The U.S. Can Learn from the Third World

Peter Blair Henry, Dean of NYU’s Leonard N. Stern School of Business, says in his new book Turnaround that the United States and the rest of the developed world could learn from the advice it gave the Third World in the latter half of the 20th century.

Countries such as Brazil and China flourished over that time, but he says the United States’ difficult recovery from the recent recession is “in large part due to the fact that we forgot those lessons we taught the Third World”.

Those lessons, reported by AP, are “that governments should save money in flush times and spend it to boost the economy when growth stalls; that lawmakers should prize predictability in policymaking to trigger private investment; and that when times are lean, some government investments, particularly in education, should be off-limits to cuts”.

Henry’s analysis has an ultimately optimistic message: with the right methods, America can turn things around.

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