Breakout Nations: In Pursuit of the Next Economic Miracles
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One of Foreign Policy's "21 Books to Read in 2012"
A Publishers Weekly Top 10 Business Book
“The best book on global economic trends I’ve read in a while.”―Fareed Zakaria, CNN GPS
To identify the economic stars of the future we should abandon the habit of extrapolating from the recent past and lumping wildly diverse countries together. We need to remember that sustained economic success is a rare phenomenon. After years of rapid growth, the most celebrated emerging markets―Brazil, Russia, India, and China―are about to slow down. Which countries will rise to challenge them? In his best-selling book, writer and investor Ruchir Sharma identifies which countries are most likely to leap ahead and why, drawing insights from time spent on the ground and detailed demographic, political, and economic analysis.
With a new chapter on America’s future economic prospects, Breakout Nations offers a captivating picture of the shifting balance of global economic power among emerging nations and the West. 12 photographs
recessions are the twists that add dramatic tension, not only by imposing pain but also by setting the stage for reform and resurrection. Now the global plot, which had thinned out in recent decades, is about to thicken. Between 1861 (the first year for which records are available) and 1982, the United States was in recession about a third of the time, meaning that it was in a state of constant renewal. Since then it has been in recession only 11 percent of the time, taking much of the drama out
While growing state control in strategic sectors such as oil, gas, and mining, and the jailing of oil tycoon Mikhail Khodorkovsky on questionable charges, were scaring off many outside investors, those willing to look past the Khodorkovsky case were making a killing. In retrospect it was an unbelievable run. Russia witnessed one of the most powerful domestic-demand booms in any emerging market. The stocks of banking, media, and consumer companies were on a tear—even as stock prices of Russian
Russia is now a leading example of this stale leadership circle. Putin’s disapproval rating has doubled since 2008 to 40 percent as of late 2011, and the decline has accelerated following his announcement that he plans to stand for president again in 2012. Had he decided to ride away into the sunset in 2008, following his second presidential term, he could have gone down as one of the most successful Russian leaders in postwar history, but now that legacy is at serious risk. The Missing Middle
controversial—charges of human-rights violations still fly against both sides—but the economic impact seems clear. The civil war is over, the process of healing is under way, and there is every chance that Sri Lanka will again become a breakout nation. Despite slowing sharply during the war years, the economy continued to grow at an average pace of nearly 5 percent. The economy was running on one engine—the prosperous Western province where Colombo is located, and where the well-educated young
about the big emerging markets and oil, but with a darker mood. Commodity.com is driven by fear and a total lack of faith in human progress: fear of a rising phalanx of emerging nations with an insatiable demand led by China, of predictions that the world is running out of oil and farmland, coupled with a lack of faith in the human capacity to devise answers, to find alternatives to oil or ways to make agricultural land more productive. It’s a Malthusian vision of struggle and scarcity: of prices