From Publishers Weekly
In his latest, author and economics journalist Wolf (Why Globalization Works) pronounces the current, "nearly inevitable" global economic crisis the product of a "perfect storm" of global macroeconomic imbalances: the scale of net borrowing by the U.S. and the lack of corporate demand for outside funding, exacerbated by aggressive monetary easing, consequent financial excess, and the housing bubble. Wolf's writing is hardly popular economics, requiring some work to understand and absorb, but it bridges a gap in economic understanding not yet addressed by Congressional subcommittees or the media, whose only suspects thus far have been Republican free market policy and Wall Street greed. The primary problem, argues Wolf, is global reliance on the United States as the borrower of last resort. Whether Wolf is correct is another question-determining that would require putting his suggested policies into action. Domestic financial housecleaning aside, Wolf's plan includes countries like China finding domestic uses for their enormous account surpluses and emerging countries creating first-world financial systems that complement but don't depend upon global financial markets, goals requiring significant international cooperation. Heavy but rewarding, Wolf's analysis fills in a lot of blanks for those seeking to understand the new U.S. recession in a global context.
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"Martin Wolf... has shown himself not only to have one but two eyes in a country of the otherwise blind... prescient... clear eyed... The only inkling of hope is that policy makers everywhere have been so shaken by events that they will heed what Wolf advises. This book is a great and important contribution to everyone's welfare on the globe. It can be paid no higher accolade." Will Hutton, Observer "...more analytical and detailed than many other 'instant' books about the credit crunch." The Scotsman "Fixing Global Finance offers not just a fascinating account of the global economy teetering on the abyss - it also marks the first moments of this 'good liberal' questioning his own beliefs... Keep reading Wolf to catch a once attractive twentieth-century creed in full mutation." Spectator Business "Wolf is a persistently insightful analyst.... Fixing Global Finance is an extremely helpful guide to the origins of today's problems and to possible solutions." - Foreign Affairs"
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