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Summary
Summary
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 discipline -- sustained 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.
Author Notes
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.
Reviews 2
Publisher's Weekly Review
Economist Henry, dean of NYU's Stern School of Business, tackles international macroeconomics-a hot topic among economists looking for policies to manage the debt-troubled world financial system and reverse global underperformance. Henry suggests the Third World can help guide the First World to economic recovery, if the highly industrialized world can adopt the "discipline it needs to internalize" Third World economic lessons discussed here. This premise is a stretch, but Henry does show how developing nations sometimes exhibit or are coerced into greater economic realism than G-8 countries. Henry's survey reveals indispensable growth strategies, above all, shrinking debt and removing barriers to trade. In addition, he analyzes "inhibited investment," "cold turkey" austerity programs, and curbing inflation. China's "catch-up economics" and Chile's strong-minded fiscal responsibility, benefiting the country after the 2008 global collapse, no doubt provide cautionary tales for G-8 countries. But neither nation qualifies as Third World. Henry's efforts to draw sharp, convincing policy parallels between the Third and First World lag in a scattered conclusion. However, this readable volume still contains enough insight into global affairs and international economics to attract readers beyond universities and think tanks. Agent: Andrew Wylie, Wylie Agency. (Mar.) (c) Copyright PWxyz, LLC. All rights reserved.
Booklist Review
New York University Stern School of Business dean Henry has written a thoughtful albeit scholarly book about the world's financial ills, and he includes a proposal for a solution (which will be clear to anyone concerned about the Washington gridlock). His thesis is that many of the emerging nations Brazil, China, and Korea, among others can teach the First World a thing or two about financial discipline and the long-term pursuit of growth. Examples proliferate. China, catching up after decades of poverty, is ceding political control for economic growth (farmers now can profit from their work). Brazil is taming runaway inflation with stern yet workable measures. It is not an easy sale these days for governments to reduce spending, increase their revenues, and devalue currencies, but judging from Henry's very reasoned arguments and expansive case histories, it might be the only solution.--Jacobs, Barbara Copyright 2010 Booklist
Table of Contents
| Introduction | p. ix |
| Part 1 | |
| 1 Miss Mama | p. 3 |
| 2 Policy Matters | p. 21 |
| 3 The Fight Revisited | p. 45 |
| 4 Paths (and Obstacles) to Prosperity | p. 61 |
| Part 2 | |
| 5 Austerity Now? | p. 83 |
| 6 The Terms of Trade | p. 99 |
| 7 Capital and Capitols | p. 117 |
| 8 Crises and the Debt Distinction | p. 135 |
| 9 The Debt-Relief Detour | p. 151 |
| 10 Turnaround | p. 163 |
| Acknowledgments | p. 177 |
| Notes | p. 181 |
| References | p. 193 |
| Index | p. 207 |
