Title: The Corruption of Capitalism.
Author: Richard Duncan
Publisher: CLSA Asia-Pacific Markets.
CLSA Asia-Pacific Markets, Asiaâ€™s leading independent brokerage and investment group is pleased to announce the publication by CLSA Books of Richard Duncanâ€™s second book, The Corruption of Capitalism: A Strategy to Rebalance the Global Economy and Restore Sustainable Growth.
The book is divided into three parts. Part I describes the present state of the global economy and the government life support keeping it afloat. Part II details the long series of US policy mistakes responsible for this disaster. Part III outlines the actions required to restructure the US economy and restore global economic growth.
Duncan says only a multi-trillion dollar government intervention is preventing a worldwide breakdown on the scale of the Great Depression and the economic crisis in the United States means Asiaâ€™s era of export-led growth is over.
"In terms of the direction of asset prices in Asia, and around the world, they will be determined by the size and timing of successive rounds of government stimulus packages in the United States and within Asia. The global economy will remain on government life support for years to come," Duncan said.
Duncanâ€™s first book, The Dollar Crisis: Causes, Consequences, Cures (John Wiley & Sons, 2003), was an international bestseller that accurately predicted the severe global recession and systemic financial sector crisis that began in 2008, as well as the US governmentâ€™s unorthodox policy response to it.
Leading up to his highly-praised presentation at the 16th CLSA Investorsâ€™ Forum in Hong Kong in September, the CLSA Books established a publishing collaboration with Duncan. "CLSA is delighted to be working with Richard on the publication of his second book, which is as timely and important as his first. Investors will appreciate the clarity and precision with which he identifies and explains the fundamental issues facing global markets," Edmund Bradley, Group Head of Research at CLSA, said.
Investment contrarian and CLSA Books author, Marc Faber, said Duncanâ€™s book is a must read in order to preserve the wealth or our children. He writes: "Richard Duncan demystifies the belief that the Fed "solves" problems when in fact it is directly responsible for the present crisis. The Fedâ€™s irresponsible monetary policies have led to a deindustrialization of the US, a complete misallocation of capital, a colossal destruction of wealth of the median household and to a significant loss of the US dollarâ€™s purchasing power."
About the Authors:
Richard Duncan is the author of The Dollar Crisis: Causes, Consequences, Cures (John Wiley & Sons, 2003), an international bestseller that predicted the current global economic disaster with extraordinary accuracy. This widely acclaimed book has been translated into five languages. It climbed to #17 on Amazonâ€™s list of all bestselling books worldwide in June 2003. The updated paperback edition (2005) rose to #10 on the Amazon list in October 2005, and ranked #56 as recently as December 2007.
Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. He is now the chief economist at Blackhorse Asset Management in Singapore.
Richard has appeared frequently on CNBC, CNN, BBC and Bloomberg Television, as well as on BBC World Service Radio. He has published articles in the Financial Times, the Far East Economic Review, FinanceAsia and CFO Asia. He is also a well-known speaker whose audiences have included The World Economic Forumâ€™s East Asia Economic Summit in Singapore, The Euromoney
About CLSA Book:
CLSA Books is a series of primarily financial publications written by independent experts. As Asiaâ€™s leading independent brokerage and investment group, CLSA recognizes the value of going straight to the source. CLSA provides clients with unfiltered primary research, to ensure better-informed investment decisions. Past titles include:
- Islam and Economics - A productive partnership? (2009) by Richard Pyvis and Phillip Braun
- Mr & Mrs Asia (2008) by Amar Gill
- Anatomy of the Bear (2005) by Russell Napier
- As the Future Catches You (2004) by Juan Enriquez
- Tomorrowâ€™s Gold â€“ Asiaâ€™s age of discovery (2003) by Marc Faber
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