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How the West Was Lost: Fifty Years of Economic Folly--and the Stark Choices Ahead
 
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How the West Was Lost: Fifty Years of Economic Folly--and the Stark Choices Ahead [Formato Kindle]

Dambisa Moyo

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Descrizione prodotto

Sinossi

In How the West Was Lost, the New York Times bestselling author Dambisa Moyo offers a bold account of the decline of the West’s economic supremacy. She examines how the West’s flawed financial decisions have resulted in an economic and geopolitical seesaw that is now poised to tip in favor of the emerging world, especially China.

Amid the hype of China’s rise, however, the most important story of our generation is being pushed aside: 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 – have 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.



Dettagli prodotto

  • Formato: Formato Kindle
  • Dimensioni file: 413 KB
  • Lunghezza stampa: 242
  • Numeri di pagina fonte ISBN: 1553655435
  • Editore: Farrar, Straus and Giroux; Reprint edizione (15 febbraio 2011)
  • Venduto da: Amazon Media EU S.à r.l.
  • Lingua: Inglese
  • ASIN: B00486UAXY
  • Da testo a voce: Abilitato
  • X-Ray: Non abilitato

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Amazon.com: 3.9 su 5 stelle  40 recensioni
50 di 56 persone hanno trovato utile la seguente recensione
4.0 su 5 stelle A dramatic view of the dangers ahead 3 febbraio 2011
Di John Gibbs - Pubblicato su Amazon.com
Formato:Brossura
The world's most economically powerful nations have seen their wealth and dominant political position decline to the point where, today, they are about to forfeit all they have strived for - economic, military and political global supremacy, according to Dambisa Moyo in this book. The author explains that capital, labour and technology have been the pillars on which economic growth has been built, then goes on the describe how mismanagement of these factors is leading to certain decline.

Capital has been misallocated as a result of government policies supporting subsidized home ownership, encouraging a culture of debt and diverting capital away from productive investment in business. Labour has been misallocated by failing to take account of future pension costs, failing to educate sufficient people in useful professions like engineering, and encouraging people into the wrong pursuits by grossly overpaying sports stars. Technology has been misallocated by giving it away to Chinese manufacturers in return for cheap goods, rather than protecting it.

If we stick with the status quo, then all is lost, according to the author. China could falter, but that is an unlikely scenario. The US and Europe could fight back, but at present America does not appear to have the mettle. The author's preferred approach seems to be for the US to default on its loans, reckoning that China will suffer more than America.

As was the case with her previous book, Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa, the author's diagnoses of the problems have some merit, although they are overly dramatic, but in my opinion her proposed solutions leave something to be desired. The book is an entertaining read, and the issues are presented in a way that will make the reader sit up and take notice.
73 di 85 persone hanno trovato utile la seguente recensione
2.0 su 5 stelle A regrettably inadequate book 25 febbraio 2011
Di Arwel - Pubblicato su Amazon.com
Formato:Rilegato|Acquisto verificato Amazon
What is disturbing about this book is not the argument Dr Moyo purports to make but the inadequate manner in which she makes it. Perhaps it's a reflection of Americans' self-critical mood at the moment that Amazon.com reviewers have heaped the book with praise, leaving only one reviewer level-headed enough to award the book just one star.

'How the West Was Lost' reads uneasily, shifting from a mildly didactic tone to energetic advocacy to journalistic analysis. It combines sweeping generalizations, a somewhat confused and tendentious reading of what constitutes the economic and social challenges currently facing the United States, and a cherry-picking approach to conditions in other countries, both developed and developing. It runs through the usual list of economic, financial and social difficulties now facing the United States, asserting that 'radical solutions, many of them offered in this book' must be adopted quickly before it's 'too late' (p xiii) to save the west 'from oblivion' (p 181). The reader then has to wait patiently for these radical solutions, which are offered briefly in the last few pages of the book. They include ' a serious revaluation of the US's role as virtually the sole underwriter of global public goods', by which the writer seems to be alluding the size of the Pentagon's global operations and budget; accepting the likely benefits of economic protectionism; addressing growing income inequalities in the US, and growing US welfare costs; saving more and spending less; and investing in the US to create a more skilled labor force and new technologies. She also proposes that the US defaults on its external debt so as to break the 'stranglehold of debt and dependence' it is, she says, gripped in by China and others. To reinforce her disturbing protectionist message and her reductionist view of US-China relations the author remarks sweepingly that 'forging closer ties with the emerging economies and dismantling...trade barriers will not work.'

