How The West Was Lost
Fifty Years of Economic Folly - And the Stark Choices Ahead
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How the West was Lost charts how over the last 50 years the most advanced and advantaged countries of the world have squandered their dominant position through a sustained catalogue of fundamentally flawed economic policies. It is these decisions that, along the way, have resulted in an economic and geo-political see-saw, which is now poised to tip in favour of the emerging world.
By forging closer ties with the emerging economies, rethinking trade barriers, overhauling their tax systems to encourage savings rather than ravenous consumption, and specifically addressing the three essential ingredients for growth (capital, labour and technology) it might yet still be possible for the West to firmly get back in the race.
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Moyo (Dead Aid: Destroying the Global Myth of Our Time) questions whether America has the political will to implement the draconian policies necessary to maintain its position as the world's leading economic superpower. Moyo theorizes a globe bifurcated between the West (aging economies possibly destined to sink like the former British Empire) and the Rest, led by China. While the rest have youthful, well-educated populations, cheap labor, and double-digit GDP, their ascension is far from guaranteed. To surpass the U.S. economy by 2027, China would have to grow at 10% a year. Alternatively, to preserve its advantage, the U.S. would need to grow more isolationist in its trading, default on government debt, and begin anew, suggesting that the country could begin obtaining credit again only six months after such an unthinkable default. What's unclear is whether Moyo believes if this race can be won at all. Wouldn't it be more responsible for the U.S. and China to lead the world in reducing pollution and consumption rather than greedily trying to surpass each other? Ultimately, although Moyo doesn't seem to consider the prospect of something unexpected on the horizon, her effort is bracing.
