By Dambisa Moyo
In How the West was once Lost, the New York Times bestselling writer Dambisa Moyo deals a daring account of the decline of the West's monetary supremacy. She examines how the West's improper monetary judgements have ended in an monetary and geopolitical seesaw that's now poised to tip in prefer of the rising international, particularly China.
Amid the hype of China's upward push, although, an important tale of our new release is being brushed off: the United States is not only in financial decline, yet heading in the right direction to turn into the most important welfare kingdom within the background of the West. the true 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 kingdom 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 commercial myopia of the West but additionally the novel suggestions that it must undertake with the intention to assert itself as a world financial strength as soon as again.
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Extra info for How the West Was Lost: Fifty Years of Economic Folly - And the Stark Choices Ahead
Sample text
The greater the risk the equity claimant takes the higher the expected return. The greater risks taken by operating the business increase the expected value of the equity claim. For the equity claimant the volatility (or variance) in the value of the company is a good thing. Given the choice the equity holder will always want to take more volatility. What follows is a simple numerical example to show that an equity holder will prefer more variance (volatility) in the enterprise value, rather than less.
Through its military might, its industrial capability, helped by free-market capitalism, and its cultural monopoly, America had planned it that way – Made in America was the logo of the times. But fast-forward to today. See how much has changed. Western states are facing untold financial calamity, their populations ageing with few resources to sustain them, much of the necessary political reform remaining politically unpopular, and their economic supremacy susceptible to challenges from around the globe in a way never envisaged before.
At its core America would remain a supporter of free enterprise, but the plan was for government to play a key role in orchestrating, supervising and directing the faltering economy, leading, not following, private enterprise and administering large-scale endeavours. 2 Thus, despite any remaining weaknesses, with the advent of the Second World War America was in a unique position to direct the industrial, military and manufacturing sectors to its best economic advantage. In this sense, the Second World War was not seen simply as a political and military necessity, but as an economic opportunity to which it was ready to respond.