Ricardo’s Dream

From the workings of financial markets to our response to the ecological crisis, economic theory shapes the world. But where do these ideas come from?

Ricardo’s Dream tells the fascinating story of David Ricardo, Adam Smith’s only real rival as the ‘founder of economics’: The wealthiest stock trader of his day, Ricardo introduced the study of abstract models to economics. He also developed the theory of trade that underpinned globalization and hides, behind its mathematical façade, a history of power, empire and slavery.

Brimming with fresh ideas and stories, Ricardo’s Dream shows how too many economists, from Ricardo’s day to our own, have turned away from observing the real world and led us astray.

“A fascinating investigation into the development of economic thought from David Ricardo’s era to the present day – and its impact on real lives and livelihoods. Wide-ranging and carefully researched, this book shows the temptations and dangers of assuming away too much of reality in the pursuit of elegant economic models. A heartfelt and reasoned call for a more human economics.” Erica Thompson, author of Escape from Model Land

“A wonderful achievement bursting with humanity. As important for how we study international economic affairs today as it is in reappraising nineteenth-century imperial trade." Matthew Watson, University of Warwick

“This important and lucid book skewers – in delightful detail – the false gods of the profession that has wreaked so much modern havoc, around the globe." Nicholas Shaxson, author of Treasure Islands

"Nat Dyer's gripping, page-turning exposé of the Neverland of economic models, thriving at the crippling expense of the real world, is simply brilliant.” Patrick Alley, co-founder Global Witness and author of Very Bad People and Terrible Humans

Introduction: "As Certain as the Principle of Gravitation"

Part 1: Birth

1. The Other Founding Father of Economics

2. "The Unshakeable Basis for International Trade"

3. Unequal Treaty

4. Black Gold

5. Newton's Mint

6. The Empire of Free Trade

Part 2: Death

7. "Dropped from Another Planet"

8. "Purely Hypothetical Truths"

9. The Fall

Part 3: Rebirth

10. The Return of Unreality

11. Big Finance

12. Trading Barbarians

13. Life: An Externality

14. Another Fall?

Conclusion: Look at the World