Six Myths That Hold Back America: And What America Can Learn from the Growth of China's Economy
Autor Frank N. Newmanen Limba Engleză Hardback – 31 oct 2011
Why is China booming while the American economy lags?
Despite a globally challenging economic environment, production in China has grown by an astounding 7% to 14% a year, every year, for the past 20 years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even a tepid 3% growth. Why should this be?
Over time, economic thought and attitudes in the U.S. and other Western nations increasingly diverged from the underlying views in China, and significant contrasts developed. This book analyzes several key statements of “accepted” economic views in the U.S., to determine which have real basis in the U.S. financial system, and which are really just myths.
The six myths:
Despite a globally challenging economic environment, production in China has grown by an astounding 7% to 14% a year, every year, for the past 20 years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even a tepid 3% growth. Why should this be?
Over time, economic thought and attitudes in the U.S. and other Western nations increasingly diverged from the underlying views in China, and significant contrasts developed. This book analyzes several key statements of “accepted” economic views in the U.S., to determine which have real basis in the U.S. financial system, and which are really just myths.
The six myths:
- Asian nations are bankrolling the U.S.
- Treasury issued securities crowd out the private sector
- If everyone tries to save more, the nation will save more, and investment,
GDP, and employment will increase - If the government reduces the deficit, then national saving and
investment will increase - Today’s deficits create great burdens of tax for our children
- If the U.S. does not get its deficit reduced soon, treasuries will face the
same problems as Greece and Ireland
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Specificații
ISBN-13: 9780983988519
ISBN-10: 098398851X
Pagini: 186
Dimensiuni: 142 x 216 x 23 mm
Greutate: 0.38 kg
Editura: Diversion Publishing
ISBN-10: 098398851X
Pagini: 186
Dimensiuni: 142 x 216 x 23 mm
Greutate: 0.38 kg
Editura: Diversion Publishing
Cuprins
Prologue: America and China in the coming year
Chapter 1: Myth #1: Asian nations are bankrolling the U.S.
Chapter 2: Myth #2: Treasury “crowd out” financing for the private sector
Chapter 3 Myth #3: If everyone tries to save more, the nation will save more
Chapter 4: Myth #4: If deficit is reduced, then national saving and investment will increase
Chapter 5: Myth #5: Deficits create great burdens of repayment and taxes for our children
Chapter 6: Myth #6: If the U.S. does not get its fiscal deficit reduced soon,
we will face the same problems as Greece and Ireland
Chapter 7: Do American earners really save so little?
Chapter 8: Economies Stuck in the Slow Lane
Chapter 9: How the Economy of China has kept growing, unimpeded by the myths.
Chapter 10: Summary and Key Policy Conclusions
Chapter 1: Myth #1: Asian nations are bankrolling the U.S.
Chapter 2: Myth #2: Treasury “crowd out” financing for the private sector
Chapter 3 Myth #3: If everyone tries to save more, the nation will save more
Chapter 4: Myth #4: If deficit is reduced, then national saving and investment will increase
Chapter 5: Myth #5: Deficits create great burdens of repayment and taxes for our children
Chapter 6: Myth #6: If the U.S. does not get its fiscal deficit reduced soon,
we will face the same problems as Greece and Ireland
Chapter 7: Do American earners really save so little?
Chapter 8: Economies Stuck in the Slow Lane
Chapter 9: How the Economy of China has kept growing, unimpeded by the myths.
Chapter 10: Summary and Key Policy Conclusions
Notă biografică
Frank Newman is a former Deputy Secretary of the United States Treasury
Department, and has 30 years of experience as a banking executive in both the
U.S. and China. Upon completion of his service with Treasury, he was awarded
the Alexander Hamilton Award, the department's highest honor.
He recently completed 5 years as Chairman of the Board of Directors and CEO
of Shenzhen Development Bank, China. Prior to that, he held the positions of
Chairman and CEO of Bankers Trust, CFO BankAmerica Corporation, Executive
Vice President and CFO of Wells Fargo Bank, Director of Korea First Bank, and
Director of Dow Jones & Company. He is also a member of the Board of Trustees
of Carnegie Hall, and a member of its Investment Committee.
Department, and has 30 years of experience as a banking executive in both the
U.S. and China. Upon completion of his service with Treasury, he was awarded
the Alexander Hamilton Award, the department's highest honor.
He recently completed 5 years as Chairman of the Board of Directors and CEO
of Shenzhen Development Bank, China. Prior to that, he held the positions of
Chairman and CEO of Bankers Trust, CFO BankAmerica Corporation, Executive
Vice President and CFO of Wells Fargo Bank, Director of Korea First Bank, and
Director of Dow Jones & Company. He is also a member of the Board of Trustees
of Carnegie Hall, and a member of its Investment Committee.
Textul de pe ultima copertă
Why is China booming while the American economy lags?
Despite a globally challenging economic environment, production in China has grown significantly every year, for the past twenty years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even tepid growth. Why should this be?
Over the last decade, economic thought and attitudes in the West have increasingly diverged from the underlying views in China, and significant contrasts have developed. Six Myths that Hold Back America analyzes key statements of accepted economic views in the U.S. to determine which have real basis in the U.S. financial system, and which are really just myths.
Refreshing, stimulating, independent thinking—Frank Newman draws upon a wealth of practical experience in the private and public sectors, including his time as CEO of major banks in the U.S. and China, and in his role as Deputy Secretary of the U.S. Treasury. This experience at home and abroad helps him dissect a series of common economic beliefs and develop conclusions that deeply challenge conventional assumptions about the American economy.