In this tour de force, the internationally renowned economist, Charles Dumas, outlines the thirty year path that has led this era of globalisation to crisis point, while also identifying the factors now undermining recovery from the Great Recession.



Politicians, central bankers and regulators are at present too focussed on deciding who to blame, and thus on financial reform. But the underlying cause of the crisis was and is global financial imbalances, which were enlarged and prolonged by the mobility of capital under globalisation. Official ignorance or denial of this problem inevitably ensured a debt crisis in deficit countries.



Globalisation Fractures exposes the contradiction between badly needed deficit-country debt reduction and continued export-led growth policies in Germany, Japan and China. Only if these latter countries reverse into consumption-led growth can the world have a sound recovery. This book explains why this issue needs to be urgently addressed, rather than avoided.



Charles Dumas has been with Lombard Street Research since 1998. He has extensive experience as a business economist and financial markets professional. In the 1980s he was Head of Research for JP Morgan in London. In the mid-to-late 1970s he was Director of European Economics for General Motors. Before that he worked on tax reform for the Conservative Party and the UK Government. He was a Managing Director in JP Morgan's New York M&A department from 1988 to 1992 and has worked in its capital markets group in New York and London. Charles' work covers all international economies and his particular focus is the US and China.



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