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Thirty years ago, China seemed hopelessly mired in poverty, Mexico triggered the Third World Debt Crisis, and Brazil suffered under hyperinflation. Since then, these and other developing countries have turned themselves around, while First World nations, battered by crises, depend more than ever on sustained growth in emerging markets.
In Turnaround, economist Peter Blair Henry argues that the secret to emerging countries' success (and ours) is disciplinesustained commitment to a pragmatic growth strategy. With the global economy teetering on the brink, the stakes are higher than ever. And because stakes are so high for all nations, we need less polarization and more focus on facts to answer the fundamental question: which policy reforms, implemented under what circumstances, actually increase economic efficiency? Pushing past the tired debates, Henry shows that the stock market's forecasts of policy impact provide an important complement to traditional measures.
Through examples ranging from the drastic income disparity between Barbados and his native Jamaica to the “catch up” economics of China and the taming of inflation in Latin America, Henry shows that in much of the emerging world the policy pendulum now swings toward prudence and self-control. With similar discipline and a dash of humility, he concludes, the First World may yet recover and create long-term prosperity for all its citizens.
Bold, rational, and forward-looking, Turnaround offers vital lessons for developed and developing nations in search of stability and growth.
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|Age Range:||13 - 18 Years|
About the Author
Peter Blair Henry is the Dean of the Stern School of Business at NYU. Before taking this position in January 2010, he was the Konosuke Matsushita Professor of International Economics at Stanford, where he was a faculty scholar, the Associate Director of the Center for Global Business and the Economy at Stanford's business school, and a Senior Fellow at the Stanford Institute for Economic Policy Research. He served as a member of the Obama transition team and is a member of the President's Commission on White House Fellowships. He is also a board member at the National Bureau of Economic Research, a member of the Board of Directors of Kraft Foods, a nonresident Senior Fellow at the Brookings Institution, and a member of the Council on Foreign Relations. He was a National Fellow at the Hoover Institution and a Rhodes Scholar. While receiving his Ph.D in economics at MIT, he served as an economic advisor to the Governors of the Bank of Jamaica (his native country) and the Eastern Caribbean Central Bank.
Table of Contents
1 Miss Mama 3
2 Policy Matters 21
3 The Fight Revisited 45
4 Paths (and Obstacles) to Prosperity 61
5 Austerity Now? 83
6 The Terms of Trade 99
7 Capital and Capitols 117
8 Crises and the Debt Distinction 135
9 The Debt-Relief Detour 151
10 Turnaround 163
What People are Saying About This
“Henry...show[s] how developing nations sometimes exhibit or are coerced into greater economic realism than G-8 countries.... [T]his readable volume...contains enough insight into global affairs and international economics to attract readers beyond universities and think tanks.”
“A concise and controversial statement of what needs to be overcome if the world economy is to return to the path of growth and stability.”
“Peter Henry had the original thought that the experiences of ‘emerging economies’ may contain lessons for advanced economies. He shows that they do, but not in any crude cookie-cutter way. The vital common thread is the capacity to form a future-oriented policy and stick to it with discipline. This is why weall of usneed grown-ups.”
Robert M. Solow, Nobel Laureate in Economics (1987)
“A riveting tour of postwar world growth, replete with policy successes and devastating mistakes, Turnaround is essential reading for anyone willing to be convinced that learning should be a two-way street between advanced and developing economies.”
Michael Spence, Nobel Laureate in Economics (2001)
“A compelling analysis of the trends that are transforming emerging markets and a practical assessment of what it all means for the global economy.”
Kenneth I. Chenault, Chairman and CEO, American Express Company
“Tempering the ‘dismal science’ with a healthy dose of optimism, Turnaround exposes sobering realities of the world economy, yet paints a hopeful picture of prosperity for the countries of Africa and, indeed, all nations.”
Her Excellency Ellen Johnson Sirleaf, President of Liberia and Nobel Peace Laureate (2011)
“A child of the Third World risen to First World academic prominence, Peter Henry effectively bridges both worlds, offering a vision of what leaders can achieve if they take the long road, implementing sensible economic policies with accountability, integrity, and persistence.”
Ngozi Okonjo-Iweala, Minister of Finance of Nigeria
“Turnaround is not only highly readable, it ought to be read by specialists and by policymakers who will inevitably have to deal with the issues that Henry so expertly analyzes.”
Stanley Fischer, Governor of the Bank of Israel
“A timely, provocative, and instructive book for policymakers, CEOs, and ordinary citizens alike. It’s a new world, and Peter Henry shares the lessons with us all.”
Tom Brokaw, NBC News Special Correspondent and author of The Time of Our Lives
Most Helpful Customer Reviews
What a profound book! It takes a little different approach from most economic books, utilizing the stock market as an index for how macroeconomic decisions will effect the economy. Nevertheless I have thoroughly enjoyed it. Most importantly it opened my eyes to the hypocrisy of the advanced economies and organizations such as the IMF and World Bank. Definitely some great reiteration of fundamental ideas with a newer approach.