Breakout Nations: In Pursuit of the Next Economic Miracles

Ruchir Sharma

Breakout Nations: In Pursuit of the Next Economic Miracles

This book argues that the astonishingly rapid growth over the last decade of the world's celebrated emerging markets is coming to an end. The era of easy money and easy growth is over. China, in particular, will soon slow, but its place will not necessarily be taken by Brazil, Russia or India, all of which Ruchir Sharma shows have weaknesses and difficulties often overlooked in the inflated expectations and emerging markets mania of the past decade. To identify the economic stars of the future, he says, we should abandon the habit of simply extrapolating from general global trends and look at emerging markets individually. The new 'breakout nations' will probably spring from the margins — even from the shadows. Sharma identifies which they are most likely to be, and why. 3.5 out of 5 based on 4 reviews
Breakout Nations: In Pursuit of the Next Economic Miracles

Omniscore:

Classification Non-fiction
Genre Business, Finance & Law
Format Hardback
Pages 304
RRP
Date of Publication May 2012
ISBN 978-1846145568
Publisher Allen Lane
 

This book argues that the astonishingly rapid growth over the last decade of the world's celebrated emerging markets is coming to an end. The era of easy money and easy growth is over. China, in particular, will soon slow, but its place will not necessarily be taken by Brazil, Russia or India, all of which Ruchir Sharma shows have weaknesses and difficulties often overlooked in the inflated expectations and emerging markets mania of the past decade. To identify the economic stars of the future, he says, we should abandon the habit of simply extrapolating from general global trends and look at emerging markets individually. The new 'breakout nations' will probably spring from the margins — even from the shadows. Sharma identifies which they are most likely to be, and why.

Reviews

The Independent

Hamish McRae

[A] thoughtful analysis of these nations: what they are doing, why they are different, their prospects, their achievements, their errors, and the threats they face ... A big message? Well, not really, because there is no magic wand that creates sustainable growth, and we should recognise that much of what is happening is catch-up. He wisely notes: "All the hottest new things, from tablet PCs to cloud computing to social networking, are emanating largely from the United States." But this is a great road-map to the new and better-balanced world in which we will all live, and an encouraging one.

28/04/2012

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The Sunday Times

Danny Fortson

… a fascinating gallop through the countries at the edges of the developed world. Not only does he challenge the accepted wisdom — that China and India will motor on, ad infinitum — but he comes up with some surprising candidates for the next decade’s economic stars. His basic argument is straightforward. Never in human history have so many nations grown so fast as they have in the past decade. But the bull run, which continues in places such as Brazil and India despite the 2008 economic crisis, is about to come to an end. The fall-out will be painful for some of today’s economic powerhouses, and will open the way for some new ones. Poland, for instance.

29/04/2012

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The Financial Times

Stefan Wagstyl

Sharma rightly eschews the spurious nature of [growth] forecasting and concentrates on the economic here and now, taking each country individually ... Sharma’s book is not perfect ... [He] skates over the political challenges facing the Gulf’s autocratic rulers and fails to address the well-documented links between economic development and the advance of democracy, saying only that competent policy making matters more than the system in which policies are made. That may be true in the short term but in the long run authoritarian regimes have generally given way to democracy in countries as diverse as South Korea, South Africa and Brazil. It is surely revealing that democracies abound among Sharma’s top candidates for breakout nations.

28/04/2012

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The Economist

The Economist

As it jumps from one country to the next, the book throws up some intriguing juxtapositions. Dissatisfied with the obvious parallels between India and China, Mr Sharma sees a cultural kinship between India and Brazil … Unfortunately, his insights are also sprinkled with mistakes ... Mr Sharma falls for the hoary fallacy that economies compete with each other in the same way that companies do.

21/04/2012

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