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The Leaderless Economy:
Why the World Economic System Fell Apart and How to Fix It
Peter Temin & David Vines

Book Description | Table of Contents
Chapter 1 [in PDF format]


"A compact book, brimming with insight, which will prove useful to economists, political scientists, investors and, above all, policy-makers."--Michael Pettis, Economic Record


"Looking back, we know now that the Great Depression and the breakdown of the Bretton Woods system were turning points in modern economic history. Temin and Vines make a compelling case that we are now at another such juncture. Policymakers have signally failed to come to grips with the depth of this crisis--they would be well advised to read this book."--Jonathan Portes, Director of the National Institute of Economic and Social Research, London

"The global economy is deeply troubled, and the United States faces no more pressing task than to fix it. Temin and Vines recount in rich detail the history of the modern world economy and the currents of economic thought that attempted to explain it, providing a fascinating explanation of the roots of today's crisis and the way forward."--Jeffry A. Frieden, coauthor of Lost Decades: The Making of America's Debt Crisis and the Long Recovery

"In this thoughtful and cogently argued book, Temin and Vines enlist the history of the Great Depression to provide a powerful set of dos and don'ts for the current financial crisis. The interesting question they pose is why today's policymakers, to a remarkable and alarming extent, have embraced the don'ts."--Barry Eichengreen, author of Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System

"For the world economy to truly return to health, advanced nations must cut domestic spending and make it up through higher exports, while emerging economies must do the reverse. Fiscal policies, interest rates, and exchange rates must adjust. Can it happen? Will it happen? Temin and Vines say it can, but only through international cooperation. Otherwise, history tells us, there are good reasons to worry. A great read."--Olivier Blanchard, International Monetary Fund

"This work dissects the global and euro area crises with refreshing clarity. It also sheds new light on Keynes's intellectual struggle to diagnose correctly the related events of the 1930s. The warning is clear: policymakers today need a clearer vision of how to deal with the domestic and international stress affecting their economies. Otherwise, they risk repeating the experience of the Great Depression rather than learning from it. Temin and Vines have done economists and the general public a huge service."--Max Watson, University of Oxford

"The Leaderless Economy focuses a historical lens on our current economic problems. While there have been many superficial analogies between the Great Depression and today, this illuminating book offers a more detailed, international economic look at those parallels."--Douglas A. Irwin, author of Peddling Protectionism: Smoot-Hawley and the Great Depression

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File created: 8/16/2017

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