Beyond the Crash: Overcoming the First Crisis of Globalization

Beyond the Crash: Overcoming the First Crisis of Globalization

by Gordon Brown
     
 

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The crisis exposed the contradiction of globalization itself: as economies have become more interconnected, regulators and governments have failed to keep pace and increase coordination. It is a failure intrinsic to unregulated global markets, an instability that resulted from the manner in which increasing flows of capital around the world happened and

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Overview

The crisis exposed the contradiction of globalization itself: as economies have become more interconnected, regulators and governments have failed to keep pace and increase coordination. It is a failure intrinsic to unregulated global markets, an instability that resulted from the manner in which increasing flows of capital around the world happened and impacted the economy. And it is a failure of collective action at an international level to respond quickly enough to the structural imbalances and inequities that arose.

At its simplest, then, this is the first true crisis of globalization. For the first time everybody, from the richest person in the richest city to the poorest person in the poorest slum, was affected by the same crisis. Although its roots are global, its impact is local, directly felt on nearly every main street, on nearly every shop floor, around nearly every kitchen table.

Billions of people around the world are in need of and are demanding a better globalization. It is the nature of power that you always leave tasks unfinished when you leave office. It is the nature of politics that the argument must continue. This book is my warning of a decade of lost growth and my answer to that fear with a call for a better globalization. It is an explanation of a pattern in the numbers that points to an enormous opportunity to alleviate poverty, create jobs, and grow. A future of low growth, high unemployment, decline, and decay is not inevitable; it's about the change we choose.

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Editorial Reviews

From the Publisher
'"Brown's] book is gripping because his matter-of-fact recounting of the early months of the crisis conveys the dilemmas and angst of polictymakers as they tried to handle the biggest economic drama in decades… The book conveys well Brown's sense of history, the rapid pace of change in the global economy and the failures of unfettered markets to manage things on their won. But it also conveys his moral sensibilities. He was a finance Minster who realized that finance was not an end in itself; that the true gauge of an economy was how it affected the well-being of its citizens. He was concerned about unemployment, not just inflation…. What is clear from this book is that Brown knew what needed to be done and tried to do it at a time when others were paralysed, captured by the financial community, or deluded by their past mistakes into trying to underestimate the severity of the crisis that their policies has helped create." Joseph Stiglitz, Financial Times

"When the economic crisis erupted in 2008-9, Brown, like Churchill in 1940, was the right man in the right place at the right time. He'd had 10 years as chancellor of the exchequer. He'd read widely and thought deeply about economics, finance, globalization. He was the one national leader who came to the crisis with a plan and the authority to push it through...This is his story of how he did it, told soberly, clearly, compellingly. It is not a defence of his premiership, but his personal account of a heroic moment in it. He does not claim credit for "saving the world", but lets the story speak for itself, and praises the contribution of his own team and the other world leaders. It is an interrupted story, because he did not survive long enough politically to finish the job. Since he left the scene efforts to co-ordinate recovery policies have fallen to pieces. This is the measure of his achievement – and the hole that his departure left." —Robert Skidelsky, The Guardian

Anthony Faiola
Mirroring Brown's political style, the book is impersonal and plodding. But it is a credit to his intellect that the book's significance withstands his dry, textbook-like account of the world's descent into financial crisis, the breaking of that fall and the prescriptions for avoiding a repeat.
—The Washington Post

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Product Details

ISBN-13:
9781451624052
Publisher:
Free Press
Publication date:
12/07/2010
Pages:
336
Product dimensions:
9.44(w) x 11.70(h) x 1.14(d)

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