Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
by Phillips, Kevin
Price: N4500
Product Code: 1266499776
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Number of Pages: 256
Weight: 0.98
Binding: Hard Cover
Publisher: Viking Adult
Edition: 2008
ISBN: 0670019070
Availability: To be delivered within 6 working days after purchase date
Summary: Wars, Guns, and Votes, Paul Collier investigates the violence and poverty in the small, remote countries at the lowest level of the world economy. An esteemed economist and a foremost authority on developing countries, Collier argues that the spread of elections and peace settlements in the world's most dangerous countries may lead to a brave new democratic world. In the meantime, though, nasty and long civil wars, military coups, and failing economies are the order of the day—for now and into the foreseeable future.
Through innovative research and astute analysis, Collier gives an eye-opening assessment of the ethnic divisions and insecurites in the developing countries of Africa, Latin America, and Asia, where corruption is often firmly rooted in the body politic. There have been many policy failures by the United States and other developed countries since the end of the Cold War, especially the reliance on preemptive military intervention. But Collier insists that these problems can and will be rectified. He persuasively outlines what must be done to bring peace and stability: the international community must intervene through aid, democracy building, and a very limited amount of force.
Groundbreaking and provocative, Wars, Guns, and Votes is a passionate and convincing argument for the peaceful development of the most volatile places on earth.
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips’s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America’s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers—especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
“Bad money” refers to a new phenomenon in wayward megafinance—the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also “bad” are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world’s other currencies. In all these ways, “bad” finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips’s last book, whose dire warnings are now proving frighteningly accurate.