Edge of Chaos: Why Democracy Is Failing to Deliver Economic Growth-and How to Fix It

by Dambisa Moyo

Overview

From an internationally acclaimed economist, a provocative call to jump-start economic growth by aggressively overhauling liberal democracy

Around the world, people who are angry at stagnant wages and growing inequality have rebelled against established governments and turned to political extremes. Liberal democracy, history's greatest engine of growth, now struggles to overcome unprecedented economic headwinds — from aging populations to scarce resources to unsustainable debt burdens. Hobbled by short-term thinking and ideological dogma, democracies risk falling prey to nationalism and protectionism that will deliver declining living standards.

In Edge of Chaos, Dambisa Moyo shows why economic growth is essential to global stability, and why liberal democracies are failing to produce it today. Rather than turning away from democracy, she argues, we must fundamentally reform it. Edge of Chaos presents a radical blueprint for change in order to galvanize growth and ensure the survival of democracy in the twenty-first century.

Product Details

ISBN-13:	9780465097463
Publisher:	Basic Books
Publication date:	04/24/2018
Pages:	320
Product dimensions:	5.90(w) x 9.30(h) x 1.30(d)

About the Author

Dambisa Moyo is a prize-winning economist. The author of New York Times bestsellers Winner Take All and Dead Aid, she was named one of the "100 Most Influential People in the World" by Time Magazine. Moyo is a regular contributor to the Wall Street Journal and Financial Times. She lives in New York City.

Table of Contents

Acknowledgments vii

Introduction xi

1 The Imperative Is Growth 1

2 A Brief History of Growth 21

3 Hurricane Headwinds 39

4 The False Promise of Protectionism 81

5 A Challenge to Democracy's Dominance 109

6 The Perils of Political Myopia 135

7 Blueprint for a New Democracy 167

8 Retooling for Twenty-First-Century Growth 209

Appendix 229

Notes 235

Bibliography 251

Index 275

Editorial Reviews

[Moyo's] familiarity with the dismal science radiates through her provocative new work, Edge of Chaos, as she argues compellingly that the global failure to achieve sustained, inclusive growth underpins the rampant political turmoil. Liberal democracies could probably endure either slow growth or rising inequality, she says. But when the two collide, as they have in many mature economies, the chemical reaction can be fierce.

The New York Times Book Review - Steven Rattner

"It is studded with factoids and research findings that readers will no doubt find interesting...The best part is her warning that the free-market capitalism that has lifted millions of people out of poverty in the past half-century may be facing severe tests."—Wall Street Journal

"Edge of Chaos represents an important warning that America's global clout and the global order itself are 'under threat.'"—National Review

"These ideas arrive as something of a relief..."—Financial Times

"The author's program of remedy is provocative and of much interest to advocates of growth. Moyo clearly identifies systemic problems that the democracies-or what's left of them-would do well to address."—Kirkus Reviews

"Moyo's familiarity with the dismal science radiates through her provocative new work, Edge of Chaos as she argues compellingly that the global failure to achieve sustained, inclusive growth underpins the rampant political turmoil."—New York Times Book Review

From the Publisher

2018-02-06
Zambian-born economist Moyo (Winner Take All: China's Race for Resources and What It Means for the World, 2012, etc.) takes on thorny questions of economic and political stagnation.Is democracy an essential component of market freedom? No, writes the author. As the command economy of China demonstrates, "many aspects of how the Chinese political class manages its economy are antithetical to the Western values of democracy and free markets." That does not keep Western investors away, for China has demonstrated a commitment to things that Western democracies, by Moyo's account, have abandoned: the idea of constant economic growth and, with it, investment in infrastructure, health care, education, and other public goods that enhance political stability. By contrast, the West is ground down in stagnation, endemic poverty and inequality, and political unrest, all of which "suggest that democracy is not a prerequisite of economic growth." For Moyo, that economic growth is a sine qua non: without it, the developing world cannot attain developed status, and the developed world cannot flourish. Democratic capitalism may be preferred to other systems, but it has shortcomings that play out in the economic and political spheres. If democracies are to endure, she writes, then inequality must be combatted and elections need to be truly competitive and involve more than mere duopolies. The fundamental enemy of growth and democracy alike is "short-termism," behavior that ignores the long view in favor of immediate returns and gratification. For example, "a less politicized and more long-term-focused education policy would help circumvent the problem in which the United States ranks among the highest in terms of education spending per capita but in some respects is among the worst in education outcomes when compared against its advanced country peers." Although the writing is sometimes clunky and the argument repetitive, the author's program of remedy is provocative and of much interest to advocates of growth.Moyo clearly identifies systemic problems that the democracies—or what's left of them—would do well to address.

Kirkus Reviews