False Economy audiobook cover - A Surprising Economic History of the World

False Economy

A Surprising Economic History of the World

Alan Beattie

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Economics

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False Economy
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Quiz — Test Your Understanding

Question 1 of 7
Why did the economic paths of the United States and Argentina diverge despite having similar starting conditions?
  • A. The US had vastly superior natural resources and a more favorable climate for agriculture.
  • B. Argentina divided its land among a few rich landlords, while the US divided land among skilled families.
  • C. Argentina suffered from continuous civil wars, while the US enjoyed prolonged peace and stability.
  • D. The US received massive foreign aid, whereas Argentina was heavily taxed by European powers.
Question 2 of 7
According to the text, what does a bloated, overpopulated capital city often indicate about a nation?
  • A. It demonstrates a highly successful and diversified national economy.
  • B. It indicates that the country has successfully transitioned to a manufacturing-based economy.
  • C. It reflects government instability and a lack of economic opportunity in the rest of the country.
  • D. It shows that the government has efficiently distributed its wealth across all regions.
Question 3 of 7
Why does Egypt choose to import water-depleting foods like wheat instead of growing them domestically?
  • A. Egyptian citizens prefer the taste of imported wheat over domestic varieties.
  • B. Growing wheat domestically would consume a massive portion of the country's limited water supply.
  • C. International trade laws prohibit Egypt from exporting agricultural goods.
  • D. The Egyptian government heavily taxes domestic wheat production to fund urbanization.
Question 4 of 7
How did Botswana achieve economic stability with its diamond resources, unlike Sierra Leone?
  • A. By completely nationalizing the diamond mines and keeping all profits within the government.
  • B. By partnering with a foreign company (De Beers) to manage the mines and establish a national fund.
  • C. By refusing to export diamonds and keeping them solely for domestic industrial use.
  • D. By heavily taxing local diamond miners to fund a rapid urbanization project.
Question 5 of 7
What does the text conclude about the relationship between religion and a nation's economic success?
  • A. Protestant nations are inherently more successful in business than Catholic nations.
  • B. Islamic countries struggle economically because their religious values inherently oppose capitalism.
  • C. Asian cultural values emphasizing social solidarity provide a permanent shield against financial crises.
  • D. Religion is not the deciding factor; a country's economic fate ultimately depends on government policy choices.
Question 6 of 7
What lesson is drawn from the comparison of Indonesia's President Suharto and Tanzania's President Julius Nyerere?
  • A. An honest leader will always create a more successful economy than a corrupt one.
  • B. Economic prosperity depends heavily on policy choices, meaning even a corrupt leader can make economically wise decisions.
  • C. Closing a country off to foreign trade is the best way to prevent political corruption.
  • D. Socializing agriculture is a guaranteed method to eliminate bribery and extortion.
Question 7 of 7
Why was China more successful than Russia in transitioning its economy in the late 20th century?
  • A. China recognized the advantages of a diversified, open market after observing Hong Kong's success.
  • B. Russia lacked the natural resources necessary to compete in a global free-market economy.
  • C. China completely abandoned its centralized government in favor of a Western-style democracy.
  • D. Russia refused to privatize any of its industries during the 1990s.

False Economy — Full Chapter Overview

False Economy Summary & Overview

False Economy (2009) offers a fresh perspective on how and why some nations of the world have become economic powerhouses and others have ended up as financial disasters. You’ll see that nations aren’t handcuffed by fate. Rather, their economic success or failure is based on the choices they make.

Who Should Listen to False Economy?

  • Anyone interested in economics
  • Readers who want to learn about the politics of money
  • People interested in international business

About the Author: Alan Beattie

Alan Beattie has a master’s degree in economics from Cambridge University. After working as an economist for the Bank of England, he joined the Financial Times in 1998, and became the newspaper’s world trade editor in 2004.

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