Few of the policy implications of these so-called radical solutions, none of them new, are properly analyzed or thought through, so that after being subjected to a 190-page account of the US's inadequacies, not to mention the bright prospects for China, the reader is left with little more than a few beguiling slogans.

Sourcing is also inadequate and often hard to make use of. To take just one example, selected more or less at random, on p 167 the author writes about 'the continuing face-off between India and China, propelled to a large extent by water shortages'. This is in itself a highly partial and inadequate description of the complex relationship between China and India. But that isn't the main point here. Dr Moyo then declares that 'China is thought to be considering rerouting the Brahmaputra River to its Yellow River, which would have devastating effects on the land and people of Bangladesh and India'. The source cited for this statement is a very long website address which cannot be accessed as given, but which evidently refers to an article by Brahma Chellaney in the 08.14.09 edition of the Israeli newspaper Haaretz. Chellaney (and why wasn't he sourced or interviewed directly? why was an op ed piece in an Israeli newspaper selected as the source for this?) is a respectable senior researcher at the Centre for Policy Research, New Delhi, but his assertions about this possible future use of the Brahmaputra are controversial and contradicted by various other commentators, including several Chinese sources, none of whom Dr Moyo mentions. This is, as I say, a random example (and I should add that I am in no way involved in China-India relations or water-related issues); there are many more like it.

There is a real need for a good book assessing in detail alternative policies and strategies for the west and for the US in particular in the light of the 2008 crash. Regrettably this is not that book.
29 di 34 persone hanno trovato utile la seguente recensione
5.0 su 5 stelle Raises some very important issues 15 febbraio 2011
Di Steve T - Pubblicato su Amazon.com
Formato:Rilegato
The basic idea of How the West Was Lost is that Western democracies (especially the US) are basically throwing away all the advantages they built up in the last century. Asian countries are going to dominate not because they are better...but because we are being stupid. I don't agree with all the book's arguments, but I think it raises some very good points.

The best points are about what the author calls misallocation of both labor and capital. What this really comes down to is bad incentives. I think Moyo's argument that the US puts way too much emphasis on real estate is dead on. Building homes or fancy commercial buildings does not really create much innovation as compared with investing in industry or technology. Yet, real estate has always been THE way to get rich, and the investment capital flows accordingly. The result is inflated home and property values instead of new job-creating industries.

Moyo makes a similar argument about labor. She emphasizes sports stars, but I think a better example is Wall Street attracting so many smart people that could otherwise do something more productive. And then there's real estate again. How many people have jobs in construction, real estate agents, loan agents, title companies and everything else? Now of course, a lot of those bubble jobs are gone. I live in the SF bay area and know at least one person with a PhD in engineering who left working in tech to become a real estate agent back in 2005 because she could make so much more money. That is true misallocation of talent.

One important issue is how the incentives for the people at the top help create these problems. As she says, the West is transferring critical technology to the Chinese, but this is happening mostly because the CEO can get a huge bonus by creating big profits in the short run by giving into the Chinese government's demands. The long run will be somebody else's problem.

The other point she doesn't get at all is the rate at which technology is changing and how it might completely shake things up in the future. I work as a developer in artificial intelligence, so I am very aware of this issue. For example, a lot of China's industry will probably become much more automated quite soon (as manufacturing in the US already is now). That will make it very hard for them to create enough jobs to keep the population satisfied, and that could be a game changer for our assumptions about China.

I più evidenziati

 (Cos'è?)
&quote;
This hitherto unidentified factor  the 60 per cent  has come to be known as total factor productivity, a catch-all phrase which encompasses technological development as well as anything not captured by the capital and labour inputs, such as culture and institutions. Thus canonical economic models point to three essential ingredients which determine economic growth: capital, labour, and total factor productivity. &quote;
Evidenziato da 17 utenti Kindle
&quote;
it is clear that the relative quality of life will almost certainly have to decline in the West to accommodate a rise in the Rest. &quote;
Evidenziato da 16 utenti Kindle
&quote;
The Wests behaviour over the last fifty years has been like that of a profligate son, squandering the family wealth garnered over the centuries  frittering it away on heady indulgences and bad investments. &quote;
Evidenziato da 15 utenti Kindle

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