Six Myths that Hold Back America: And What America Can Learn from the Growth of China's Economy - Hardcover

Why is China booming while the American economy lags? Despite a globally challenging economic environment, production in China has grown significantly every year, for the past twenty years. America's GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even tepid growth. Why should this be? Over the last decade, economic thought and attitudes in the West have increasingly diverged from the underlying views in China, and significant contrasts have developed. Six Myths that Hold Back America analyzes key statements of accepted economic views in the U.S. to determine which have real basis in the U.S. financial system, and which are really just myths. Refreshing, stimulating, independent thinking-Frank Newman draws upon a wealth of practical experience in the private and public sectors, including his time as CEO of major banks in the U.S. and China, and in his role as Deputy Secretary of the U.S. Treasury. This experience at home and abroad helps him dissect a series of common economic beliefs and develop conclusions that deeply challenge conventional assumptions about the American economy.

Six Myths that Hold Back America: And What America Can Learn from the Growth of China’s Economy offers a bold new view of today’s major economic challenges. Drawing upon his experience as a senior U.S. Treasury official and bank executive, Frank Newman makes a step-by-step case for a new approach to U.S. economic policyone that will address key problems of America now, and in the future.

In rediscovering its potential, America must shake its mistaken faith in economic myths. The U.S. is not being bankrolled by Asian nations. It is not drowning in a consumption-driven economy. It does not need to be shackled by fears of a budget deficit. Using illustrations of how the money system actually works, this book exposes the economic misunderstandings that have stagnated growth in the West, and reveals the very different views underpinning the East’s ascension.