The Unfair Trade by Michael J. Casey

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Synopsis

A wake-up call for middle class Americans who feel trapped in a post-crisis economic slump, The Unfair Trade is a riveting exposé of the vast global financial system whose flaws are the source of our economic malaise. Our livelihoods are now, more than ever, beholden to the workings of its imbalances and inequities.
 
The trillions of dollars that make up the flow of international finance—money that is often steered away from the people who deserve it the most—have not just undermined the lives of working and middle class Americans. It is a world-wide phenomenon that is changing the culture of Argentina; destroying the factory system in Northern Mexico, enabling drug cartels to recruit thousands of young men into their gangs; that has taken down the economies of Iceland, Ireland, Spain, Greece, and possibly Italy; and is driving American companies such as a 60-year-old family owned manufacturer of printed circuit boards to shutter all but one of its factories.
 
Veteran journalist Michael Casey has traveled the world—from China to Iceland, Spain to Argentina, Indonesia to Australia—recounting extraordinary stories about ordinary people from one continent to another whose lives are inextricably linked.  By tracing the flow of money and goods across the world, he illustrates how an American homeowner’s life is shaped by the same economic and social policies that determine those of a low wage migrant worker on an assembly line in China. This combination of financial acumen, narrative-driven reporting, and compelling story-telling gives The Unfair Trade a unique human angle.
 
Casey shows that our economic problems are largely caused by political agendas that prevent the free market from encouraging fair competition and impeding the allocation of resources. Until governments work together to make this global system more efficient—until China removes incentives for its citizens to save excessively, for example, or the U.S. ends the de facto subsidies enjoyed by politically powerful banks—the global playing field will remain lopsided, job creation will lag, and our economies will be vulnerable to new crises.
 

About Michael J. Casey

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MICHAEL J. CASEY is a managing editor and columnist covering global financial markets at Dow Jones and the Wall Street Journal. He is a regular commentator on the Wall Street Journal's News Hub and a frequent guest on Fox Business. Previously he was the Dow Jones bureau chief and principal correspondent for the Wall Street Journal in Argentina. He lives in Pelham, NY.
 
Published May 29, 2012 by Crown Business. 418 pages
Genres: Business & Economics, History, Political & Social Sciences, Professional & Technical. Non-fiction

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Kirkus Reviews

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China’s historic rise and outsized footprint has transformed beef-loving Argentines into soybean producers, helped turn Western Australia into one large mineral deposit, and sown chaos in Mexican manufacturing towns unable to meet “the China price.” Meanwhile, the staid nation of Iceland recovers...

Apr 16 2012 | Read Full Review of The Unfair Trade

The New York Times

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Michael J. Casey blames a “vast global financial system” for our economic malaise. Daniel Gross sees a brighter future ahead.

Aug 10 2012 | Read Full Review of The Unfair Trade

City Book Review

“in September through December 2011, it is shown that steep price declines in oil, gold, copper, and other commodities signaled a downturn in global demand, even though the US economy enjoyed a modest pickup in that quarter.” From traveling all over the world, this researcher has found that ther...

Jun 29 2012 | Read Full Review of The Unfair Trade

Shiny Book Review

Michael Casey’s illuminating THE UNFAIR TRADE: How Our Broken Financial System Destroys the Middle Class is a financial book to be reckoned with.

Nov 10 2012 | Read Full Review of The Unfair Trade

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