Synopsis
From Jacket Flap: Startling in its revelations, bold in its predictions, and overwhelmingly convincing in the evidence it offers, "The Great Depression of 1990" demonstrates that we are headed toward an economic disaster of unprecedented proportions that will occur in 1990 and continue to plague the world at least until 1996. This is not the alarmist cry of some wild-eyed sensationalist, but rather the reasoned conclusion of a respected economist trained in scientific analysis. Dr. Ravi Batra, professor of economics at Southern Methodist University and one of the top trade theorists in the world, persuasively argues that we are moving toward the greatest worldwide depression in history, in which millions of people will suffer catastrophic financial reversals. He explains precisely why it's going to happen and offers a concrete financial strategy to protect our own investments. With a foreword by world-renowned economist Lester Thurow, "The Great Depression of 1990" is crucial reading for everyone who hopes to survive and prosper in the coming economic upheaval.
Reviews
Southern Methodist University economics professor Batra bases his prediction of a "great depression" around 1990 on a pattern of 30- and 60-year recession-depression cycles in the U.S. dating back to the 1780s. He cites factors leading to the stock market crash of 1929 that also are present today: intense concentration of wealth, a depressed farm economy, heavy speculation, bank vulnerability, protectionist trade sentiment and fiscal corruption. The author relates all this to a theory of India's social scientist Prabhat Sarkar who divides human experience into ages of "laborers, warriors, intellectuals and acquisitors," the latter with their "merger mania" being dominant today. Batra's defensive formula for weathering the next slump includes such steps as converting one's assets (home and all) into cash, which, if widely followed, could bring on recession all the sooner. He does, however, propose a tax plan, admittedly unlikely to be adopted, which could puncture the Federal deficit and make a true depression virtually impossible.
Copyright 1987 Reed Business Information, Inc.
Doomsayers have always been part of the landscape of economic forecasting. Batra, international trade economist, has ventured a bit afield from his specialty to predict that the economic sky will fall in late 1989 or early 1990. Using P.R. Sarkar's theory of historical determinism, Batra projects a collapse of the Western economies and a world depression that will arrive in 1990 and plague us for seven years. He analyzes the historical cycles of monetary growth, inflation, and regulation to extrapolate a confluence of cycles in 1990 reminiscent of the crash of 1929. Will it happen? The majority of economists think not. For those who are convinced, chapter 8 recommends financial strategies prior to and during the depression. Not recommended.Gene R. Laczniak, Coll. of Business, Marquette Univ., Milwaukee
Copyright 1987 Reed Business Information, Inc.
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