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Why gets the Eurozone ended up with an unemployment rate more than double that of the United States more than six years following the collapse of Lehman Brothers? Why did the vast majority of low- and middle-income countries put up with a prolonged economical slowdown in the last two decades of the 20th century? What was the role of the International Monetary Account in these economical failures? Why was Latin America able to achieve significant poverty reduction in the 21st century after more than two decades without any improvement? Failed analyzes these questions, describing why these important economical developments of modern times have been widely misunderstood and sometimes almost completely dismissed. First, in the Eurozone, Make Weisbrot argues, the European authorities' political plan, which included shrinking the welfare condition; reducing health care, pension, and other public spending; and lowering the bargaining electric power of labor performed an essential role in prolonging the Eurozone's financial meltdown and pushing it into years of downturn and mass unemployment. This bottom line is situated not only on general public statements of European officials but also on thousands of pages of records from consultations between the IMF and European governments after 2008. The next central theme of Failed is that we now have always functional alternatives to continuous economic failure. Pulling on the history of other financial crises, recessions, and recoveries, Weisbrot argues that no matter initial conditions, there have been and remain financially feasible choices for governments of the Eurozone to greatly reduce unemployment - including the hardest hit, crisis-ridden country of Greece. The long-term economical failure of producing countries, its public consequences, and the next recovery in the first 10 years of the 21st century constitute the third area of the book's narrative, the one which has previously obtained inadequate attention. We see why the International Monetary Account has lost impact in middle-income countries. Failed also examines the economical causes and implications of Latin America's "second freedom" and rebound in the 21st century as well as the difficulties that lie forward.
