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Third World Lessons for First World Growth
Basic Books
March 2013
On Sale: March 12, 2013
230 pages
ISBN: 0465031897
EAN: 9780465031894
Kindle: B00BNI9KHC
Hardcover / e-Book
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Non-Fiction
Thirty years ago, China seemed hopelessly mired in poverty,
Mexico triggered the Third World Debt Crisis, and Brazil
suffered under hyperinflation. Since then, these and other
developing countries have turned themselves around, while
First World nations, battered by crises, depend more than
ever on sustained growth in emerging markets.
In
Turnaround, economist Peter Blair Henry argues that
the secret to emerging countries’ success (and ours) is
discipline—sustained commitment to a pragmatic growth
strategy. With the global economy teetering on the brink,
the stakes are higher than ever. And because stakes are so
high for all nations, we need less polarization and more
focus on facts to answer the fundamental question: which
policy reforms, implemented under what circumstances,
actually increase economic efficiency? Pushing past the
tired debates, Henry shows that the stock market’s forecasts
of policy impact provide an important complement to
traditional measures.
Through examples ranging from
the drastic income disparity between Barbados and his native
Jamaica to the “catch up” economics of China and the taming
of inflation in Latin America, Henry shows that in much of
the emerging world the policy pendulum now swings toward
prudence and self-control. With similar discipline and a
dash of humility, he concludes, the First World may yet
recover and create long-term prosperity for all its
citizens.
Bold, rational, and forward-looking,
Turnaround offers vital lessons for developed and
developing nations in search of stability and growth
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