Warsh starts off talking about how the 70's and 30's where both a "watershed" in economics. Many problems caused the economic downturn, but little was know about how to fix them.
He then goes on to say how the 30's and the 70's were exact opposites with regards to the economy. However, students and professionals were at a loss at how to fix it. The 70's had so many problems which were well reflected by Led Zepplin's song "Dazed and Confused," (which was later turned into a movie).
The focus is then turned back to the original problem; why growth happens in certain areas and not others. Japan's car growth manufacturing of the 70's is bought up and little is done to explain it.
"What was the secret of success?"(pg 180)
B for Sue for a grammatical/spelling error.
ReplyDeleteDazed and Confused? The author is proving he's from my generation, not yours.
Extra Credit: for a comment giving the meaning of the phrase "north-south disparity"?
The “north-south disparity” refers to the gap between economically developed countries and developing countries. The “north” is comprised of countries that are thriving, self-sustainable, and industrialized. These countries, for the most part, are located in the northern hemisphere, hence the name. This includes Canada, the USA, France, Germany and Japan, to name a few. The “south” consists of third-world countries that are still developing.
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