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By Dambisa Moyo
In How the West used to be Lost, the New York Times bestselling writer Dambisa Moyo deals a daring account of the decline of the West's financial supremacy. She examines how the West's wrong monetary judgements have ended in an fiscal and geopolitical seesaw that's now poised to tip in want of the rising international, specially China.
Amid the hype of China's upward push, notwithstanding, crucial tale of our iteration is being dismissed: the US isn't just in financial decline, yet on the right track to develop into the most important welfare kingdom within the heritage of the West. the true probability is a thome, Moyo claims. whereas a few international locations – resembling Germany and Sweden – have intentionally engineered and financed welfare states, the USA hazards turning itself right into a bloated welfare kingdom no longer due to ideology or a bigger imaginative and prescient of financial justice, yet out of financial desperation and short-sighted policymaking. How the West used to be Lost unearths not just the industrial myopia of the West but additionally the novel recommendations that it must undertake so as to assert itself as a world monetary energy as soon as again.
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Additional info for How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices Ahead
Sample text
That is to say, the manner in which the capital is allocated, the aptitude of the workforce and the nature of the technology. From the early days of the growth debate, capital has always been regarded as the prime mover in defining a country’s failure or success. So it seems right and proper that the book should first turn its attention to this all-important subject. 2 A Capital Story ‘Capital is money, capital is commodities. By virtue of it being value, it has acquired the occult ability to add value to itself.
Naturally, the net effect has been to encourage polarization, rather than foment credible alliances. Were it not for a profit motive, the real risk is that come the day when the emerging nations don’t have to trade with the West, they won’t. Second is what Thomas Friedman describes as the ‘flatness of the world’ – the lowering of transport, communication and manufacturing costs, which has made the transfer of technology easier. Indeed, the technological and economic advantages of the West have made this possible, and as a natural consequence encouraged the worldwide adoption of best-practice technology and governance standards.
Should it really matter if some other country is richer and more militarily powerful? Who cares whether a country has economic supremacy, as long as your country is prosperous and can manage its own internal affairs? For example, the societies of Denmark, Sweden and Norway, each economically advanced, seem to have no qualms about who rules the world as long as they are left alone to be prosperous and peaceful, though their attitude might well change were whoever held the purse strings to start to curb their freedoms and encroach upon their way of life.