The End of Influence: What Happens When Other Countries Have the Money - Softcover

DeLong, J. Bradford; Cohen, Stephen S

Softcover

ISBN 10: 0465024548 ISBN 13: 9780465024544

Publisher: Basic Books, 2011

Synopsis

At the end of World War II, America had all the money—and all the power. Now, after the Great Crash of 2008, America is cash poor. In The End of Influence, economists Stephen S .Cohen and J. Bradford DeLong argue that this loss of liquid capital will have grave consequences for our standing in the world.

An essential read for business executives and connoisseurs of world politics alike, The End of Influence tells us what we can do to maintain stability in the world.

About this title

About the Author

Stephen S. Cohen is a Professor of Regional Planning at the University of California, Berkeley, and Codirector of the Berkeley Roundtable on the International Economy. He lives in San Francisco, California.

J. Bradford De Long is an economist at the University of California, Berkeley. He is the author of the best-selling textbook Macroeconomics. He also writes a widely read economics blog. He lives in Lafayette, California.

From Publishers Weekly

In this reasoned chronicle of worldwide fiscal and cultural influence from pre-WWI to the present, Berkeley academics Cohen and DeLong (Macroeconomics) measure the rise and decline of U.S. prestige, concluding that the era of U.S. dominance is over: "The United States will continue to be a world leader... But it will no longer be the boss." Presenting an in-depth examination of deficits, export policies, sovereign wealth funds, the U.S. Department of Defense, and foreign expansion (as well as caveats galore), Cohen and DeLong craft a chilling portrait of the country's accelerating fiscal woes: "In every year since 1976, the United States has run international trade deficits that collectively add up to 7 trillion. More than 70 percent of that 7 trillion has been added since 2000." Pursuing the causes underlying the current worldwide economic crisis-the financial rules and lack thereof-Cohen and DeLong depict the effort to restore the global economy as a massive task, fraught with peril and the specter of unintended consequences; growing economic inequity between the U.S. and China, for instance, represents "a financial balance of terror." Though most appropriate for fiscal wonks, Cohen and DeLong's analysis is clear and concise enough for the concerned layperson. END

Edition details

• Publisher: Basic Books
• Publication date: 2011
• ISBN 10: 0465024548
• ISBN 13: 9780465024544
• Binding: Paperback
• Language: English
• Number of pages: 176