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Failed: What the "Experts" Got Wrong about the Global Economy, by Mark Weisbrot
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Why has the Eurozone ended up with an unemployment rate more than twice that of the United States more than six years after the collapse of Lehman Brothers? Why did the vast majority of low- and middle-income countries suffer a prolonged economic slowdown in the last two decades of the 20th century? What was the role of the International Monetary Fund in these economic failures? Why was Latin America able to achieve substantial poverty reduction in the 21st century after more than two decades without any progress?
Failed analyzes these questions, explaining why these important economic developments of recent years have been widely misunderstood and in some cases almost completely ignored. First, in the Eurozone, Mark Weisbrot argues that the European authorities' political agenda, which included shrinking the welfare state, reducing health care, pension, and other social spending, and reducing the bargaining power of labor played a very important role in prolonging the Eurozone's financial crisis and pushing it into years of recession and mass unemployment. This conclusion is based not only on public statements of European officials, but also on thousands of pages of documentation from consultations between the IMF and European governments after 2008.
The second central theme of Failed is that there are always practical alternatives to prolonged economic failure. Drawing on the history of other financial crises, recessions, and recoveries, Weisbrot argues that regardless of initial conditions, there have been and remain economically feasible choices for governments of the Eurozone to greatly reduce unemployment-including the hardest hit, crisis-ridden country of Greece.
The long-term economic failure of developing countries, its social consequences, as well as the subsequent recovery in the first decade of the 21st century, constitute the third part of the book's narrative, one that has previously gotten too little attention. We see why the International Monetary Fund has lost influence in middle income countries. Failed also examines the economic causes and consequences of Latin America's "second independence" and rebound in the twenty-first century, as well as the challenges that lie ahead.
- Sales Rank: #354306 in eBooks
- Published on: 2015-09-01
- Released on: 2015-09-01
- Format: Kindle eBook
Review
"For those who wish to understand the global economy of the past generation, the shocking failures and impressive successes, this is the book to read. With careful scholarship and lucid analysis, Weisbrot reveals the pernicious effects of the neoliberal assault on the world's population, from wealthy and developed Europe to the global south, and exposes the dominant political-economic doctrines, rooted in a harsh attack on democracy and undermining of social policies that benefit the vast majority. He also shows how rejection of these doctrines has led to impressive achievements. All of this is consistent with actual economic history, if not prevailing illusion. The critique is harsh and incisive, but prospects are bright if the lessons of history and the logic of policy are viewed with care, as in this timely, authoritative, and very valuable study."
--Noam Chomsky, Institute Professor and Professor of Linguistics (Emeritus), MIT
"The International Monetary Fund, the European Central Bank, and neoliberal economics may have failed, but Mark Weisbrot has not. His demolition job on the economic policies that have led to misery for millions is comprehensive, long overdue and a resounding success."
--Larry Elliott, Economics Editor, The Guardian
"In five well-written chapters, Weisbrot presents a broad analysis of economic transformations and growth in the world over the last 35 years...Highly Recommended"
--lChoice
"If this prediction turns out to be true, it will be partly due to the excellent work that Mark Weisbrot has contributed over many years -- well reflected in these pages -- to show the dismal failures of these ideas and to help develop more just and inclusive economic paths for countries to follow."
--Gerald Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst
"Weisbrot's lFailed is a comprehensive lMarch of Folly cataloging the intellectual and policy failures of a set of extremely powerful institutions. Yet it is also written at a level accessible to any undergraduate with a basic economics background. I recommend it to those looking for a follow-up to the classic reporting on the 1997 Asian Financial Crisis and Argentine default"
--lH-Diplo
"As the author describes it in the introduction, this is a book about failed economic policies -- those of the Eurozone since 2008 and the failure of market reforms to reignite growth in low -- and middle-income countries in the last two decades of the twentieth century. But it is also a book about development successes -- and thus of alternatives to those failures -- notably that of China's state-led insertion into globalization, and Latin America with its several left-wing regimes over the past decade. It is a very important contribution to global debates by one of market (neoliberal) reforms' leading critics. It should be on the shelves of both defenders and critics of market reforms."
