Oxford University Press, USA
Failed: What the Experts Got Wrong about the Global Economy
Failed: What the Experts Got Wrong about the Global Economy
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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.
Author: Mark Weisbrot
Publisher: Oxford University Press, USA
Published: 10/01/2015
Pages: 312
Binding Type: Hardcover
Weight: 1.00lbs
Size: 8.30h x 5.60w x 1.10d
ISBN: 9780195170184
Review Citation(s):
Choice 04/01/2016
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.
Author: Mark Weisbrot
Publisher: Oxford University Press, USA
Published: 10/01/2015
Pages: 312
Binding Type: Hardcover
Weight: 1.00lbs
Size: 8.30h x 5.60w x 1.10d
ISBN: 9780195170184
Review Citation(s):
Choice 04/01/2016
About the Author
Mark Weisbrot is Co-Director of the Center for Economic and Policy Research in Washington, D.C. He received his Ph.D. in economics from the University of Michigan. He is co-author, with Dean Baker, of Social Security: The Phony Crisis, and has written numerous research papers on economic issues and
policy. His columns, commentary, and op-eds have appeared in almost all major U.S. newspapers, and in many in other countries, and he appears frequently on national and international television and radio programs. He is also president of Just Foreign Policy.
