Economic miracles ahead
Title: Breakout Nations: In Pursuit of the Next Economic Miracles Author: Ruchir Sharma Publisher: Norton, W. W. & Company, Inc (April, 2012) Price: $15.83 No. of pages: 304
Sharma has suggested that it is not correct to assume the economic powers of the future on basis of extrapolating from the past and lumping wildly diverse countries together. The author has presented sustained economic success as a rare phenomenon.
Pointing to the future economic miracles, Sharma says that instead of China, Brazil, Russia or India, the ‘breakout nations’ will probably spring from the margins. These observations have been collected from Sharma’s extensive experience at Morgan Stanley and travelling the globe. His book asks: why the overpriced cocktails in Rio are a sign of revival in Detroit; how the threat of the “population bomb” came to be seen as a competitive advantage; how an industrial revolution in Asia is redefining what manufacturing can do for a modern economy; and how the coming shakeout in the big emerging markets could shift the spotlight back to the West, especially American technology and German manufacturing.
Thus, what emerges is a clear picture of the shifting balance of global economic power and how it plays out for emerging nations and for the West.