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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September 20th, 2017

Posted In: Debt Relief

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2 Comments

  • Arun Sundararajan says:

    Absorbing and counter-intuitive: beyond economic institutions, how ‘discipline’ shapes economic growth ‘Turnaround’ is Peter Blair Henry’s absorbing take on perhaps the most basic and important economic question there is: why are some countries rich and others poor? In providing his answer, he makes a counter-intuitive yet compelling point: the policies and ‘discipline’ adopted by successful industrializing (or ‘third world’) countries over the last 50 years are ones that the industrialized US and Western Europe need to learn from and replicate as part of their efforts to resuscitate long-run…

  • Teresa Watkins says:

    Masterfully written, easy-to-read, and very informative! Peter Blair Henry masterfully writes about the lessons to be learned by developed nations like the United States, Germany, and France when addressing modern day economic woes. Without sacrificing the use of quantitative measures inherent in finance-based literature, he clearly illustrates the complexities that poor policy-making decisions have on a country’s financial and economic prosperity and crafts a very easy to read book with analogies that make the most difficult concepts easy to…

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