Elisa Sangalli Sangalli থেকে Prusynskaya Gorka, Leningradskaya oblast', রাশিয়া, 187414
আরেকটি দুর্দান্ত গল্প। আমি দু: খিত যে আমি সিরিজের শেষ বইটি পড়তে চলেছি এই সিরিজটিতে অনেক দুর্দান্ত গল্প ছিল এবং আমার মন অন্যান্য গল্পগুলিতে যারা তাদের ম্যাচগুলি এখনও খুঁজে পায়নি: তাদের হাতে চলে যায় :-)
This is an important book, but not a good book. Dr. Moyo answers the questions that is on everyone's lips in America these days, is something wrong with our economy? If so what? Dr. Moyo states that the United States has misallocated: capital, labor and intellectual property over the past 50 years. The country and it's people have made poor choices with regard to these area. Capital - Dr. Moyo lays blame on the equity culture in America, specifically the high amounts of leverage used by equity holders. She describes the asymetric risk that allows equity holders to gain a lot if the company is heavily indebted and things go well while losses are borne by banks and ultimately the public when things go poorly. This is doubly so with stock options. This type of thinking was also introduced to main street during the housing bubble where for 1% down a "homeowner" has leverage to 100% of the move in the housing price. If the house increases in value by 5%, the "homeowner" earns 5x the money they put down, if things go badly they send the keys back to the bank. The end result is that Americans have invested too much capital in housing which is an unproductive asset and most companies and banks employ too much leverage. Labor - Dr. Moyo points out how engineers built the great American companies of today, but today few American youth seek engineering degrees. Today's youth aspire to be sports stars, celebrities, lawyers, consultants and investment bankers. These occupations have the highest pay, but do not create the businesses to sustain or grow employment in America. Such misallocation of talent and intelligence has hurt America, particularly in the case of sports stars where many millions of youth forgo education and fail to become pros. Intellectual Property / Trade - America has assumed the rest of the world will play fair as pertains to free trade and intellectual property. This has not been the case and many jobs and trade secrets have been stolen. Dr. Moyo suggests that the USA adjust it's approach to trade to better protect their intellectual property and to acknowledge the fact that some countries are cheating. She correctly points out that all the benefits of free trade accrue to shareholders and large companies, while the workers are ill positioned to benefit and have suffered as a result. I say this is not a good book, because Dr. Moyo's tone comes across as demeaning and anti-American at times. While an important and thought provoking economic book, her tone makes it difficult to read.