Stan Collender writes:
Brad DeLong's New Book Showed Up On My Kindle This Morning: On the one hand, forgetting that I ordered Brad's new book, The End Of Influence, a month or so ago and having it show up magically on my Kindle this morning is a little scary. On the other hand, forgetting that I ordered Brad's new book, The End of Influence, a month or so ago and having it show up magically on my Kindle this morning is wonderful. I almost want to say "Thank you, Thing," like they did in the Adams Family when Thing got the mail each day.
which means that Steve and my book is out:
Stephen S. Cohen and J. Bradford DeLong (2010), The End of Influence: What Happens When Other Countries Have the Money (New York: Basic Books: 0465018769).
Our favorite review so far is done by Andrew Clancy.
From our book website:
When you have the money--and "you" are a big, economically and culturally vital nation--you get more than just a higher standard of living for your citizens. You get power and influence, and a much-enhanced ability to act out. When the money drains out, you can maintain the edge in living standards of your citizens for a considerable time (as long as others are willing to hold your growing debts and pile interest payments on top). But you lose power, especially the power to ignore others, quite quickly--though, hopefully, in quiet, nonconfrontational ways. An you lose influence--the ability to have your wishes, ideas, and folkways willingly accepted, eagerly copied, and absorbed into daily life by others. As with good parenting, you hope that by the time this happens those ideas and ways have been so thoroughly integrated that they have become part of what is normal and regular abroad as well as at home; sometimes, of course, they don't. In either case, the end is inevitable: you must become, recognize that you have become, and act like a normal country. For America, this will be a shock: American has not been a normal country for a long, long time.
One of our first readers demands: "more articulation about what this decline in influence really portends for the near-term middle distance, and a game plan to capitalize on the shifts in current. But, hell, that's what you'll tell us about on Terry Gross..."
Alas! That is not what we will tell you about on Terry Gross. That is what we do not know--if we knew, we would have written a big book rather than a little book.
James Fallows: The End of Influence is timely, convincing, practical-minded, and very well written> If you want a way to understand our economic predicament and the real choices ahead, this is an excellent place to start.
Romano Prodi: I started reading this book and could not stop until I arrived at the last sentence. Really splendid: rigorous, scientifically perfect, and politically accurate.
Robert Reich: In this splendid little book, Stephen Cohen and Brad DeLong real one big truth: There's no returning to the neoliberal order of deregulation, privatization, free markets, and free trade that captured the minds and hearts of American policymakers over the last three decades. America is broke, and must now face a much messier world in which governments--especially those controlling lots of savings--are intent on playing a different game.
Five sections of back matter:
Stephen S. Cohen and J. Bradford DeLong (2010), The End of Influence: What Happens When Other Countries Have the Money (New York: Basic Books).