The Unfair Trade

The Unfair Trade

How Our Broken Global Financial System Destroys the Middle Class

Book - 2012
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A wake-up call for middle class Americans who feel trapped in a post-crisis economic slump, The Unfair Trade is a riveting exposé of the vast global financial system whose flaws are the source of our economic malaise. Our livelihoods are now, more than ever, beholden to the workings of its imbalances and inequities.
 
The trillions of dollars that make up the flow of international finance--money that is often steered away from the people who deserve it the most--have not just undermined the lives of working and middle class Americans. It is a world-wide phenomenon that is changing the culture of Argentina; destroying the factory system in Northern Mexico, enabling drug cartels to recruit thousands of young men into their gangs; that has taken down the economies of Iceland, Ireland, Spain, Greece, and possibly Italy; and is driving American companies such as a 60-year-old family owned manufacturer of printed circuit boards to shutter all but one of its factories.
 
Veteran journalist Michael Casey has traveled the world--from China to Iceland, Spain to Argentina, Indonesia to Australia--recounting extraordinary stories about ordinary people from one continent to another whose lives are inextricably linked.  By tracing the flow of money and goods across the world, he illustrates how an American homeowner's life is shaped by the same economic and social policies that determine those of a low wage migrant worker on an assembly line in China. This combination of financial acumen, narrative-driven reporting, and compelling story-telling gives The Unfair Trade a unique human angle.
 
Casey shows that our economic problems are largely caused by political agendas that prevent the free market from encouraging fair competition and impeding the allocation of resources. Until governments work together to make this global system more efficient--until China removes incentives for its citizens to save excessively, for example, or the U.S. ends the de facto subsidies enjoyed by politically powerful banks--the global playing field will remain lopsided, job creation will lag, and our economies will be vulnerable to new crises.
Publisher: New York : Crown Business, c2012.
ISBN: 9780307885302
Characteristics: viii, 403 p. ;,25 cm.

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StarGladiator
Apr 29, 2013

Good book, and I am in full agreement with dirtbag1's comments below, and he/she sums it up perfectly: "he optimistically suggests that the powerful economic and political elite should forego personal interest and work together for the betterment of humanity" This didn't just happen, or derive from unintended consequences - - chaos works to their benefit, always! The credit default swap came from the same person who later did the carbon derivatives. Unlimited naked swaps, unlimited futures contracts, et al., are their tools of destruction.

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dirtbag1
Nov 30, 2012

This is a book well worth reading. It provides enough depth and breadth of knowledge relating to world financial and political inequalities to receive a coveted 4 star rating. His story is truly global in scope and he identifies the steps we might take to right the ship. However, he optimistically suggests that the powerful economic and political elite should forego personal interest and work together for the betterment of humanity. Wishful thinking indeed. If you want a well written book that tries to explain how we got into the mess we're in this might be for you.

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