THE READER: Peter Attard Montalto

Peter Attard Montalto

Peter Attard Montalto is the London-based Head of Emerging Europe, Middle East and Africa Economics at Nomura International. His cogent analyses of South Africa’s political economy have made him one of the most widely quoted South Africa-watchers in the media.

What are you reading at the moment?

As I travel a lot I always have at least one book on me though these are invariably non-fiction or work-related. I’m currently reading The Idealist: Jeffrey Sachs and the Quest to End Poverty by Nina Munk which I think provides a useful journalist’s view of the development vortex of institutions and ever-shifting policy landscape. I find development economics one of the most bewildering and fraught areas of economics and the book is a reminder of how hard it is to alleviate poverty through direct scalable interventions without getting some simple foundations in place first like institutions and natural markets.

How do you decide what to read next?

Much of what I read I have little choice over – dry budget or policy documents from governments, tomes from central banks of international institutions which can take up a considerable amount of time looking at many different economies. Autobiographies of politicians are always the hardest to deal with and demand to be glanced at but can be dull beyond the titbits picked up in the press. Helen Zille’s book is a prime example which thankfully had an index to remove the need to deal with it cover-to-cover. But I always try and intersperse my reading with fiction from countries I’m dealing with (Francophone Africa is on my list next and especially Diogo) and “hobby” reading (currently about the technicalities of winemaking!).

What book has had the greatest impact on you?

I think reading enlightenment thinkers has had the most profound and lasting impact on me. Smith, Locke, Rousseau and then later Hayek etc. as well as their critics. Whilst I’m somewhat towards the libertarian end of spectrum politically now (a place sparsely populated in South African discourse) it’s interesting to see how one’s views shift over time as you read more and see more real-world problems to deal with. The long-term development path for individual countries in Africa is going to be a battle between enabling governments with appropriate redistribution and governments that strangle development and growth. South Africa may find itself on the wrong side of that dividing line versus other places like Ghana or,most exciting, probably Kenya. South Africa needs to find a base of black libertarian voices to steer it in the right direction. For fiction, I think Alan Hollinghurst has had the most profound impact on me. The Line of Beauty has pulled me to read straight a number of his other books.

Do you read on tablet, Kindle, paper or all three?

Paper still has its uses when travelling and for whatever reason I think I absorb information better and enjoy it more with books versus computer screens which seem too much like work. Having a massive stack of books also makes for a more interesting home and brings back memories of poking around my grandparents’ library of books – floor to ceiling – that they had. I wonder sometimes what people will surround themselves with when they grow old if it isn’t books! Blogs though are increasingly a more important source of information especially around my two favourite hobbies which is collecting SA modern art and SA wine.

What were your favourite books as a child?

It depends how far back you want to go! I always remember a fascination with systems, engineering etc (of the “Little Jonny visits a building site” type!) from an early age. It turns out I ended up studying economic and political systems every day but the roots are the same! I think a fiction serious I read most assiduously was Swallows and Amazons and the issue of self-reliance appealed to me.  

What’s the last book you gave as a gift?

Daunt Books in London is a treasure trove of appropriate books for presents even for the most discerning reader and the natty totes the bags come in are still an enduring icon for a present to come in. I think the last set of books I got as a present was for my dad who, as a former captain in the merchant navy, is into anything relating to boats or exploration.

The most useless thing you read at university?

Endless books on the underlying theory behind econometrics. Economics should ultimately be a practical social science and learning to derive by hand statistical theories was just too much! Using econometrics to practically analyse the SA economy is a much more hands-on experience.  

Best book on economics you’ve read?

The literature on behavioural economics starting with Richard Thaler (and non-academic books like Nudge) has probably been the most fascinating and relevant I’ve read especially given its use in everything from policy to explaining financial markets after the 2008 crash. It’s an important bridge from the dry theory of micro- and macro-economics to the real world we live in.  This segues into pop economics books like Levitt’s Freakonomics of which most of their explanations of economic phenomena in everyday life come down to behavioural economics.

What’s the last thing you read that made you laugh?

Reading a lot of dry non-fiction doesn’t necessarily provoke laughs! Private Eye in the UK is normally the most reliable comic antidote to these very serious times we are living through. I suppose the most random book I came across that made me laugh straightaway having found it in a hotel room on a business trip was Carrie Fisher’s autobiography which simply cut through with its candour and honesty to make parts laugh-out-loud funny.  

Which book have you never been able to finish reading?

I try to read fiction from the countries I cover to get into the local psyche. Sometimes this works like reading Achebe, Gordimer, Adichie or Coetzee and is useful and insightful. However, this failed spectacularly when I used to deal with Iceland and tried reading Halldór Laxness and came back from one trip there laden down with books. There are now several unopened books on my shelves after failing to get more than a few chapters through the bleakness that is Independent People 

What book do you turn to for advice?

I am a big sceptic of self-help and advice books. They are so often repetitive fluff and it depresses me the number of people reading them on the train every morning. The closet I’ve probably come is Daniel Kahneman’s Thinking, Fast and Slow. There are a range of books now coming about the crisis in economics as a profession which are on my reading list which might count as self-help….  

If you could take an author out (dead or alive) who would it be, and where would you take them?

In the South African context it would have to be Nadine Gordimer who always struck – with her quite strength and moral determination – me as someone who I would most want to take out for a nice dinner somewhere with a hushed atmosphere which can sometimes be hard to find in SA! DW11-13 in Joburg is one of my favourite go-to places and would have just the right atmosphere for such a meeting! There is a quiet confidence of purpose to the books she wrote which is captivating.

A book that most aptly sums up the state of the South African nation?

I always find the economic and political books from SA rather depressing. Walking into Exclusive Books I just get confronted with a wall of books that continually seem to say the same things in the same way. They either fall into SA-exceptionalism or are overly simplistic in their characterisation of the issues in SA. This is partly why I’ve resisted calls from people to write a book on SA – it is very hard to cut through prevailing narratives around the situation in SA which are often grossly over simplistic. One book that has stood out has been Frans Cronje’s A Time Traveller’s Guide to Our Next Ten Years which cuts through to the underlying currents in the country very well.

The magazines and newspapers you most frequently?

I have to read the entire South African press every day! The most interesting thing I read is probably The Daily Sun which gives an alternative perspective of grittier reality with Tokoloshe stories etc! Whilst I don’t work with The New Age, I think it’s also always worth a read in these times of capture and to know what certain factions are thinking. The most random thing I probably read locally is the SA version of House and Garden which gets physically delivered to London. I really love the SA design scene and it’s also a nice bit of escapism to get the summer edition when it’s the middle of winter in London and is always a spur to book another holiday to SA!