--José Antonio Ocampo, Professor at Columbia University and former UN Under-Secretary-General for Economic and Social Affairs
"There are two types of economic history books: those that start with an ideological position and select facts as they please, and another that actually discusses what happened and why. Mark Weisbrot's newest book belongs to the second category. It takes you on a journey to the places and crises that, according to the neoliberal narrative, should have never happened -- the Asian financial meltdown, the Argentine depression and recovery, the interminable European austerity -- and for good measure adds a discussion of the most successful economy of the last 40 years, China, which stands out among the rest with its pragmatic and unusual economic policy mix. There are here lessons to be learned for the rich, emerging, and poor economies alike."
--Branko Milanovic, Luxembourg Income Study Center and Graduate Center, City University of New York and author of The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality
"Weisbrot's book shatters conventional wisdoms about the meaning of the Eurozone crisis. In clear, accessible language, it advances a desperately-needed alternative interpretation of the contemporary global economy."
--Sarah Babb, Professor of Sociology, Boston College
"Mark Weisbrot is among that very small group of economists whose theorizing about the world actually matches the truth of the world. His new book, Failed, is an indispensable analysis of prevailing misconceptions, of the type once described by the great sociologist C. Wright Mills as 'crackpot realism,' a delusional 'style of mind' that 'justifies its false and feeble views as reality itself.' It is required reading for anyone seeking to explain contemporary global politics."
--Greg Grandin, Professor of History, New York University
"Mark Weisbrot demolishes the illusions of Europe and the IMF -- but also shows, by way of contrast, how it was that Argentina, Brazil, Bolivia, and Ecuador have brewed success from rebellion against the neoliberal project."
--James K. Galbraith, author of The End of Normal: The Great Crisis and the Future of Growth and Lloyd M. Bentsen Jr. Chair in Government/Business Relations at University of Texas-Austin
About the Author
Mark Weisbrot is Co-Director of the Center for Economic and Policy Research in Washington, D.C. He received his Ph.D. in economics from the University of Michigan. He is co-author, with Dean Baker, of Social Security: The Phony Crisis, and has written numerous research papers on economic issues and policy. His columns, commentary, and op-eds have appeared in almost all major U.S. newspapers, and in many in other countries, and he appears frequently on national and international television and radio programs. He is also president of Just Foreign Policy.
Most helpful customer reviews
6 of 7 people found the following review helpful.
Interesting
By Autamme_dot_com
The sub-title to this book is “what the ‘experts’ got wrong about the global economy” and seeing that immediately reminded one of a phrase that was popular when this reviewer was young: “expert: x is an unknown quantity and spurt is a drip under pressure.” In many ways, it is a rather apt description of the so-called experts, the masters of the universe, who are acting on our collective behalf.
The author seeks to look at why so many experts have failed to understand the global economy, coming out with bold (wrong) predictions or just plain misunderstanding things in recent years. Posing questions such as why did the Eurozone end up with an unemployment rate more than twice than that of the United States and six years after the collapse of Lehman Brothers and what caused the prolonged economic failure experienced by the majority of the world’s low- and middle-income countries at the end of the 20th century? It can’t all just be bad luck, one of those things, or something that is hard to explain… can it?
The author believes that there have been valid alternatives to economic failure and in most cases those wielding the crystal ball could have read the future better and certainly reacted a lot quicker with a higher degree of confidence and accuracy. Politics and adherence to political dogma comes in for much blame in this interesting, thought-provoking book, yet ignorance, bravado and a closed-mind are also symptoms that have inhabited a fair few who may have had a hand or more in the economic soup. In many cases not only did they burn the soup and make its flavour run out, but also they managed to upend the saucepan, destroy the kitchen and do serious damage to the house at the same time.
Mixing economic and political history, current day awareness, opinion and a few provocative fireworks into an interesting, compelling read, you don’t even need to understand it all or agree with it to enjoy the book. Yet you may find a great connection and a meeting of minds, along with rising blood pressure due to the activities and omissions of a few…
You may sense the author’s opinions and colours with ease! Punches are not being pulled, egos are not being massaged and neither is academic-neutral language being deployed. Text such as this is crystal clear: “Of all the examples of neoliberal policy failure since the Great Recession, the Eurozone crisis stands out as a work of art. The European authorities who made this mess – the European Commission, the European Central Bank and the International Monetary Fund – known as ‘The Troika’ – provide one of the clearest, large-scale demonstrations in modern times of the damage that can be done when people in high places get their basic macroeconomic policies wrong. That it has happened in a set of high-income economies with previously well-developed democratic institutions makes it even more compelling.” Ouch!
