As financial markets from New York to Hanoi are focused on the U.S. Federal Reserve’s next move, Daniel Alpert’s “The Age of Oversupply” explains that there are limits to how much monetary policy can help the global economy escape its five-year rut.
Alpert gives step-by-step instructions for what the U.S. and the European Union should do to revive their economies, relying mostly on infrastructure investment. The diagnosis and the solutions presented in “The Age of Oversupply” raise some questions that are not answered.
One is how to convince the emerging middle class in China and India to save less and consume more. Or why those governments should stop pursuing “mercantilism” when they’re just following in the footsteps of Western nations to catch up with them. Yalman Onaran, Bloomberg News
“The Age of Oversupply: OVERCOMING THE GREATEST CHALLENGE TO THE GLOBAL ECONOMY”
Daniel Alpert, Portfolio/Penguin, 280 pages, $27.95
