his prolific journalism and his connection with Lord Beaverbrook, and as such entirely exceptional. Far from academics being panicstricken about their investments, very few of them had any portfolios to worry about. The notion that the 1970s was a time of continuous disruption in universities is equally far-fetched. As one who recalls the period with a certain fondness, I would say that it was the contrast with the previous decade that seemed most remarkable at the time. Student rebellion continued for some years, but it was essentially - like the counterculture - a 1960s phenomenon. By the early 1970s, the revolutionary fantasies of 1968 were forgotten, replaced by genuine conflicts whose upshot was by no means clear. A sense of the depth of these conflicts is lacking in many of the contributions to this volume. Comprising 21 essays gleaned from academic conference papers, the book aims to be comprehensive in its treatment of the decade. At times it succeeds in illuminating the background to recent events. It is useful to be reminded that globalisation did not start in the 1990s: the first mortgage-backed American securities were sold abroad in 1971. Several contributors note how, in the US, globalisation was seen chiefly as an opportunity to expand US power, with Henry Kissinger trying "to turn globalisation into a tool for more efficient and effective American leadership". Yet the collection as a whole embodies this same Americo-centric perspective on the world, with the result that it has a decidedly dated feel overall. By the time these conference papers were presented at Harvard in October 2008, the retreat of US power was an undeniable fact. But while what one contributor calls "the declining autonomy of the United States in international affairs" is occasionally acknowledged, the idea that globalisation might be undermining America's position in the world is nowhere systematically examined. Instead, the book is peppered with pious genuflections to market reform - in the authors' words, following the American model. Would they write like this today? If a week is a long time in politics, 18 months is an eternity in publishing. Evidently, the glacial progress of academic publication is not well suited to a world of abrupt change. Looking back to the 1970s in order to understand the present is not unreasonable. To be sure, there are many important differences between now and then. The communist systems that seemed permanent features of the landscape have vanished almost without trace, while China, India and Brazil are now powerhouses of rapid development. The flood of new technologies has continued, with a host of old industries (not least journalism) struggling to cope as a result. Climate change is advancing in a way that was hardly understood in the 1970s. The domination of politics by spin had then only just begun. In other respects, the similarities with the present are surprisingly close. The price of oil is edging up again, and while the world is more industrialised, it is no nearer to reducing its reliance on hydrocarbons than it was 30 years ago. Debt is still a problem - a larger and more intractable problem - in the advanced economies, and hedge funds have the power to undermine governments and currencies. Trade unions are weaker, but it remains to be seen whether voters will be prepared to accept the deep cuts in public services that will be needed to pay for the excesses of the banks. If not, the result may be a period of social conflict not unlike that experienced a generation ago. Across long stretches of time, history may well be chaotic. Over short periods, recurring patterns can be glimpsed, and in Britain one may be emerging. During the 1970s, visibly, the postwar settlement was crumbling. Yet politicians in all parties regarded it as unalterable, and it was only with Margaret Thatcher that it was finally consigned to history. Now Thatcher's settlement is no longer
viable and it, too, will soon be history. The 1970s was a period of transition, and so is the present time. The difference is that our leaders have not yet understood the world has once again changed. The Shock of the Global: the 1970s in Perspective Edited by Niall Ferguson, Charles S Maier, Erez Manela and Daniel J Sargent Harvard University Press, 448pp, 22.95 John Gray is the New Statesman's lead reviewer. His latest book, "Gray's Anatomy: Selected Writings", is published in paperback by Penguin (10.99) Get the full magazine for just 1 a week with a trial subscription. PLUS get a free copy of Penny Red: Notes from the New Age of dessent by Laurie Penny