Book Reviews: Global Economy
Economic scholars study, debate and write about problems in today’s global economy, but only the most optimistic readers believe that government policymakers will reverse the trends. Three important works were published last year addressing sluggish growth, rising inequality and unstable financial markets.
Ricks, Morgan. The money problem : rethinking financial regulation. The University of Chicago Press, [2016].
The central problem in the U.S. financial system is vulnerability in the short term funding markets. The solution is to update and redesign the monetary system to include explicit government guarantees for all short-term borrowing of financial firms.
Also available as an eBook.
El-Erian, Mohamed A. The only game in town : central banks, instability, and avoiding the next collapse. Random House, [2016].
In 2008, central banks prevented a collapse in the world economy. Now they are the only responsible economic policymakers. It is time for governments to step up and develop comprehensive economic policies that will lead to growth and stability.
Also available as an audiobook on OverDrive and as an eBook on OverDrive.
Milanovic, Branko. Global inequality : a new approach for the age of globalization. Belknap Press of Harvard University Press, [2016].
The industrial revolution in Europe and North America drove up inequality between rich and poor countries, but the fast rate of growth of Asian countries is pushing global inequality back down. The current trend of shrinking inequality among nations but increasing inequalities within nations will continue.
Also available as an eBook.
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