The Road to Recovery (PDF)

Renowned economist Andrew Smithers offers prescriptive advice
and economic theory on avoiding the next financial crisis

In The Road to Recovery, Andrew Smithers--one of a handful
of respected economists to have accurately predicted the most
recent global financial crisis--argues that the neoclassical
consensus governing global economic decision-making must be revised
in order to avoid the next financial collapse. He argues that the
current low interest rates and budget deficits have prevented the
recession becoming a depression but that those policies cannot be
continuously repeated and a new consensus for action must be found.
He offers practical guidance on reducing government, household, and
business debt; changing the economic incentives for the management
class that currently inhibit long-term growth; and rebalancing
national economies both internally and externally. Further, he
explains how central bankers must broaden the economic theories
that guide their decisions to include the major factors of debt and
asset prices.

* Offers practical, real-world economic policies for
restructuring and rebalancing the global economic system

* Presents a modern economic theory for preventing the next
collapse

* Ideal for economists, investors, fund managers, and central
bankers

* Written by an economist described by the legendary Barton Biggs
as "one of the five best, most dispassionate, erudite analysts in
the world"

As the global economy continues the long climb out of recession,
it's imperative that central bankers and other economic
decision-makers not repeat the mistakes of the past. The Road to
Recovery offers prescriptive guidance on redesigning an
economic system that is healthy, stable, and beneficial to all.