How the West was lost by Dambisa Moyo (2012)
Published by Penguin Books
ISBN: 978-0-14104-241-1

HISTORY tells us towards the end of the 19th century, the world witnessed the rise of a leading power: the US, as evidenced by the Union’s army and navy build-up during the Civil War.
Also contributing to the growth of this seemingly unstoppable rise was the expansion of US armed forces in the Spanish American war of 1898 marking the record of the country’s military and industrial abilities.
Finally, the development of nuclear weapons in 1945 marked the final accession to world super power status.
Since then America and other Western powers have made themselves the world leaders and have taken every opportunity to bully other countries into submission.
Over the years, the West has amassed wealth some through ill-gotten methods of invading and plundering other countries’ resources, in the process building themselves what they thought was an unshakable kingdom.
The past decade proved true to the view that every kingdom will one day face its downfall.
The developed countries were hit by the global economic crisis which left them counting their losses and realising that their precious kingdom could one day fall.
Dambisa Moyo penned the book How the West Lost It which seeks to give readers an insight on how the West made wrong choices in the past which are now threatening their very existence.
The author writes that the major reasons behind the West’s fall include the misdirection of the West’s capital, how its labour has become too expensive among others.
Moyo also attributes the fall to the West’s policies, debts.
According to the author, both households and governments got into debt to finance consumption at levels that proved unsustainable.
The American post war housing market, writes Moyo also is a key factor as house loans were virtually available to almost everyone, but many soon became unable to pay off their mortgage debts.
Instead of having wasted resources engaging in unnecessary wars with other countries, the West would have preserved its resources for future use.
When the author started writing the book in 2010 the US national debt stood at 55 trillion.
“The story of the West’s rise and fall is primarily a tale of how it has viewed, stored and wasted its capital,” writes Moyo.
“The West’s behaviour over the last 50 years has been like that of a profligate son, squandering the family wealth garnered over the centuries- frittering it away on heady indulgences and bad investments.”
Moyo recognises the rise of economies such as China and India which she says were poised to take over the world if the West does not put its house in order.
True to Moyo’s words the world is now looking East where the new economic powerhouses are emerging.
Zimbabwe which is also closely following global trends has embarked on the Look East policy which is bearing fruit, unlike the relations that existed with the West.
Zimbabwe and Africa in general was disadvantaged by the relations with the West as the West had only one goal which was to rob the continent of its natural resources.
Moyo is of the opinion that the future generations of the West would further worsen the crisis in the region as they were not being groomed to continue developing the economy as compared to their counterparts in the West.
The writer blames the parents in the West who collude in their children’s fantasies of becoming sporting or entertainment celebrities rather than learning how to be productive.
In the East, Moyo writes children spend many more hours doing schoolwork and being groomed to work towards the development of the economy.
However, Moyo writes that if the West is committed it could turn around its fortunes and one day regain its status as the World’s powerhouse.
“If the western world raises its falling education standards, readjusts its tax systems to encourage a savings culture, and tackles “the three essential ingredients for growth (capital, labour and technology), it will be possible for us to turn this horrific sinking ship around,” she writes.
As the West, Moyo says, tries to get its feet back on the ground maybe it is time it realises that wealth acquired through dubious means does not last.
The rest of the world now sees through its cunning machinations and will be sceptical to do business with them.