Slouching Towards Utopia by J. Bradford DeLong Summary

Slouching Towards Utopia offers a sweeping economic history from 1870 to 2010, analyzing how technological innovation, globalization, and political shifts shaped the modern world. DeLong argues that this “long twentieth century” saw unprecedented progress but also systemic failures, framed by competing ideologies of free-market champion Friedrich Hayek and socialist thinker Karl Polanyi. The book examines milestones like industrialization, world wars, and neoliberalism while questioning humanity’s path toward collective prosperity.

This book is ideal for readers interested in economic history, policymakers, and students of globalization. DeLong’s blend of academic rigor and narrative storytelling appeals to both specialists and general audiences seeking to understand how technological advances and market forces reshaped societies. Critics note its density, but its global scope makes it valuable for grasping modern economic challenges.

Yes—DeLong’s synthesis of 140 years of economic evolution provides critical insights into today’s geopolitical and financial systems. While some find its breadth overwhelming, the book’s analysis of themes like inequality, innovation, and institutional reform remains relevant. Its dual focus on progress and unintended consequences offers a balanced lens for interpreting contemporary issues.

Key themes include:

• The transformative impact of the Second Industrial Revolution (1870–1914).
• The tension between free markets (Hayek) and social welfare systems (Polanyi).
• Globalization’s role in driving growth and exacerbating inequality.
• The rise and fall of neoliberalism post-1980.
• The persistent struggle to balance technological advancement with equitable outcomes.

DeLong identifies breakthroughs like electrification, mass production, and digitalization as catalysts for economic growth, enabling unprecedented productivity and global trade. However, he critiques how uneven access to technology widened disparities between nations and social classes, arguing that innovation alone cannot ensure shared prosperity without intentional policy frameworks.

DeLong defines the “long twentieth century” as 1870–2010, a period marked by explosive GDP growth, ideological clashes, and institutional experimentation. This framework highlights how innovations like railroads and the internet reshaped economies, while events like the Great Depression and Cold War revealed the fragility of unfettered capitalism.

DeLong scrutinizes neoliberalism’s promise that deregulation and tax cuts would universally benefit societies. He argues that post-1980 policies prioritized corporate interests over labor, worsened inequality, and failed to address systemic risks like the 2008 financial crisis. The book advocates for updated economic models that blend market efficiency with robust social safety nets.

Notable examples include:

• The Great Depression: Examined as a failure of monetary policy and market speculation.
• Post-WWII Europe: Analyzes reconstruction through Marshall Plan investments.
• East Asian “economic miracles”: Highlights state-led industrialization in Japan and South Korea.
• 2008 Financial Crisis: Critiques regulatory lapses and austerity responses.

DeLong portrays globalization as a double-edged sword: it fueled trade and lifted millions from poverty but also enabled exploitative labor practices and environmental degradation. He emphasizes how post-1990 hyper-globalization exacerbated instability, urging reforms to ensure fairer distribution of gains.

Some reviewers note the book’s overwhelming scope and fragmented structure, which sacrifices depth for breadth. Others argue DeLong’s neoliberal critiques lack concrete alternatives. However, most praise its ambition in contextualizing modern crises within centuries of economic evolution.

The book’s warnings about inequality, climate change, and tech disruption remain prescient. DeLong’s analysis of past policy mistakes offers lessons for addressing automation-driven job loss, AI governance, and sustainable development, making it a timely resource for understanding 21st-century challenges.

1. Institutions matter: Effective governance is crucial to channeling technological progress for public good.
2. Inequality is systemic: Market-driven growth often benefits elites without equitable redistribution.
3. Utopia is a process: Progress requires continuous adaptation, not rigid ideological prescriptions.