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Against the Consensus
Reflections on the Great Recession

$32.95 (G)

  • Date Published: August 2013
  • availability: In stock
  • format: Hardback
  • isbn: 9781107038875

$ 32.95 (G)

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About the Authors
  • In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy.

    • Offers a unique perspective on the sudden eruption of the global financial and economic crisis in 2008, helping readers to understand the cause of the crisis, its likely evolution, and how to avoid a recurrence in the future
    • Written by Justin Yifu Lin who was the Chief Economist of the World Bank from 2008 to 2012 and was the first economist from the developing world to hold this position
    • Proposes new initiatives, such as a global Marshall Plan and a supranational global reserve currency, to achieve sustained recovery and dynamic growth in developed and developing countries
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    Reviews & endorsements

    "… Yifu Lin has written a superb appraisal which allows us a bird's eye view of the world economy as it stands - or rather, flutters, today. Against the Consensus' two concluding sentences say it all: 'The time is right for reforming the international monetary system. WE should seize it now, before another crisis deals the system a lethal blow.' "
    Cambridge Business

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    Product details

    • Date Published: August 2013
    • format: Hardback
    • isbn: 9781107038875
    • length: 273 pages
    • dimensions: 235 x 155 x 16 mm
    • weight: 0.56kg
    • contains: 46 b/w illus. 14 tables
    • availability: In stock
  • Table of Contents

    Part I. What Caused the 2008–9 Global Crisis?:
    1. The world economy and the 2008–9 crisis
    2. The real causes of the crisis
    3. Financial deregulation and the housing bubble
    4. What's wrong with the Eurozone
    5. Why China's reserves rose so much
    Part II. A Win-Win Path to Recovery:
    6. Infrastructure investments - beyond Keynesianism
    7. A massive global infrastructure initiative
    Part III. How Poor Countries Can Catch up: Flying Geese and Leading Dragons:
    8. The mystery of the great divergence
    9. The mechanics and benefits of structural change
    10. Lessons from the failures and successes of structural transformation
    11. Unique opportunities for poor countries
    Part IV. Toward a Brave New World Monetary System:
    12. The evolution of the international monetary system
    13. Emerging pressures and policy challenges
    14. (In)stability of the emerging multiple reserve currency system
    15. The thinking behind the main reform proposals
    16. Costs and benefits of major reform proposals
    17. A proposal for a new global reserve currency - paper gold ('p-gold')
    18. Why it still matters

  • Author

    Justin Yifu Lin, Peking University, Beijing
    Justin Yifu Lin is Professor and Honorary Dean of the National School of Development at Peking University. He was former Chief Economist and Senior Vice President of the World Bank between 2008 and 2012, and was the first economist from the developing world to hold this position. Prior to joining the Bank, Professor Lin served for 15 years as Founding Director and Professor of the China Centre for Economic Research (CCER) at Peking University. He is corresponding fellow of the British Academy, fellow of the World Academy of Sciences for the Developing World and the author of 23 books, including The Quest for Prosperity: How Developing Countries Can Take Off (2012), New Structural Economics: A Framework for Rethinking Development and Policy (2012), Benti and Changwu: Dialogues on Methodology in Economics (2011), Economic Development and Transition: Thought, Strategy, and Viability (2009) and Demystifying the Chinese Economy (Cambridge University Press, 2011).

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