Economic history reminds of just how strange the recent fetishization of the free market really was. A free market based on economic ‘laws’ was always an intensely political object – constructed, regulated and protected by states. Yet investors accepted the premise because it let them ignore messy political questions and instead operate in an abstract realm of quantifiable probabilities. This pristine arena, promised and supported by finance-led globalisation and its flawed economic models, has in the last few years been trampled into a muddy field, mined with socio-political hazards. As Gillian Tett argues persuasively, we have entered a new age of volatility, in politics and society as much as in finance and economics.