But this hard-hitting analysis provides a wake-up call that all should heed.”
After reading this book it is hard to disagree with these claims, even if many politicians and those in positions of power will do the equivalent of sticking their fingers in their ears whilst chanting “la la la!” According to some official views and statistics there is an economic revival in many countries, although there is no universal feel-good factor. Are statistics being modified or strongly leant up and redefined? If employment is up, for example, is this due to real, measurable expansion in the economy or people migrating towards temporary, zero hours or self-employment contracts. For the average man or woman on the street who is lucky to have a job, most agree that real-term pay has been steadily sinking for years, contributing to the sharpest pay squeeze since the 1860s and the most sustained decline on record.
The book seeks to focus on verifiable facts – as befits an academic work – rather than political rhetoric and posturing. Naturally some may argue with the interpretation, such is their prerogative, yet the source of claims and references are given and can be tracked back. A clear case of “don’t shoot the messenger” even if the message is not pleasant reading – the authors are clear that the book is unashamedly about inequality, as well as about recession. Even though as a society many countries are better off than others and that we are comparatively richer than many of our ancestors, life is not necessarily a walk in the park for the majority of people. Yet for those at the bottom of society’s totem pole, it can be immensely hard if not nigh on impossible to slowly climb up.
The authors have done well in cramming this book full of interesting material and making it readable both for the casual “regular Joe” as well as the academic. This is a book that might not change your life, but it will surely have you thinking differently about life and other people. It is a highly recommended “serious” read and at its price point it should not be missed.
Hard Times, written by Tom Clark & Anthony Heath and published by Yale University Press. ISBN 9780300212747, 328 pages. YYYYY
March 26, 2016
Very detailed and well written. A heavy read, but absolutely informative and fascinating!! How are some group affected by hard times? Stagnate pay. The change of the protection from poverty a degree has as now everyone has one. Politics turning victim against victim. And the social affects of poverty.
Displaying 1 - 4 of 4 reviews