“… provides an original and thoughtful angel of analysis… a must-read!” (UK-Analyst.com, July 2011)
“… this abrasive book points out why nation-states need to go back to looking after No1… a surprisingly upbeat read.” (Ethical Corporation Magazine, April 2011)
Democratic capitalism, one of the greatest civilizing forces known to man, has been pushed to the edge of a precipice. A brave new world economy, one not in thrall to a runaway interbank credit system, is struggling to be born, and only the actions of world policymakers, working in concert to make the hard choices, can bring it into being.
Written by an international monetary expert and a global political economist, Brave New World Economy offers an unvarnished look at the serious problemsfacing us. The authors persuasively argue that theWest’s long experiment in global laissez-faire capitalism has hit a dead end. Rather than serving its original function as an engine of real economic growth and innovation, digital age global finance has become a 24/7 wealth extraction machine siphoning off the capital and productive capacity of Main Street. If left to its own devices, it will self-destruct, taking the global economy down with it.
Brave New World Economy goes beyond the usual post mortems. Nor do the authors indulge in moral finger pointing. Rather, they offer a clear set of practical steps and guiding principles for taming global finance and restoring it to its vital role as driver of economic growth and entrepreneurialinnovation. These include:
- Establishing national development banks to foster entrepreneurial innovation and smallbusiness growth
- Freeing the U.S. dollar from its role as global reserve currency
- A new Bretton Woods agreement with the BRICs playing a central role
- Creating a nation-neutral “inside-money,”along the lines of Keynes’s “bancor,” for regulating central bank transfers
- Eliminating the euro and restoring national currencies
- Legalizing the “black market” economy
- Requiring the wealthy to pay into Social Security on a proportional basis
- Raising the age of retirement and promoting the human right to work for adults of every age
Does the future hold a brave new world of economic growth and prosperity for all, or an ever-downward spiral of economic crisis? Brave New World Economy points the way; the rest is up to us.
From the Back Cover
Praise for Brave New World Economy
“This book will become a must-read for students, scholars,as well as all practitioners who want to understand the root causes ofmarket economy crises and the scope of a more stable and fair world order.This book provides an original and thoughtful angle of analysis and vividly explains why and how each of us will soon be ruined without a new governance system emerging that enables globalization to become a genuinepositive sum game in terms of both time and social horizon.”
―Dr. Michel Henry Bouchet, Head, Global Finance Center, SKEMA Business School, former senior economist,The World Bank, former CEO, Owen Stanley Financial SA
“Presents compelling arguments for radical change in theworld monetary system to save our future. Includes bold and practicalrecommendations to meet current challenges of the global economyincluding the need for balance between the regulatory role of thestate for public good and the confidence of investors andentrepreneurs. Jargon free and easy to read.”
―Shabbir Cheema, Director, Asia-Pacific Governance and Democracy Initiative, East-West Center
Unrestrained global finance and the massive credit crisis it has engendered threaten to end civilization as we know it. Clearly, a thorough restructuring of the monetary system and more stringent banking rules, both domestically and internationally, can salvage centuries of progress from the scrap heap of history. What steps must policymakers take to achieve a sustainable, new world economy before it’s too late? Find out in Brave New World Economy.
About the Author
Wilhelm Hankel is former Director of the German Economic Finance Ministry, Department of Money and Credit. An internationaleconomist and consultant to centralbanks, his creative theories of money and the global economy, as well as his proven fixesfor stalemated political economies, are illustrated throughout fourteen books.
Robert Isaak is a political economist and the Henry George Professor of International Management at Pace University, in New York. A consultant to businesses such as Siemens and Prudential Intercultural, he has taught at Johns Hopkins SAIS, and New York University, and has been a guest professor of international management at the University of Mannheim, Heidelberg University, the University of Grenoble, and SKEMA Business School, in France. He has authored eleven books on political economy.
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