How the West Was Lost: Fifty Years of Economic Folly - And by Dambisa Moyo

By Dambisa Moyo

In How the West used to be Lost, the New York Times bestselling writer Dambisa Moyo bargains a daring account of the decline of the West's monetary supremacy. She examines how the West's wrong monetary judgements have ended in an monetary and geopolitical seesaw that's now poised to tip in want of the rising global, specially China.

Amid the hype of China's upward thrust, besides the fact that, an important tale of our iteration is being disregarded: the US is not only in financial decline, yet on track to develop into the most important welfare country within the historical past of the West. the true risk is a thome, Moyo claims. whereas a few nations – equivalent to Germany and Sweden – have intentionally engineered and financed welfare states, the USA dangers turning itself right into a bloated welfare nation no longer due to ideology or a bigger imaginative and prescient of monetary justice, yet out of financial desperation and short-sighted policymaking. How the West was once Lost unearths not just the commercial myopia of the West but in addition the unconventional strategies that it must undertake for you to assert itself as an international monetary 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

Example text

Of course, the equity claimant and debt claimant both want a higher enterprise value. 14 What follows demonstrates this point. 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.

But this inexorable and disastrous fall pales when compared with its subsequent rise. 4 per cent to 22 per cent in 2000. Although Asian countries, like China, had already been dominant economic powers as far back as the 1400s and 1500s, emerging economies have done the unfathomable – moving from virtual economic obscurity fifty years ago to consistently, systematically posting the largest year-on-year growth gains in the last several decades. Their economic revolution has been so dramatic and so pervasive that to summarize the huge importance of the implications for the human condition and human experience – education, knowledge – is very nearly impossible.

China’s dominance was largely driven by a seemingly insatiable Western demand for porcelain, silk nankeen (a coarse cotton) and, principally, tea, which rose from 36 per cent of America’s imports from China in 1822 to an unquenchable 65 per cent of US imports in 1860. As an economy India too was surprisingly buoyant during the early 1800s. Although the Indian economy had declined from its position in 1700, when its share of world GDP matched both China’s and Europe’s (at around 23 per cent), by 1820 it still had a dominant position with a share of 16 per cent thanks to a healthy export base of tea, cotton and spices and to the rapidly expanding opium trade.

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