In recent years, the world has been rocked by major economic
crises, most notably the devastating collapse of Lehman Brothers,
the largest bankruptcy in American history, which triggered the
breathtakingly destructive sub-prime disaster. What sparks these
vast economic calamities? Why do our economic policy makers fail to
protect us from such upheavals? In Wrong, economist Richard
Grossman addresses such questions, shining a light on the poor
thinking behind nine of the worst economic policy mistakes of the
past 200 years, missteps whose outcomes ranged from appalling to
tragic. Grossman tells the story behind each misconceived economic
move, explaining why the policy was adopted, how it was
implemented, and its short- and long-term consequences. In each
case, he shows that the main culprits were policy makers who were
guided by ideology rather than economics. For instance, Wrong looks
at how America's unfounded fear of a centralized monetary authority
caused them to reject two central banks, condemning the nation to
wave after wave of financial panics. He describes how Britain's
blind commitment to free markets, rather than to assisting the
starving in Ireland, led to one of the nineteenth century's worst
humanitarian tragedies- the Irish famine. And he shows how
Britain's reestablishment of the gold standard after World War I,
fuelled largely by a desire to recapture its pre-war dominance,
helped to turn what would otherwise have been a normal recession
into the Great Depression. Grossman also explores the Smoot-Hawley
Tariff of 1930, Japan's lost decade of the 1990s, the American
subprime crisis, and the present European sovereign debt crisis.
Economic policy should be based on cold, hard economic analysis,
Grossman concludes, not on an unquestioning commitment to a
particular ideology. Wrong shows what happens when this sensible
advice is ignored.
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