Globalisation Fractures: How Major Nations' Interests Are Now In Conflict

In this tour de force the internationally renowned economist Charles Dumas outlines the thirty-year path that has brought this era of globalisation to crisis point, and identifies the factors that are now undermining the prospect of recovery from the Great Recession.

Politicians, central bankers and regulators are all too focused on deciding who to blame, and therefore on financial reform. But the underlying cause of the crisis was global financial imbalances, which were enlarged and prolonged by the mobility of capital under globalisation. Official ignorance or denial of this problem inevitably ensured a debt crisis in deficit countries.

Globalisation Fractures exposes the contradiction between badly needed deficit-country debt reduction and continued export-led growth policies in Germany, Japan and China. Only if these latter countries reverse into consumption-led growth can the world have a sound recovery. This book explains why the issue needs to be urgently addressed, rather than avoided.