How the West Was Lost
Fifty Years of Economic Folly--and the Stark Choices Ahead
By Dambisa Moyo
(Farrar, Straus and Giroux, Hardcover, 9780374173258, 240pp.)
Publication Date: February 15, 2011
Categories: International - Economics
In How the West Was Lost, the New York Times bestselling author Dambisa Moyo offers a bold account of the decline of the West’s economic supremacy. She examines how the West’s flawed financial decisions have resulted in an economic and geopolitical seesaw that is now poised to tip in favor of the emerging world, especially China.
Amid the hype of China’s rise, however, the most important story of our generation is being pushed aside: America is not just in economic decline, but on course to become the biggest welfare state in the history of the West. The real danger is a thome, Moyo claims. While some countries – such as Germany and Sweden – have deliberately engineered and financed welfare states, the United States risks turning itself into a bloated welfare state not because of ideology or a larger vision of economic justice, but out of economic desperation and short-sighted policymaking. How the West Was Lost reveals not only the economic myopia of the West but also the radical solutions that it needs to adopt in order to assert itself as a global economic power once again.
Dambisa Moyo is the author of Dead Aid. Born and raised in Lusaka, Zambia, Moyo completed a Ph.D. in economics at Oxford University and holds a master’s from Harvard University’s John F. Kennedy School of Government. She worked for the World Bank as a consultant, and also worked at Goldman Sachs for eight years. In 2009, Time magazine named her one of the “100 most influential people in the world.” Her writing frequently appears in publications including the Financial Times, The Economist, and The Wall Street Journal.
Federal, state and local governments, along with many private companies, are struggling to get their finances in order, and many are looking at one major cost: pensions. Many pensions in the U.S. aren't sustainable, economist Dambisa Moyo says, and they've made American corporations uncompetitive. More at NPR.org
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“Moyo’s diagnosis of the recent disasters in financial markets is succinct and sophisticated...I applaud her brave alarm against our economic and social complacency: her core concerns are sufficiently close to painful truths to warrant our attention.”—Paul Collier, The Observer
“We [in the West] have alienated trading partners and are colluding in the decline of our own prosperity, says Moyo, who sets out strategies for weighting the political seesaw back to our advantage.” —Iain Finlayson, The Times “This argument...can rarely have been made more concisely...Moyo is a very serious lady indeed.”—Dominic Lawson, The Times
“The sad saga of the recession gives legs to Dambisa Moyo’s provocatively-entitled book, for it goes to the heart of the great economic issue of our times: how swiftly will power shift over this century?”— Hamish McRae, The Independent