Issue: May 1, 2010
The Betrayal of American Prosperity: Free Market Delusions, America's Decline, and How We Must Compete in the Post-Dollar Era.
Prestowitz, Clyde (Author)
May 2010. 288 p. Free Press, hardcover, $26.00.
Has the economic vitality of the U.S. eroded so much that it cannot compete effectively against China,India, and other fast-growing economies? Prestowitz, consultant and former U.S. trade negotiator, thinks so, and he explains why in this challenging description of America?s fall from world leadership. Included among his reasons are the decline of the dollar, which has been the world?s main currency for carrying out international transactions; the ?decisive shift in the global balance of power?away from the United States and toward East Asia and Europe . . . Brazil, India, Russia and Saudi Arabia?; and the scores of products and technologies against which the U.S. cannot compete. Prestowitz offers suggestions for restoring competitiveness, including instituting tax reform to increase government revenue; substantially revaluing ? a number of managed currencies versus the dollar and the euro over the next two to three years?; and reforming the World Trade Organization. All will not agree with the author, but his arguments are compelling.
? Mary Whaley