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 financial supremacy. She examines how the West's incorrect monetary judgements have led to an monetary and geopolitical seesaw that's now poised to tip in want of the rising international, particularly China.
Amid the hype of China's upward push, even though, an important tale of our iteration is being brushed aside: the USA isn't just in financial decline, yet heading in the right direction to turn into the most important welfare kingdom within the heritage of the West. the true risk is a thome, Moyo claims. whereas a few international locations – comparable to Germany and Sweden – have intentionally engineered and financed welfare states, the U.S. dangers turning itself right into a bloated welfare kingdom 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 industrial myopia of the West but in addition the unconventional options that it must undertake which will assert itself as an international monetary 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
To fulfil the American dream) have left the United States and indeed the Western world at large teetering on the verge of bankruptcy. So carried away were policymakers that they failed to appreciate the collateral damage that would invariably, inevitably, follow in the wake of these policies, eventually sweeping aside everything in its path. e. ’8 This seemingly innocuous statement demonstrates a fundamental lack of understanding of the capital structure, the important differences between the role of the debt holder and the role of the equity holder, which has not only led to the 2008 financial crisis but also underscores how through faulty policymaking the West continues to misallocate its capital and why this will lead to its continual economic decline.
83m on the last day of 2006 – fifty years later), and America peaked economically after the war, in the 1950s, as a result. 3 America’s actions were a marriage of political imperative and economic savvy. The manufacture of goods to be shipped abroad was not just a political act to help the Allies; it also helped boost the US economy. Indeed, the results of this ‘great American intervention’ were staggering on almost every level. Thanks to the global need for US production, America’s sluggish economy was transformed into a manufacturing powerhouse.
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. The idea of a lunar landing had been through ten years of trials, prototypes and numerous setbacks in order to make it a reality. From the huge Saturn rockets that had the power to lift a US destroyer into space, to the lunar module that landed two 150-pound men on the moon, and to each of the hundreds of thousands of components and parts that had to be researched, designed, built and tested, the apparatus of the Apollo was breathtaking in its vastness and complexity.