By Dambisa Moyo
In How the West was once Lost, the New York Times bestselling writer Dambisa Moyo bargains a daring account of the decline of the West's monetary supremacy. She examines how the West's improper monetary judgements have ended in an monetary and geopolitical seesaw that's now poised to tip in prefer of the rising global, in particular China.
Amid the hype of China's upward thrust, despite the fact that, an important tale of our iteration is being brushed aside: the US is not only in monetary decline, yet on the right track to develop into the largest welfare kingdom within the historical past of the West. the true hazard is a thome, Moyo claims. whereas a few international locations – equivalent to Germany and Sweden – have intentionally engineered and financed welfare states, the U.S. dangers turning itself right into a bloated welfare nation now not due to ideology or a bigger imaginative and prescient of monetary justice, yet out of financial desperation and short-sighted policymaking. How the West used to be Lost unearths not just the commercial myopia of the West but additionally the unconventional recommendations that it must undertake which will assert itself as an international fiscal energy as soon as again.
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Extra resources for How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices Ahead
Sample text
Private industries, research institutions and universities provided the majority of these personnel. It was this labour force that would invent and build the technology which would catapult America to the forefront of the space race and put Neil Armstrong and Buzz Aldrin on the moon – an accomplishment often cited to this day as the greatest technological achievement in history. The technological feats of the Apollo programme were truly awe-inspiring. While marvelling at the wonder, the approximately one fifth of the world’s population that watched the live transmission of the first Apollo moon landing would have struggled to appreciate the phenomenal behind-the-scenes technological brilliance that had made this possible.
4 per cent versus 26 per cent). It’s not just China’s rising share of world GDP that underscores its mounting economic influence. e. e. the average income per person), which have risen spectacularly thanks to the country’s extraordinary growth rates – since 1989 China’s growth rate has never dipped below 6 per cent, and sometimes has reached 10 per cent. If one were to put a GDP value on the world in 2009, it would be worth US$60tn. That is the sum total ascribed dollar value of the annual output all the world’s countries – rich and poor.
In the interests of full disclosure, Russia lies second (US$470bn) in the league tables of Swiss bank depositors, with Ukraine and China fourth and fifth at US$100bn and US$96bn, respectively. Surprisingly, the only Western country in the top five is Britain, with US$390bn. CASH IS KING On 24 June 2008, the Financial Times published its list of the top 500 global companies by market capitalization (after all, what is relevant is the market capitalization, not simply the existence of a big conglomerate flagship).