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The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It
A new way to understand financial crises―and a blueprint for tomorrow's recovery
The Leaderless Economy reveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises.
Temin and Vines argue that the financial collapse of the 1930s was an "end-of-regime crisis" in which the economic leader of the nineteenth century, Great Britain, found itself unable to stem international panic as countries abandoned the gold standard. They trace how John Maynard Keynes struggled for years to identify the causes of the Great Depression, and draw valuable lessons from his intellectual journey. Today we are in the midst of a similar crisis, one in which the regime that led the world economy in the twentieth century―that of the United States―is ending. Temin and Vines show how America emerged from World War II as an economic and military powerhouse, but how deregulation and a lax attitude toward international monetary flows left the nation incapable of reining in an overleveraged financial sector and powerless to contain the 2008 financial panic. Fixed exchange rates in Europe and Asia have exacerbated the problem.
The Leaderless Economy provides a blueprint for how renewed international leadership can bring today's industrial nations back into financial balance--domestically and between each other.
The Leaderless Economy reveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises.
Temin and Vines argue that the financial collapse of the 1930s was an "end-of-regime crisis" in which the economic leader of the nineteenth century, Great Britain, found itself unable to stem international panic as countries abandoned the gold standard. They trace how John Maynard Keynes struggled for years to identify the causes of the Great Depression, and draw valuable lessons from his intellectual journey. Today we are in the midst of a similar crisis, one in which the regime that led the world economy in the twentieth century―that of the United States―is ending. Temin and Vines show how America emerged from World War II as an economic and military powerhouse, but how deregulation and a lax attitude toward international monetary flows left the nation incapable of reining in an overleveraged financial sector and powerless to contain the 2008 financial panic. Fixed exchange rates in Europe and Asia have exacerbated the problem.
The Leaderless Economy provides a blueprint for how renewed international leadership can bring today's industrial nations back into financial balance--domestically and between each other.
- GenresEconomicsNonfiction
328 pages, Hardcover
First published January 1, 2013
6 people are currently reading
118 people want to read
About the author
Peter Temin
35 books47 followersPeter Temin was an economist and economic historian, serving as the Gray Professor Emeritus of Economics at MIT, where he was formerly the head of the Economics Department.
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Displaying 1 - 3 of 3 reviews
January 3, 2018
This books puts current worldwide economic issues in the proper historical perspective. The history makes the argument for cooperation more interesting and compelling. No matter what your political views, the authors have created an insightful read. Their prescription for the economy is nothing revolutionary; however, the way they synthesized so much history and economic thought into a short book is something new.
My biggest complaint about the book is its title. If I didn't know of Peter Temin, I would have thought this was another worthless economics text on "the crisis". Immodest titles seem to be popular these days. The title makes it sound as if the solution is simpleminded. In fact, the reader gains a strong appreciation for how hard it is to combine domestic politics, international relations, and economic matters in today's global world. I gained a new appreciation beyond liberal and conservative talking heads that was refreshing.
If I had to read only one book on the Euro crisis, I would choose this one.
My biggest complaint about the book is its title. If I didn't know of Peter Temin, I would have thought this was another worthless economics text on "the crisis". Immodest titles seem to be popular these days. The title makes it sound as if the solution is simpleminded. In fact, the reader gains a strong appreciation for how hard it is to combine domestic politics, international relations, and economic matters in today's global world. I gained a new appreciation beyond liberal and conservative talking heads that was refreshing.
If I had to read only one book on the Euro crisis, I would choose this one.
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January 17, 2014320.6 T279 2013
Displaying 1 - 3 of 3 reviews