One of Choice's Outstanding Academic Titles for 2013
"[T]emin and Vines's measured analysis will reward serious readers and economists who can keep up with global theory in motion." --Publishers Weekly
"A rigorous analysis of the collapse of the world economy in 2008--and why things don't seem to be getting better. . . . [S]obering . . ." --Kirkus Reviews
"[ The Leaderless Economy] presents sensible arguments in favour of a rebalanced world economic system." --Tony Barber, Financial Times
"In The Leaderless Economy, Temin and Vines demonstrate that Keynes' economic theories remain robust and relevant. . . . [T]heir book provides a clear and compelling analysis of the roots of our global financial crisis and the lessons we can learn from it." --Glenn C. Altschuler, Huffington Post
"You can learn a lot by reading [ The Leaderless Economy]. . . . The authors are commendably alert throughout to the economic and political complexities involved." --Daniel Akst, Bloomberg News
"Temin and Vines . . . offer a thoughtful exploration of the situation of the world financial system through detailed analysis and comparisons of the recent international economic crisis with circumstances during the Great Depression. . . . The book is a great resource for those interested in international economics and history. A must read for upper-division undergraduate students, business leaders, and future policy makers, and a pleasure for graduate students, faculty, and general readers." --Choice
"In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises." --World Book Industry
The Leaderless Economy reveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises.
Temin and Vines argue that the financial collapse of the 1930s was an "end-of-regime crisis" in which the economic leader of the nineteenth century, Great Britain, found itself unable to stem international panic as countries abandoned the gold standard. They trace how John Maynard Keynes struggled for years to identify the causes of the Great Depression, and draw valuable lessons from his intellectual journey. Today we are in the midst of a similar crisis, one in which the regime that led the world economy in the twentieth century--that of the United States--is ending. Temin and Vines show how America emerged from World War II as an economic and military powerhouse, but how deregulation and a lax attitude toward international monetary flows left the nation incapable of reining in an overleveraged financial sector and powerless to contain the 2008 financial panic. Fixed exchange rates in Europe and Asia have exacerbated the problem.
The Leaderless Economy provides a blueprint for how renewed international leadership can bring today's industrial nations back into financial balance--domestically and between each other.
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