Against the Consensus
Reflections on the Great Recession
Format:Hardback
Publisher:Cambridge University Press
Published:4th Jul '13
Currently unavailable, and unfortunately no date known when it will be back
Unique analysis of the global financial crisis by Justin Yifu Lin, Chief Economist of the World Bank (2008–12).
Based on his experience as Chief Economist of the World Bank, Justin Yifu Lin offers unique reflections on the causes and consequences of the problems in the global economy. He suggests new policy proposals for avoiding another recession, including a global Marshall Plan and a new supranational global reserve currency.In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy.
'A large literature asks what China can learn from the advanced countries as it continues to develop. Here Justin Yifu Lin turns the tables and asks what the advanced countries can learn from China, including on questions like the need for infrastructure spending in recovery from the crisis. Who better?' Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley
'No theory explains development if it can't explain China. Lin is the best economist to challenge received wisdom through authoritative exploration of the Chinese experience. [His] book provides a challenging reassessment of development policy and important prescriptions for global stability.' Ross Garnaut, Vice-Chancellor's Fellow and Professorial Fellow of Economics, University of Melbourne
'Justin Yifu Lin and I have travelled on the same intellectual journey. When we were young, we assumed that the West had all the intellectual answers. As we grew older, we realized that the West did not. This is perfectly normal. No one civilization has a monopoly on wisdom. As we move into a multi-civilizational world, we need to listen to alternative views. Justin explains brilliantly why China's economy has been so successful. And, yes, the West can learn a lesson or two from China. Hence, this book is an essential read.' Kishore Mahbubani, Dean, Lee Kuan Yew School of Public Policy, National University of Singapore, and author of The Great Convergence: Asia, the West, and the Logic of One World
'… Yifu Lin has written a superb appraisal which allows us a bird's eye view of the world economy as it stands - or rather, flutters, today. Against the Consensus' two concluding sentences say it all: "The time is right for reforming the international monetary system. WE should seize it now, before another crisis deals the system a lethal blow." ' Cambridge Business
ISBN: 9781107038875
Dimensions: 235mm x 155mm x 16mm
Weight: 560g
273 pages