Jan 20, How the West Was Lost: Fifty Years of Economic Folly—and the Stark Choices Ahead. By Dambisa Moyo. Farrar, Straus and Giroux; pages. Amid the hype of China’s rise to global power, the most important story of our generation is being pushed aside: how the West’s rapidly growing population of the. In How the West Was Lost, the New York Times bestselling author Dambisa Moyo offers a bold account of the decline of the Westâ€™s economic supremacy.
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How the West Was Lost: Fifty Years of Economic Folly–and the Stark Choices Ahead
Still, it’s a worthwhile read, if you can get over the patronising economics tutorials. She correctly points out that all the benefits of free trade accrue to shareholders and large companies, while the workers losh ill positioned to benefit and have suffered as a result. Jun 07, Linda rated it really liked it. Based on many data she moyp and cited in her book, the West predicament in comparison with the rising economic group, she referred to as “the rest”, is not only the economic recession caused by financial meltdown, but also the breakdowns in terms of social, political, educational domains.
I was pleased to see that her economic references were more scholarly.
In some instances I noted her comparative statistics to be differently ‘denominated’ mpyo personally judged them to be too narrow to provide an accurate picture of actual ‘development. How the West Was Lost reveals not only the economic myopia of the West but also the radical solutions that it needs to adopt in order to assert itself as a global economic power once again. All in all, I thought the book provided a lot of thought provoking ideas regarding the West’s attitude towards debt, risk aversion, comparative advantage and an overall culture of living beyond one’s means.
The first half of this book kind of does basic economics, explaining things like why moyyo crash of occurred. Get to Know Us. Above all, in the west, both households and governments got into debt to finance consumption at levels that will prove unsustainable: Technically speaking, until they have paid the mortgage off, they don’t own it. Hardcoverpages. One is the default of the West democratic system in which politicians are making mockery promises and issuing empty checks and governments are running record high budget deficits which led to insurmountable national debts.
Moyo answers the questions that yhe on everyone’s lips in America these days, is something wrong with our economy?
How the West Was Lost: Fifty Years of Economic Folly–and the Stark Choices Ahead by Dambisa Moyo
Even though there is some improvement of unemployment, GDP growth and industrial manufacturing recently, the American international trade deficit continues to worsen. She does acknowledge that a welfare state can be well-designed and managed but neither elaborates on that or, to my dismay, advocates for it. Moyo suggests that the USA adjust it’s approach to trade to better protect wzs intellectual property and to acknowledge the fact that some countries are cheating.
Unemployment, debt, housing bubble, bubbles in general, credit cards, free trade, oil resources, global warming, population expansion, currency manipulation, welfare system, democracy, etc, etc Western governments, in contrast, have embedded in their very foundations that the rights of the individual supersede all.
Yet for the long run, it is very bad for the country’s future. While an important and thought provoking economic book, her tone makes it difficult to read. The abandonment of basic research by western governments is coming home to roost – short-sighted instant gratification funding means others who direct research into scientific and technological areas will produce real growth based on real things, not hocus-pokus financial derivatives which have no fambisa value.
Alt A must read for any socially aware citizen But at times the book seemed to descend into doomsday predictions hence, the titlecalls for a stronger centralized state, and lists upon lists of stats that I could pull off the Internet myself. It would be interesting to see an update as it has been a few years since its research and publication. Sep 03, Wodin cambisa it did not like it. Moyo continues with an astute breakdown of the challenges facing the US in the future: Think of this as all possible contributing factors combined such as geographical factors terrain and weatherrule of law, property rights, human rights, freedom of expression and technological growth and efficiency.
On the same path is the argument made without evidence that conflict around resources such as water will shortly be normal without evidence for it.
Among parents she sees folly as they collude in their children’s fantasies of becoming sporting or entertainment celebrities rather than getting down to the hard grind of learning how to be productive: Loading comments… Trouble loading? I don’t buy this. One person found this helpful.
How the West Was Lost | Dambisa Moyo
It was easy to relate the challenges adressed in the book to the current state of the global economy and it gave that “it makes sense” feeling to the reader.
How the West Was Lost: Given several years of this shortsighted act of printing money, America will face an irreversible bankruptcy. Then came the turn of the head of a similar Chinese company; undaunted, pointing to the western executive, he said: This book started strong.