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The Unfair Trade: How Our Broken Global Financial System Destroys the Middle Class Hardcover – Deckle Edge, May 29, 2012

4.0 out of 5 stars 49 customer reviews

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Editorial Reviews

Review

"We’re in a global financial crisis, and Casey has written a truly global book about the winners and losers. The Unfair Trade not only makes an impressive journalistic effort at explaining how a broken international financial system affects ordinary people around the world but Casey also offers a set of policies for building a more balanced system that will restore trustand be better prepared to handle the next crisis.  I learned a lot from this remarkable book." ―Hernando de Soto, author of The Mystery of Capital and chairman of the Institute for Liberty and Democracy in Lima, Peru
 
"A compelling indictment of our global financial system.  If you think the size, structure, and incentives of our biggest banks are not a cause for concern, you have not been paying attention.  Michael Casey will set you straight." ―Simon Johnson, Professor of Entrepreneurship at MIT Sloan School of Management and co-author of 13 Bankers and White House Burning
 
"The financial crisis is more than a story of complex securities and big banks.  It is a global crisis and, for all too many, a personal tragedy.  Michael Casey succeeds in making these connections like few others." —Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, and author of Exorbitant Privilege.

“A Wall Street Journal managing editor and columnist explains how the distorted policies underlying the global financial system undermine the Average Joes of all nations…A well-reported, deeply serious appraisal of the exceptional damage a dysfunctional system inflicts.” Kirkus

About the Author

MICHAEL J. CASEY is a managing editor and columnist covering global financial markets at Dow Jones and the Wall Street Journal.  He is a regular commentator on the Wall Street Journal’s News Hub and a frequent guest on Fox Business.  Previously he was the Dow Jones bureau chief and principal correspondent for the Wall Street Journal in Argentina.  He lives in Pelham, NY.
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Product Details

  • Hardcover: 416 pages
  • Publisher: Crown Business; 1St Edition edition (May 29, 2012)
  • Language: English
  • ISBN-10: 0307885305
  • ISBN-13: 978-0307885302
  • Product Dimensions: 6.7 x 1.3 x 9.6 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (49 customer reviews)
  • Amazon Best Sellers Rank: #1,568,594 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By sneaky-sneaky VINE VOICE on May 15, 2012
Format: Hardcover Vine Customer Review of Free Product ( What's this? )
A number of recent books that examine the financial crisis are polemics that heap scorn on China. Michael Casey has instead thought about the problem and gone to the source to find out what exactly drives the globalized world economy. He comes away with some fresh insights that aren't tasty one-liners, and won't provide racy headlines, but instead ring true. The one-child Chinese generation is growing up, they're disproportionately male, and in order to secure a bride need a status symbol, primarily a house, and that requires savings. If you move from the provinces of China and into the city to work, social services don't follow you, that's right, 'medicare' and 'social security' are only available in your home state. So if you move out of town to work you better save about 40% of your paycheck to cover the future. The Chinese saving mentality, and an artificially low yuan fed global credit, the money that inflated the bubble.
Mr. Casey takes something of a Thomas L. Friedman approach by finding people around the globe who typify certain situations like foreclosure, bankruptcy, sweatshop work, and outsourcing, and uses these examples to flesh out a broader narrative. There is also a complete analysis of the Euro-zone crisis, the global banking industry, the Federal Reserve, and a great chapter on Iceland's financial collapse and subsequent policy changes that we could all learn from.
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Casey's book has come under some fairly heavy criticism, but I found his lengthy release on economics to be refreshing and full of interesting information. He does spend the first half of the book talking about China, but throughout he also tackles the Federal Reserve, different countries' economics, and other pertinent information valuable to anyone wanting to keep informed of the global economy.

A very worthwhile read that can teach all of us to be better stewards of the gifts we've been given.
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Mr. Casey takes the reader to all corners of the world, examining globaliazation, international banking and transactions, previous recessions, currency issues, particularly China's, the role of the Federal Reserve, the impact of savings accounts in China, and much much more. Financial terminology and data are at times challenging for the non-economist, especially in the early chapters, but there are many summaries and interviews of ordinary working folks and small business owners that serve to give one the gist of how trade and financial policy in any given country has a domino impact on other nations and peoples. The story of Iceland's bankruptcy and how Icelanders responded is highlighted as an example that other countries might follow as they try to resolve their own crises. The transition to the Euro currency is particularly well explained. The Mexican economy is thoughtfully explained in connection to drug violence and competition with China to export cheap goods across the world. While the reader is given great detail on particular steps governments have taken to manage the crisis, one is also warned that due to the inadequacy of the response, another crisis of similar magnitude could be imminent. This comprehensive study by Mr. Casey is possibly the definitive analysis of the current global financial crisis. If there were more people like the author in positions as financial consultants, regulators, and government appointees, the world's wealth would be more stable and equitable.(written by Marcia K. Beloved)
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
I like this book because it talks about political events, international politics, unfair trade practices, and the economic crisis in narrative form. The paragraphs are dense with information. The narrative goes into a lot of recent history and gives one a sense of why things are the way they are, and all the factors that have contributed to this. The author focuses on "unfair trade" practices and shows how this is a relevant factor in the economic crisis and what we can do to rectify this. Although the book is dense with information, it does not ram them to us with statistics, charts, and proofs. The information is artfully woven into an interesting story. I wish many economics books would be written this way. I like the narrative approach because it holds interest and for me makes it easier to remember the relevant facts and issues. There is something that is, for me, a little humorous. The author's perspective seems to be something of an upper middle class lifestyle and how this might need to shrink some. One example revolved around someone who was making about $70k a year and how this person took a hit from the economic crisis. Even if this person's income was cut by a half, he seems to be doing good in my book and would be better off than most people on this planet, and even a good chunk of Americans, even before the mortgage crisis. Somehow, though, this perspective fits into the narrative. In a way, it shows that life in America will go on. While the author focuses a lot on "unfair trade", it seems that the book is more about a many complex factors shaping how things are that feel equally relevant and showing how they converged and shaped the events of recent history. I mainly got the book in order to understand the international economic situation better and the book succeeded for me. I also felt a little more hopeful about the total situation and felt I could trust humans to muddle their way through these challenges and do okay.
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