Should you believe that the author is presenting “a load of old cobblers” (translation: a technical term, often used to show you disagree with the fundamental argument) you can follow the sources for yourself and see whether the author has an argument you may hold with, or whether you are still of the belief that he must have been “smoking something” to come up with such a fantasy.
In any case, it was an interesting read. It gives you food for thought. Anything more than that is a bonus and it may depend on your own perceptions and potential willingness to accept a counterpoint. A worthy consideration to your reading list in any case!
2 of 2 people found the following review helpful.
Weisbrot gets it right
By Robert J. Trump
Essential, could very well become the definitive work on global economics post-2008 crisis. It may be somewhat unsurprising to conclude that the Eurozone's fiscal austerity was pro-cyclical and massively destructive to growth, but the volume of evidence here is overwhelming and uncontroversial. Less well-covered is the Latin American resistance to IMF dogma; with the Argentinian response leading the way, the coverage of South America here is indispensable. Particularly important to this reader is the sober, sympathetic reading of Venezuela's economic policies - Chavez and his resultant movement, both near-pariahs in econ-writer circles, are assessed intelligently and clearly. If you're interested in global economics, read this.
5 of 7 people found the following review helpful.
Thought-Provoking and Based on Reality Instead of Ideology
By Loyd Eskildson
This is a book about failed economic policies. Those bad policies are the result of incompetence and the malign influence of powerful special interests, and have ruined the lives of millions while slowing the global economy since 2010 - despite powerful trade unions and developed welfare states. In the U.S., those bad policies are forcefully implemented by a Congress now controlled by a climate change deniers, blockers of gun-control research, flat-taxers, and devotees of the ideology of Ayn Rand and selective pickings from long-deceased Adam Smith and David Ricardo. Thus, we continue with prescriptions for cutting public pension, healthcare, and other social expenditures, reducing public sector employment, increasing labor supply, reducing taxes (while also railing against deficits), and reducing employment protections that can be expected to redistributed income upward.
The author asserts that it is not only the late-comers like South Korea and China that have violated the 'creation myths' of modern economics en route to a developed economy - protection and state-sponsored development were essential to the success of almost all of today's high-income countries. The first was Britain, protecting its woolen industry with high tariffs from the 1720s onward, and making certain that its colonies (including America) would not compete with British industry. When America was freed from British domination, its first Treasury Secretary, Alexander Hamilton, became the world's leading protagonist of protecting 'infant industries,' advocating tariffs, subsidies, import bans, etc. Abraham Lincoln succeeded in raising U.S. tariffs to the highest in the world while the U.S. was the fastest-growing economy in the world (end of the Civil War to WWI). Northern industrial interests favored protectionism, while Southern slave-holders wanted free trade. The Americans, like the British before them, only supported 'free trade' when they could do so and still dominate the world economy. Yet, most of this history doesn't trickle down to today's students of economics, and thus there's little objection when recent and current events are reshaped to fit a fictional narrative.
The IMF, World Bank, and the World Trade Organization have formed an 'unholy trinity' and led a long, failed experiment in dozens of countries. After 20 years of nearly worldwide neoliberal reforms and economic failure, the one big country (China) that chose a sharply different economic path became the world's largest economy and helped pull dozens of others out of their long slump in its wake. In recent months, China has also pulled off an unprecedented diplomatic coup by getting America's closed allies, including the U.K., Germany, and France, to ignore Washington and join 40 countries in founding China's $100 billion Asian Infrastructure Investment Bank. It is clear that Washington will not succeed in remaking the planet in its own economic image.
The U.S. was the epicenter of the global 2008 'Great Recession' that lasted officially 18 months in the U.S. It was the worst U.S. recession since the Great Depression, and the U.S. recovery was nothing to brag about - only the vastly worse results in the Eurozone could make it look good. (By February 2014, the Eurozone was still close to record unemployment of 12% - compared with 6.7% in the U.S. In the harder hit countries like Greece and Spain, unemployment passed 27 and 26 percent, respectively, with youth unemployment at 58% and 53%.
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