Book Review: The Incredible Shrinking Peso: A Review of And the Money Kept Rolling In (And Out)
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The book described the economic collapse of Argentina in The author contended that in the late s Argentina employed new policies that were in keeping with the ideologies of the International Monetary Fund , Wall Street financial institutions, and the World Bank. When Argentina failed to successfully implement these policies, the result was a complete collapse of not only the economic infrastructure but the government as well, leaving millions in financial ruin. Following his remarks he answered questions from the audience. He also discussed the…. Rajan Raghuram spoke to reporters about global economic forecasts and a report by the International Monetary Fund on….
One of the many surprises of the past decade was how often a company, an industry, a country or even an entire region admired by experts, applauded by journalists and coveted by investors eventually ended up crashing. Enron, legions of dot-coms, Mexico and East Asia's miraculous "tiger" economies all went from financial superstardom to ruin. The crash always happened in the blink of an eye, and its shock waves inevitably hurt innocent bystanders. The book could have been titled "CSI: Buenos Aires" because what Blustein expertly investigates is undoubtedly an economic crime scene. Alas, that scene is familiar: An "emerging market," with all the trappings of a modern market economy and run with the latest economic ideas fashionable in Washington and loudly cheered by Wall Street, suddenly implodes in a catastrophic spiral of economic chaos and political turmoil. Widespread human suffering ensues. But experienced economic detectives like Blustein know that, except for the human toll, this story hides more than it reveals, and that the crime and the culprits are not what or who they seem to be at first sight.
An in-depth chronicle of the collapse of the Argentinean economy looks back on its heights during the s and the crash of , examining the chaos that followed and the responsibility of the First World nations for the disaster. It's not often--or maybe ever--that a book steeped in emerging-market economic theory reads like a thriller. But And the Money Kept Rolling In and Out has cliffhangers and plot twists equal to a detective's tale, as Paul Blustein chronicles the spectacular rise and fall of Argentina's economy at the turn of the 21st century.
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