In this bold history and manifesto, a former White House director of
economic policy exposes the economic, political, and cultural cracks
that wealthy nations face and makes the case for transforming those same
vulnerabilities into sources of strength--and the foundation of a
national renewal.
America and other developed countries, including Germany, Japan, France,
and Great Britain are in desperate straits. The loss of community, a
contracting jobs market, immigration fears, rising globalization, and
poisonous partisanship--the adverse price of unprecedented
prosperity--are pushing these nations to the brink.
Acclaimed author, economist, hedge fund manager, and presidential
advisor Todd G. Buchholz argues that without a sense of common purpose
and shared identity, nations can collapse. The signs are everywhere:
Reckless financial markets encourage people to gamble with other
people's money. A coddling educational culture removes the stigma of
underachievement. Community traditions such as American Legion cookouts
and patriotic parades are derided as corny or jingoistic. Newcomers are
watched with suspicion and contempt.
As Buchholz makes clear, the United States is not the first country to
suffer these fissures. In The Price of Prosperity he examines the
fates of previous empires--those that have fallen as well as those
extricated from near-collapse and the ruins of war thanks to the vision
and efforts of strong leaders. He then identifies what great leaders do
to fend off the forces that tear nations apart.
Is the loss of empire inevitable? No. Can a community spirit be restored
in the U.S. and in Europe? The answer is a resounding yes. We cannot
retrieve the jobs of our grandparents, but we can embrace uniquely
American traditions, while building new foundations for growth and
change. Buchholz offers a roadmap to recovery, and calls for a revival
of national pride and patriotism to help us come together once again to
protect the nation and ensure our future.
