Read e-book online How the West Was Lost: Fifty Years of Economic Folly - And PDF

By Dambisa Moyo

ISBN-10: 0141924330

ISBN-13: 9780141924335

In How the West used to be Lost, the New York Times bestselling writer Dambisa Moyo deals a daring account of the decline of the West's fiscal supremacy. She examines how the West's mistaken monetary judgements have led to an fiscal and geopolitical seesaw that's now poised to tip in prefer of the rising international, specially China.

Amid the hype of China's upward thrust, besides the fact that, crucial tale of our iteration is being brushed off: the US isn't just in monetary decline, yet heading in the right direction to develop into the most important welfare country within the historical past of the West. the genuine threat is a thome, Moyo claims. whereas a few nations – corresponding to Germany and Sweden – have intentionally engineered and financed welfare states, the U.S. dangers turning itself right into a bloated welfare nation now not as a result of ideology or a bigger imaginative and prescient of monetary justice, yet out of monetary desperation and short-sighted policymaking. How the West was once Lost finds not just the industrial myopia of the West but additionally the novel options that it must undertake with a purpose to assert itself as a world financial strength as soon as again.

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The more critical point here was not that NASA needed to find such a vast amount of talent, but rather that it could. And where the talent did not exist, NASA created it. Private industries, research institutions and universities provided the majority of these personnel. It was this labour force that would invent and build the technology which would catapult America to the forefront of the space race and put Neil Armstrong and Buzz Aldrin on the moon – an accomplishment often cited to this day as the greatest technological achievement in history.

8 per cent) and Japan (3 per cent) combined. China’s dominance was largely driven by a seemingly insatiable Western demand for porcelain, silk nankeen (a coarse cotton) and, principally, tea, which rose from 36 per cent of America’s imports from China in 1822 to an unquenchable 65 per cent of US imports in 1860. As an economy India too was surprisingly buoyant during the early 1800s. Although the Indian economy had declined from its position in 1700, when its share of world GDP matched both China’s and Europe’s (at around 23 per cent), by 1820 it still had a dominant position with a share of 16 per cent thanks to a healthy export base of tea, cotton and spices and to the rapidly expanding opium trade.

The buyer came from the new power bloc of rapidly emerging countries, which are today threatening the more than 500-year-long economic reign of the West. It was the investment arm of the Abu Dhabi government. 8bn spent on commercial property in the US by Middle Eastern investors in just the first six months of 2008. It was not the first such purchase; nor will it be the last. 2 There are three main reasons why the West has seen its substantial advantage erode; an erosion whose pace is accelerating with every passing year.

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How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices Ahead by Dambisa Moyo


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