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Six Myths that Hold Back America: And What America Can Learn from the Growth of China's Economy
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About Six Myths That Hold Back America: And What America
Product Description 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. From the Inside Flap Six Myths that Hold Back America: And What America Can Learn from the Growth of Chinas Economy offers a bold new view of todays 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 Easts ascension. From the Back Cover 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. Americas 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 thinkingFrank 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. About the Author Frank Newman is a former Deputy Secretary of the U.S. Treasury Department, and has 30 years of experience as a banking executive in both the U.S. and China. Upon completion of his service with Treasury, he was awarded the Alexander Hamilton Award, the department’s highest honor. He recently completed 5 years as Chairman of the Board of Directors and CEO of Shenzhen Development Bank, China. He has held the positions of Chairman and CEO of Bankers Trust, Vice Chairman and CFO of Bank of America, Executive Vice President and CFO of Wells Fargo Bank, Director of Korea First Bank, and Director of Dow Jones & Company. He and his wife live in Hong Kong, and enjoy time in New York and Martha’s Vineyard.
