This book argues that the current financial turmoil signals a crisis in
globalisation that will directly challenge the free market economic
model.
Graham Turner shows that the housing bubbles in the West were
deliberately created to mask the damage inflicted by companies shifting
production abroad in an attempt to boost profits. As these bubbles
burst, economic growth in many developed countries will inevitably
tumble. The Japanese crisis of the 1990s shows that banks and
governments may struggle to contain the fallout. The problem has not
been limited to the US, UK and Europe: housing bubbles have become
endemic across wide swathes of emerging market economies. As the West
slides, these countries will see an implosion of their credit bubbles
too, shaking their faith in the free market.
Turner is an experienced and successful economic forecaster, whose
opinions are sought by large international banks and top financial
journalists. Drawing from his first hand experience of the Japanese
property crash of the 1990s, he presents his analysis in a clear and
persuasive style, showing that the end of housing market growth spells
disaster for neoliberal globalisation.