# Dean Peter Henry on the importance of fiscal discipline, from his book, "Turnaround"

1 Faculty News June 18, 2014 ![Fortune logo](/sites/default/files/styles/246w/public/assets/images/con_031172.jpg?itok=61CxYB-R)>

Excerpt from [Fortune](http://fortune.com/2014/06/18/us-brazil-economy/) -- "[Peter Henry](http://www.stern.nyu.edu/faculty/bio/peter-henry), dean of New York University’s Stern School of Business and author of the book Turnaround: Third World Lessons for First World Growth, told me last year, 'We are at a critical point in time and advanced countries are off track.' The discipline we need is not fiscal austerity but a 'sustained commitment to prosperity that is both vigilant and flexible–and values what is good for the public as a whole,' he says. It’s encouraging to see disciplined policy in democracies, as we began to see in 1994 in Brazil, Henry told me."

[Read more](http://fortune.com/2014/06/18/us-brazil-economy/)