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Books > History > History of specific subjects > Economic history
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Failed - What the "Experts" Got Wrong about the Global Economy (Hardcover)
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Failed - What the "Experts" Got Wrong about the Global Economy (Hardcover)
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Why has the Eurozone ended up with an unemployment rate more than
twice that of the United States more than six years after the
collapse of Lehman Brothers? Why did the vast majority of low- and
middle-income countries suffer a prolonged economic slowdown in the
last two decades of the 20th century? What was the role of the
International Monetary Fund in these economic failures? Why was
Latin America able to achieve substantial poverty reduction in the
21st century after more than two decades without any progress?
Failed analyzes these questions, explaining why these important
economic developments of recent years have been widely
misunderstood and in some cases almost completely ignored. First,
in the Eurozone, Mark Weisbrot argues that the European
authorities' political agenda, which included shrinking the welfare
state, reducing health care, pension, and other social spending,
and reducing the bargaining power of labor played a very important
role in prolonging the Eurozone's financial crisis and pushing it
into years of recession and mass unemployment. This conclusion is
based not only on public statements of European officials, but also
on thousands of pages of documentation from consultations between
the IMF and European governments after 2008. The second central
theme of Failed is that there are always practical alternatives to
prolonged economic failure. Drawing on the history of other
financial crises, recessions, and recoveries, Weisbrot argues that
regardless of initial conditions, there have been and remain
economically feasible choices for governments of the Eurozone to
greatly reduce unemployment-including the hardest hit,
crisis-ridden country of Greece. The long-term economic failure of
developing countries, its social consequences, as well as the
subsequent recovery in the first decade of the 21st century,
constitute the third part of the book's narrative, one that has
previously gotten too little attention. We see why the
International Monetary Fund has lost influence in middle income
countries. Failed also examines the economic causes and
consequences of Latin America's "second independence" and rebound
in the twenty-first century, as well as the challenges that lie
ahead.
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