How the West Was Lost: Fifty Years of Economic Folly--and the Stark Choices Ahead
Amid the hype of China’s rise, however, the...more
Moyo presents a clear picture of how the west, USA specifically, lost their economic superiority to the emerging "rest" through systematically implementing myopic economic policies over the last three decades.
From the tech boom in Asia of the early 80's to the 21st century housing bubble bursting in the 2008 economic crash, Moyo gives a succinct, if bleak, account of American missteps that virtually handed the reigns freely to the developing world.
But at times the book seemed to descend into doomsday predictions (hence, the title), calls for a stronger centralized state, and lists upon lists of stats that I could pull off the Internet myself. That said, her concerns about America's economic position were intimidating and not without basis.
My largest concern with the book's thesis is that it seems to assume a world...more
Dr. Moyo states that the United States has misallocated: capital, labor and intellectual property over the past 50 years. The country and it's people have made poor choices with regard to these area.
Capital - Dr. Moyo lays blame on the equity culture in America, specifically the high amounts of leverage used by equity hol...more
I have a couple of problems with the book generally. First, although her discussion of how and why over-investment in real estate (specifically homes) has created a treadmill of ever-rising prices that regularly creates disastrous bubbles in the economy is very clear and persuasive, it still bothers me to hear her speak of homes, pensions, and healthcare as terrible ideas. She does acknowledge that a welfare state can be well...more
“once an idea is out it can be used and improved upon by anyone, anywhere, an idea has a marginal cost of zero”
This quote is referring to the spinoffs from the magnificent technology that enabled the Apollo moon landing in July 1969. I was a vagabond watching it on a storefront TV in Athens, Greece, along with a small crowd who didn’t own their own sets, or had to be in downtown Athens on that day, aw...more
Instead of providing a broad review of this book, the focus will be on the first few chapters which concern the housing market in the U.S. The author starts by providing a short background of the housing crisis. Basically, the author repeats the same old (and true) claim that was written in every other newspaper in the world: "However, US policy...more
The U.S. and the southern European states are in fact bankrupt...more
O livro é um excelente relato, simples e muito bom para introduzir a não economistas e não financeiros, os riscos e efeitos do recurso ao crédito.
A primeira parte do livro relata os últimos 50 anos do Ocidente e as suas opções económicas e geopolíticas que, na perspectiva da autora, contribuíram para a situação de decadência económica a médio prazo e para a transferência dos centros de poder para outras paragens (os BRIC...more
She seems to believe in Free Trade which is basically what has caused the coming Chinese hegemony that in turn alarms her so much.
She doesn't emphasise enough how America's decline has been caused by excessive military spending and apportions to...more
What confused me was that Moyo railed against the way the US (and to some extent the UK) government had so misused its labor, capital, etc. and then turned around and suggested that more government control was necessary to fix what was broken.
All in all, I tho...more
Having had more experience with emerging market and developing economies; I sought to understand what ailed developed economies despite their previous dominance.Dambiso discusses various economic themes and provides insighful examples which make it less of a text book experience.
It was easy to relate the challenges adressed in the book to the current state of the global economy and it gave that "it makes sense" feeling to the reader.
However, I think the recommendations ma...more
However, professional economists are not that good at predicting future outcomes. Alot of the predictions are based on alot of "ifs", if the US continues its trend on becoming a welfare state, if the US continues with its current foreign policies, if China and the rest continue on allowing t...more
Some of the solutions offered are "over the top", but may yet be required to avert disaster.
Also, surprising is the fact that, for someone who believes so resolutely in the virtues of the open market, the author (inadvertently) vindicates Keynesian policies.
But enjoyable and informative read overall.
Moyo particularmente se centra entre la relación de Estados Unidos y de China y los desequilibrios estructurales entre ambas economías.
A very interesting read.
Dr. Dambisa Moyo is an international economist who writes on the macroeconomy and global affairs.
She is the author of the New York Times Bestsellers "Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa", "How The West Was Lost: Fifty Years of Economic Folly And the Stark Choices Ahead" and "Winner Take All: China s Race for Resources and What It Means for the World".