The authors believe that capitalism works best, but without an underlying moral foundation, it can easily slip into a dysfunctional economy when necessary conditions for capitalism do not exist. The authors measure the success and failure of government policies based on historical and factual evidence in each country. A policy failure in one country, however, does not necessarily indicate that the policy per se was wrong unless similar policies also failed in other countries. That is why cross-country comparison in Failed is useful. Understanding other countries is more important today than ever before because what happens in China, for example, impacts the the U.S. and the EU and vise versa with lightening speed. For the cause of a failure (success), the authors look into broader practices than economics. They also provide their personal insights drawn from their experience working for many years in the United States and several developing countries in Asia.

A must read for ordinary citizens, business professionals, and students of economics, government, and social science, Failed sheds light on endless and often groundless arguments between conservatives and liberals concerning public policy with facts, figures and examples.