From Library Journal
Can the United States continue to be the world's global leader in economics and politics? According to Holt, no. Drawing from his work and consulting experience in investment and economics, Holt effectively argues that U.S. leadership of the international economy has always been troubled and that this is not likely to change in the future. He incrementally traces the U.S. world role from 1776 to 1994: the first two chapters offer historical coverage through 1914; Chapters 3 and 4 discuss the Great Depression and both World Wars; Chapters 5 and 6 adddress postwar political economy through the 1960s; and Chapter 7 covers the oil shifts and the rise of Japan in the 1970s. In Chapter 8, Holt points out the problems resulting from not following the advice of Keynes, while the closing chapter treats President Clinton's worries and the reluctance of Japan to fill the superpower role. This scholarly volume is recommended for academics, government officials, and top-level business executives.?Joseph W. Leonard, Miami Univ., Oxford, Ohio
Copyright 1995 Reed Business Information, Inc.
British consultant Holt looks at the history of U.S. foreign relations through the eye of a Keynesian economist. He suggests that the current seemingly ambivalent foreign policy of the Clinton administration is only a manifestation of the historic reluctance of the U.S. to assume a global economic role. The U.S., though, he argues, became an economic superpower long before World War II, the point when most other historians and economists assign it that status. Holt also charges that the anti-big-business regulations introduced to ameliorate the effects of the Depression undermined the very basis of the nation's growth and laid the groundwork for America's relative decline. He concludes with a call for countries to move beyond economic nationalism, as also proposed by Keynes, and to cooperate in this effort. He also challenges the U.S. to "guide Japan towards the role of benign global leader." Many of Holt's observations have the potential for controversy and should stir interest and comment.
David Rouse