Description
Book SynopsisIn recent years, the world has been rocked by major economic crises, most notably the devastating collapse of Lehman Brothers, the largest bankruptcy in American history, which triggered the breathtakingly destructive sub-prime disaster. What sparks these vast economic calamities? Why do our economic policy makers fail to protect us from such upheavals? In Wrong, economist Richard Grossman addresses such questions, shining a light on the poor thinking behind nine of the worst economic policy mistakes of the past 200 years, missteps whose outcomes ranged from appalling to tragic. Grossman tells the story behind each misconceived economic move, explaining why the policy was adopted, how it was implemented, and its short- and long-term consequences. In each case, he shows that the main culprits were policy makers who were guided by ideology rather than economics. For instance, Wrong looks at how America''s unfounded fear of a centralized monetary authority caused them to reject two centra
Trade Reviewa fascinating collection of accounts providing interesting details and new insights. * LSE Review of Books *
[Grossman] piques our interest with spicy historical detail...he has written a lovely tour, admirably brief, through centuries of economic folly. * Roger Lowenstein, Wall Street Journal *
let's hope that when the next major set of economic policy decisions has to be taken, politicians put aside ruling ideology and pick up a book like this. * Joel Campbell, International Affairs *
I have great admiration for this book. Grossman addresses an important question and his judgments are uniformly well reasoned and balanced. He is also an outstanding teacher of economics. ... Few economic historians can write as well as Grossman. But more of those who can write well should follow his example and write for policy makers and for the general public. If not economic historians, then who? * Hugh Rockoff, EH.net *
Table of ContentsContents ; Preface ; Prologue ; 1. Introduction ; 2. How to Lose an Empire without Really trying: British Imperial Policy in North America ; 3. Establish, Disestablish, Repeat: The First and Second Banks of the United States ; 4. The Great Hunger: Famine in Ireland, 1846-1852 ; 5. The Krauts Will Pay: German Reparations after World War I ; 6. Shackled with Golden Fetters: Britain's Return to the Gold Standard, 1925-1931 ; 7. Trading Down: The Smooth-Hawley Tariff, 1930 ; 8. Why Didn't Anyone Pull the Andon Cord? Japan's Lost Decade ; 9. The Worst Financial Crisis Since the Great Depression: The Subprime Meltdown ; 10. I'm OK. Euro not OK? ; 11. What Have We Learned? Where Do We Go From Here? ; Bibliography
