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 | Dambisa Moyo
America is not just in economic decline, but on course to become the biggest welfare state in the history of the West. The real danger is a thome, Moyo claims.
While some countries — such as Germany and Sweden — sest deliberately engineered and financed welfare states, the United States risks turning itself into a bloated welfare state not because of ideology or a larger vision of economic justice, but out of economic desperation and short-sighted policymaking. 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.
I applaud her brave alarm against our economic and social complacency: Moyo is a very serious lady indeed. Dambisz Moyo is the author of Dead Aid. Born and raised in Lusaka, Zambia, Moyo completed a Ph. Kennedy School of Government. She dambsia for the World Bank as a consultant, and also worked at Goldman Sachs for eight years. Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support?
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Try the Kindle edition and experience these losh reading features: Share your thoughts with other customers. Write a customer review. Read reviews that mention wall street west was lost dambisa moyo pension plans united states economic growth dead aid even though western countries read this book welfare state social security required reading rest of the world hedge waa factual errors housing market culture of debt long run capital labor.
Showing of 55 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Dambisa Moyo has a clear view of what is happening in the world’s world of economics. She describes the cause and effect wet the economic crisis, especially the West’s misappropriation of capital based on misguided political views, while China’s ability to react quickly as a result of her governments control, and the outcome.
This shows that the West is in a major debt crisis, while China has become the wealthiest nation in terms of cash reserves. Moyo gives an albeit feeble solution to this wae, specifically for the USA, a solution that is most likely to be politically difficult if not impossible to implement, and as a result is likely to be much too late.
How the West Was Lost: Fifty Years of Economic Folly–and the Stark Choices Ahead
It also deals to some extent with China’s foray into securing her urgent and longer term need for soft and hard commodities, which she is able to do with her large cash reserves.
Overall, the book has a journalistic approach with many bibliographic references, and will appeal to readers interested in wqs economics without needing to have the know-how, as the author explains everything quite clearly in layman’s terms. This is an excellent review of the myopic and corrupt management of macro-economic factors by western countries.
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 wst have no lasting value.
Moyo clearly and succinctly describes the folly of short term vision by politicians which will be the downfall of western economic domination. Nikita Krushchev, when he visited the U.
He was misinterpreted as saying this literally, what he meant was that the Soviet technological effort would smother the U. As history proved, he was wrong but China will most likely fulfill the prophesy. This book should be required reading for every western politician, bureaucrat and university president. How the West Was Lost is an excellent book for those who wish to have a good practical understanding of economics. If the work is read without a political bias, it will help the reader to understand cause and effect issues of economic policies, as well as the relationship between economics and foreign affairs.
At times,this work can be somewhat frightening, but like any worthwhile explanations, it makes the reader think and relate to what he or she sees occurring in the world today, regardless of the reader’s world-view. Economics is probably one of the more boring subjects for the average person; Moyo’s work makes it interesting and relevant. So read this book, and take from it the essence of what Dr.
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And read it before you read Winner Take All. One person found this helpful. In her book she straightforwardly indicated her points of view on the decline of the West. Based on many data she collected 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.
They are like fault lines in an earth quack prone zone. A major disaster could bring down the modern Western system and culture developed since years ago.
Danbisa, “Time is running out. Unless the West adopts radical solutions and adopts them quickly, it will be too late. The most urgent and pressing problem is shortage of cash, which has ill effect on the accumulation of capital.
Greece, Italy, Spain, even England and America all have serious loss of money. It is not only the governments’ deficits, but high rate of debt among their population.
Government’s debt is approaching 16 trillions, almost equal to GDP, but budget deficit thf going up every year with no end in sight. The Fed is adopting QE quantity easing policy which is printing 85 billion per month recently reduce to 75 billion to buy government bonds to ease the problem of current and immanent breakdown for government finance and operations. It is being going on more than a year.
Any tax increase, particularly of the “rich people”, is bogged down in congress because of Republican majority and insistence of implementation of Obamcare and other welfare spending by the Democrats, there is no solution in sight to the reduction moyk Government budget deficit, thus the overall debt. Even though there is some improvement of unemployment, GDP growth and industrial manufacturing recently, the American international trade deficit continues to worsen.
Unless as some people predicted, America can reduce large portion of oil import or even becomes oil export country due damhisa the new technologies of producing share gas and oil, there is neither government policy nor plan to improve American capability of industrial output to stampede the outflow of hard currency.
Given several years of this shortsighted act of printing money, America will face an irreversible bankruptcy. The sad thing is that not many American politicians, economists and general public believe that day might come.
As for infrastructure, there is year neglect which can only be corrected by putting in 7 trillion new investments. The QE and high budget deficit for short period loost time are good for politicians and CEOs of Wall Street financial firms because they can keep their jobs and power without asking too much of sacrifices from general public.
Yet for the long run, it is very bad for the country’s future. A little by little the West is losing supremacy position on international stage. On the other hand, the civil investments are concentrated on real estates and financial instruments with little impact on the manufacturing and new industry. Since IT and internet, there is no major new industry in the West that can compete with “the rest”, not even Nona and biotech. The monopoly in terms of innovation and creativity is no longer a West phenomenon.
For the past thirty years outsourcing is the key word for the West.
Corporations of the West are making tons of money by transferring productivity to overseas paying a fraction of wages, thus enormous profit for the shareholders, but destroyed the middle class of the West in the process. Without manufacturing the West economy becomes an empty shell.
For example, even European high end and luxury products, such as Italian leather goods, fabrics, French hand bags and fashion products, even Swiss watches are facing fierce competition from China, where “San Zai” imitations version of all those products are filling the world markets.
Many are skillfully made in China at fraction of cost and yet with acceptable quality. European debt crisis is in brewing for many years. The main reason is twofold. 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.
Another fundamental one is that people in the West are living in unprecedented luxurious style thinking someone else will supply them endless goods. Also due to the automation, many jobs are replaced by robots and automatic process, one of the major elements that caused the disappearance of middle class. What left is the rich and the poor, the”in between” is shrinking.
As we mentioned before, the intercontinental companies are making enormous profit by outsourcing and meanwhile the middle class in the so called advanced nations is diminishing. So the governments are short of tax income and people are becoming debt loaded individuals with no hope ever being restored as middle class, the net result is huge disparity between social classes.
Executive pay, especially those associated with Wall Street financial firms, is based on false assumptions and not justifiable calculations. The public has to take on the burden at the end if anything goes wrong. Furthermore, the compensation for those” stars” in show business and sports is beyond comprehension of the ordinary folks.
If he chose to follow up on his academic training to land a job on one of those Wall Street firms’, he would probably be compensated by around K to K per annum.
From whole society’s prospective, would Lin as a NBA player is times valuable than that as a company clerk.
In real economy, which” Lin” can contribute more to the society? It is obvious that the society is placing wrong value judgment on its social and economic activities. Thus, it encourages weat youngsters to follow wrong track; everyone is hoping to become a movie or sport star against almost insurmountable odds. As damvisa result, fewer and fewer young graduates are willing to work in a factory or any other jobs in real economy. The West society is running into the dead end.