Finance

In the last decade, Stuart Kells has become one of Australia’s most versatile and fecund non-fiction writers, responsible for a variety of diverting histories, of enterprises, institutions, and ideas. His thoroughly readable The Library: A catalogue of wonders (2017) was shortlisted for a Prime Minister’s Award; his Shakespeare’s Library: Unlocking the greatest mystery in literature (2018) felt rather more padded, if not unenjoyably so. Books about Argyle Diamonds (2021) and Melbourne University Publishing (2023) have been welcome. I imagine him in a medieval artisanal workshop, a kind of booksmith studiously occupied in multiple, simultaneous pursuits.

Respected, not always loved, Macquarie is an exceptional ‘Australian and global financial success story’. So says Steve Harker, a rival investment banker from Morgan Stanley, quoted on the back of this book. The authors tackle an intriguing question: how a bonsai operation grew tall, dominating parts of the world of financial engineering. In 400 pages, with a useful index, plus 25,000 words of notes accessible via a QR code, Moullakis and Wright, two senior financial journalists, provide insights into Macquarie, Australia’s only significant global financial institution, which today directly employs more than 17,000 people in thirty-three countries. 

In 1996 the pre-eminent political economist Susan Strange published her final book, The Retreat of the State. Strange had dedicated most of her career to studying the ability of the state to tame the power of international finance. The nexus between state and firm had empowered the United States for more than a century ...

Each day I commute with Melbourne’s wage slaves on a privatised transport system that is invariably overcrowded due to cancelled or delayed trains. Dark thoughts whirl as I read Sebastian Mallaby’s The World’s Banker, a tale of ambition multiplied by ambition. In recent weeks, I have edited countless business stories, many of them half-year reports boasting profits of tens or even hundreds of millions of dollars, some increased by more than 100 per cent. Meanwhile, in the Third World, the raison d’être of the World Bank, children die for the want of mosquito nets worth two dollars. So what has James Wolfensohn achieved at the World Bank, and what has the World Bank achieved? According to Mallaby, there has been a real decline in world poverty. But one of the greatest achievements is the housing, feeding and clothing of thousands of the world’s neediest economists.