Eco­nomic mir­a­cles ahead

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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.

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