Western Economic Blunder: 55 Tragic Experiences with a Comedic Atmosphere

Author: Klaus Schmeichel
Publisher:
Publish Date: 2005-05-01
Features: A cautionary tale of economic life. 55 tragic experiences with a comedic atmosphere. Do you know: There are many image projects in Western market economy countries; there is abuse of leadership power in private enterprises; there has been a spectacular phenomenon of the entire population trading stocks on the capital market; major corruption cases have occurred one after another in social welfare economies; economic criminals still roam free even in highly legal societies. Do you understand: How the financial crisis in early 20th-century America led to the bankruptcy of European banks; why the country producing maglev trains did not lay mainlines for them; the post-auction price of Germany's third-generation mobile communication system licenses; the amount of financial deficit at the 2000 Hanover World Expo in Germany; the extent of real estate speculation and IT stock bubbles in the West. This book tells us: Lack of supervision and restraint can also lead to the collapse of private enterprises; poor investments often trigger financial crises and bank bankruptcies; image projects that deplete the treasury are a drain on taxpayers' money; economic crises will become globalized with the integration of the world economy; how we should avoid repeating the disasters of Western economic history. In this book, readers can see the bubbles formed by Western real estate speculation and IT stocks, as well as the tragic outcomes of ordinary people after these bubbles burst; learn about the many image projects and unfinished projects in Western market economy countries, and how these projects squandered public funds and burdened taxpayers; discover that welfare state social enterprises also repeatedly face major corruption cases, while economic criminals exploit legal loopholes to evade justice. This book tells readers that abuse of power by leaders also exists in Western private listed companies, and lack of supervision and restraint in social welfare enterprises can lead to their collapse; it also tells readers that the Western capital market frequently sees phenomena such as the entire population trading stocks, futures, and overheated real estate, with the direct consequence of these poor investments being financial crises and bank bankruptcies.
There are many books about economic success. On bookstore shelves, we can find dozens of books about successful managers, business strategies that bring huge profits, and secrets to quick wealth. However, in reality, most of them are meaningless. Research has proven that at least 80% of all businesses fail during their establishment and product development stages. Billions of dollars are invested in ambitious projects, only to end up in vain. Although such failures often cause a huge stir in the media, the stories of the failures are often overlooked in economic texts compared to those of successful cases. This is a great pity. It is a grand event to bring the dark side of the economy into the spotlight. However, the purpose of this book is not to point fingers or engage in so-called profound analysis. In the following chapters, 55 of the most important failed cases in economic history will be introduced. I believe these stories alone can speak for themselves. While maintaining precision and reliability, the text also aims to be engaging to read, as it is well-known that the joy of gloating is not limited to economic issues—it is the most stimulating kind of joy.