Turnaround: Third World Lessons for First World Growth

by Peter Blair Henry

Thirty years ago, China seemed hopelessly mired in poverty, Mexico triggered the Third World Debt Crisis, and Brazil suffered under hyperinflation. Since then, these and other developing countries have turned themselves around, while First World nations, battered by crises, depend more than ever on sustained growth in emerging markets.

In Turnaround , economist Peter Blair Henry argues that the secret to emerging countries' success (and ours) is discipline -- sustained commitment to a pragmatic growth strategy. With the global economy teetering on the brink, the stakes are higher than ever. And because stakes are so high for all nations, we need less polarization and more focus on facts to answer the fundamental which policy reforms, implemented under what circumstances, actually increase economic efficiency? Pushing past the tired debates, Henry shows that the stock market's forecasts of policy impact provide an important complement to traditional measures.

Through examples ranging from the drastic income disparity between Barbados and his native Jamaica to the "catch up" economics of China and the taming of inflation in Latin America, Henry shows that in much of the emerging world the policy pendulum now swings toward prudence and self-control. With similar discipline and a dash of humility, he concludes, the First World may yet recover and create long-term prosperity for all its citizens.

Bold, rational, and forward-looking, Turnaround offers vital lessons for developed and developing nations in search of stability and growth.

Genres: Economics, Business, Politics, Nonfiction

240 pages, Hardcover

First published December 11, 2012

Reviews

[Taylor Trzeciak · Rating 5 out of 5]

Very well written. Interesting approach to using stock market returns as a measure of economic turnaround, which is something I never thought about, but it is truly the signal of fiscal confidence in developing countries. It’s a very practical way to see the realistic workings of international investment and the world economy. Many good examples and analogies to simplify an otherwise very complex topic.
I would recommend. It changed the way I look at developing and developed economies and their relationships for the better.

[Sarah left GR]

Long discussion with the author: https://shows.acast.com/the-new-bazaa...

And a 2021 paper: https://www.aeaweb.org/articles?id=10...

[Dolly · Rating 5 out of 5]

I have the pleasure of working with and for Peter Henry, so my decision to read this book was driven by my fondness for him more than interest or expertise in the topic. But, to my surprise, I found the book interesting and reasonably accessible. It made me want to pay closer attention to news stories that I usually sail right past and to think more critically about the trajectories of both developed and developing economies. I did not follow everything I read but I followed enough to say that I am very glad to have read this book!

[Sheila Coleman-castells · Rating 5 out of 5]

I really liked this...I think that there are a TON of lessons that we could learn from the developing world. But frankly, most of the issue here is that the US and its population are just not "hungry" enough to want to do better. We've become fat and intellectually lazy as a country. But this was really good, nonetheless. Let's hope someone in policymaking actually reads this!

[Naomi · Rating 3 out of 5]

Arguing for greater long-term discipline in First World economies, there is much to ponder and certainly wisdom in taking a longer view in pursuing economic policies.

[Hans Hoffmann · Rating 3 out of 5]

A ggod read, though a bit dry as it is really an economics books. Interesting he uses Jamaica and Barbados as his econmoic examples

[Dawn · Rating 2 out of 5]

I don't know if it was the drugs or the subject matter but it kept putting me to sleep.