It was rather painful reading, in 2017, this book which was written late in 2009 and published in 2010. This was a world when America was still enjoying a honeymoon with Barack Obama, London (under a Gordon Brown government) was beginning to build for the forthcoming 2012 Olympics. And the 2008 financial crisis ("crises don't come much bigger than the recent one") was fresh in everyone's memory.
Phillippe Legrain's rememedy for this is more openness and free markets - not just in goods and services, but in labour and capital. Taxes on land, not on work. And embracing emerging economies, led by China, as the axis of business tilts east and south.
This book gives a very comprehensive overview of economics and thought processes surrounding the financial collapse in 2008. It is extremely interesting to know how much of this is, and has, panned out as described. It is also interesting to know areas which have diverged significantly and to understand why. All in all an interesting read and a great overview.
This book talks in details about some of the reasons of the credit crisis of 2008/9 and how big banks with the deregulated policies , with the open purses of Governments helped in escalating the crisis Generally the books talks about how the economy of the world is so entwined with each other, how we can avoid a future bubble and its bust and how the A’s (America, Britain, EU) should embrace the success of the BEE’s (Brazil, China, India). Just as Britain embraced the rise of America before, America should do the same as China rises peacefully. This book had tons of detailed economic data which was easy to comprehend. Majority of the arguments and suggestions are simple and not easy to disagree with. I enjoyed reading the book because of its story-like narrative, its interviews with people with all over the world, with the American Circuit board printer to the South African fruit picker to the Indian car parts manufacturer.