Major Flaw in Western Economy -- 55 Tragic Experiences with Comedic Atmosphere

Author: [German] 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 have been spectacular cases of nationwide stock market speculation on the capital markets; major corruption cases have occurred one after another in 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 fiscal deficit of the 2000 Hannover 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 can 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 for 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, and that economic criminals can still exploit legal loopholes to evade justice. This book tells readers that abuse of power by leaders also exists in Western private listed companies, and that lack of supervision and restraint in welfare enterprises can also lead to their collapse. It also tells readers that the Western capital markets frequently experience phenomena such as nationwide stock market speculation, nationwide futures trading, and real estate bubbles, and that the direct consequences of such poor investments are 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 in their establishment and product development processes. Billions of dollars are invested in ambitious projects, only to end up in vain. Although such devastating failures often cause a huge stir in the media, the stories of the failures are often overlooked in economic texts compared to those of the successes. 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 make so-called profound analyses. 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 schadenfreude is not limited to economic issues—it is the most stimulating kind of joy.