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The World Is Curved Essay

1775 words - 8 pages

The World is Curved: Hidden Dangers to the Global Economy

David M. Smick, author of the book The World is Curved: Hidden dangers to the global economy and the chairman and CEO of Johnson Smick International, Inc. is a global financial strategist, author and an editor. His book The World is Curved was called as one of the top three books on the financial crisis by the former president Bill Clinton. A gold medal was conferred by the Axiom Business Book Awards and termed the book as yea’s “best book on international business/globalization”. The insight that Mr. Smick has about the subject is evident from the vast and diverse experience he has ranging from serving as the Chief of Staff ...view middle of the document...

I feel the purpose David M. Smick has in writing this book is primarily his keen interest in the situations that exists, his undeniable understanding of the economy and financial markets and his desire for the common man to get a grip on the circumstances, what caused it and where we might be heading.
The book starts off on a very casual setting where the writer is having lunch at a Washington D.C. hotel with one of his colleges, and I believe the writers approach to introduce what he is trying to talk about in the book as a conversation with a friend over lunch keeps the things light and avoid things getting complicated from the beginning itself which thus works in making this book a definite page turner. The author introduces the reader to what the new global economic system actually is by telling how fragile it is and how complex it has got so much so that it is difficult to tell what is going on at any given time. In the beginning itself one gets a fairly decent idea why the author thinks the world is “curved” , where nothing happens in a manner that can be anticipated with a fair amount of assurance, everything seems to be a unforeseen twist or turn that baffles the conventional wisdom. I agree with the author when he states that the policy makers do not appreciate how fragile the present financial system is with new players and new perspectives and also that the most important thing that policy makers need to come up with sound financial policies is information which seems to the most elusive of all, which he explains by questioning how is one to know about what is to unfold in China, or the mind set of a Japanese house-wife which as strange as it may sound affects the direction of flow of world’s saving, or what the leader of a non democratic government decides to do with the savings of his country. In my opinion the author touched a very important fact that I did not come across before even after hearing and reading uncountable views on the financial system and the present recession - “lack of historical perspective”. Which makes one wonder that have we taken the economic boom that we have been enjoying for granted as most of the median voters do not have any recollection of the long gas lines and the economic hardship prior to the economic boom.
Chapter 3 “ Entrepreneurs in a World of Private Equity” , the author suggests that the risk taking entrepreneurs are the magic ingredients that fuel rapid economic growth and creation of wealth, but at the same time the author also demonstrates as to how the banks being at the centre of credit allocation kills this very mechanism as they are least interested in funding the small organizations who have the ideas but not he capital at a time when the survival of an organization or industry depends in reinventing itself an investing in new ideas and innovations. The chapter gives a clear picture of how it is an absolute must for the government and the policy makers must look and...

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