Casino Capitalism
The Collapse of the US Economy and the Transition to Secular Democracy in the Middle East
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BUSINESS & FINANCE
Casino Capitalism: The Collapse of the US Economy and the Transition to Secular Democracy in the Middle East
Susmit Kumar
iUniverse
978-1-4697-3455 -2
Five Stars (out of Five)
Wall Street is a “casino” where the dice are “loaded in favor of the bankers and the ultrarich,” according to economist Susmit Kumar in his frighteningly thought-provoking work, Casino Capitalism. Hedge fund managers have “squeezed the juice” out of the United States economy, charges Kumar. He argues that, through a variety of insidious practices, they have twisted capitalism into something so “evil” that “not only does it destroy its own people, it also creates its own Frankenstein, China.” The author predicts that China soon will supplant the United States as the leader of the world economy. How China will accomplish this is laid out in clear and concise detail.
Kumar writes with authority, citing facts, figures, and experts both financial and political to support his predictions. His explanation of the system he labels “casino capitalism” and who profits (and who loses) from it is presented clearly and simply. Graphs, tables, and charts are sprinkled throughout the book to support his thesis, but they are ancillary to the easily understood text.
Kumar drops big names to demonstrate that he is not alone in his concern. He shows a solid grasp of recent economic and political history, presenting a plausible explanation of the origins of the various financial crises now plaguing the United States and the world. While the Occupy Wall Street crowd will find vindication this book, the One Percent might also want to take note of his warnings.
Kumar also charts the rise of al-Qaeda, the Arab Spring, and other movements that are transforming the Islamic world. The coming “U.S. economic collapse,” he predicts, will hasten “drastic political changes” in Islam and create a new, multipolar order. “If China plays its cards carefully,” writes Kumar, “after the end of the global economic crisis, it could emerge as the strongest country in the world though slightly bruised.”
Kumar, who is also an historian, believes that, in its present form, “capitalism is not feasible.” While he admits that “democracy is the best of all ‘-cracies,’ it has deficiencies.” Democracy, like capitalism, he writes, “needs major reforms.” Kumar is not all doom and gloom, however. He devotes the last fifty pages of his book to examples of “healthy practices”—economic and political reforms that have been made and could be applied on a larger scale. What hope there is for the future, writes the author, lies in the democratic process. Democracy, cautions Kumar, “requires educated sensible voters; the spread of education is thus of the highest priority.” With Casino Capitalism, the author is doing his part toward meeting that highest priority.
Mark G. McLaughlin
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About the Book
The Arab Spring continues to spread throughout the Middle East, and it will end up transforming Islamic countries just as much as the two World Wars changed Europe.
The Great Recession that began in 2008, along with defects in the global economic system, played a large role in the unrest. During the 2000s, the economic prosperity of the United States and much of the world was based on borrowed money—and, as it turns out, borrowed time.
Hedge funds and economic policies of the United States complicated matters further. In this scholarly book, author Dr. Susmit Kumar examines how financial blunders have led to political upheavals in Islamic countries, as well as exploring the history of Islam and Islamic empires; the modernization of Islam; the state of the world economy, and where it’s headed; and the present situation in Islamic countries.
The immediate future promises bloodshed and grandstanding, but in the end, the majority of Islamic countries will become secular and democratic. As with the two World Wars, a cataclysmic turn of events will ultimately unify the world as Islamic countries deal with the fallout from Casino Capitalism.
About the Author
Susmit Kumar earned a doctorate from Pennsylvania State University. Before coming to the United States, he was selected to join the prestigious India Administrative Service. He is also the author of Modernization of Islam and the Creation of a Multipolar World Order. In a 1995 article published in Global Times, Denmark, he predicted the global rise of Islamic militancy. He currently lives in Michigan.