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Breakout Nations: In Pursuit of the Next Economic Miracles [NOOK Book]

Overview

International Bestseller

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, ...

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Breakout Nations: In Pursuit of the Next Economic Miracles

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Overview

International Bestseller

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.
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Editorial Reviews

Publishers Weekly
Sharma, the head of Morgan Stanley's Emerging Markets division, takes readers on a lively tour across five continents as he explores the factors behind the next economic powerhouses. Analyzing a smorgasbord of indicators—from income levels, to the number of billionaires in a country, to the pronouncements of local politicians—Sharma stresses that the nations poised to be the next big thing in the global marketplace are not the just usual suspects like China, Russia, and India. Instead, they are smaller countries that are making quiet, unheralded progress before the rest of the world catches on. The Czech Republic and Poland benefit from low levels of debt, strong political systems, and conservative businesses communities, as does South Korea, a perennial innovator. Turkey gets a nod for its efforts to bring its poorer areas in line with wealthier urban enclaves, and others like Indonesia and Nigeria have notable potential. But Sharma also offers cautionary advice, courtesy of former Bank of England adviser Charles Goodhart's law: "once an economic indicator gets too popular, it loses its predictive value." Accessible to newbies and revelatory for veterans, Sharma's observations upend conventional wisdom regarding what it takes to succeed in the relentlessly competitive global marketplace. Photos & maps. (Apr.)
Jonathan Anderson - Wall Street Journal
“Breakout Nations works best as a compilation of highly illuminating country vignettes—similar, say, to Michael Lewis' Boomerang... As with Mr. Lewis' work on the European crisis, for sheer readability and insight on the various parts of the ongoing developing world drama, I dare say you won't find a better choice.”
Bloomberg "On the Economy"
“Breakout Nations is basically an investors lonely planet guide to the world for the new century.”
Jon Anderson - Wall Street Journal
“[A] country-by-country tour de force of what makes emerging markets tick. He is an excellent writer with a keen eye for detail and a lyrical prose sense... As with Michael Lewis’ Boomerang on the European crisis, for sheer readability and insight on the various parts of the ongoing emerging drama I daresay you won’t find a better choice.”
New York Times
“Mr. Sharma’s intent is to help you find the best places around the world to invest, emphasizing that it will take some work on your part.”
India Today Magazine
“At the core of this impressive book is the counter-intuitive argument that the boom of the mid-2000s was a blip in the long historical trend for emerging economies and that the next decade may be one of decelerating. In Sharma’s view, the much-hyped decline of the West and emergence of the rest may take a lot longer than optimists would like to believe.”
Financial Times
“... it’s refreshing to read Breakout Nations, Ruchir Sharma’s book on the Bric countries—Brazil, Russia, India, China—and the rest of the developing world... [H]is book offers a careful view that has little truck with forecasts of the relentless Bric-led rise of the emerging world.”
Sunday Times (UK)
“In Breakout Nations, he takes us on 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.”
The Independent
“A primer to guide us... this is a great road-map to the new and better-balanced world in which we will all live, and an encouraging one.”
Times of India
“There is no better book for country-by-country accounts of emerging markets (and riskier ones called frontier markets). Its strong point is the author’s reliance on grassroots experience in each country, avoiding statistical charts.”
CNN-IBN
“This is among the best books to understand the emerging world and its positive and negative aspects. Sharma matches the brilliance of Thomas L Friedman, author of the widely cited The World is Flat.”
Wall Street Journal
[A] country-by-country tour de force of what makes emerging markets tick. He is an excellent writer with a keen eye for detail and a lyrical prose sense... As with Michael Lewis’ Boomerang on the European crisis, for sheer readability and insight on the various parts of the ongoing emerging drama I daresay you won’t find a better choice.— Jon Anderson
Forbes
“A book that combines keen on-the-ground reporting and economic and investment analysis with lively, lucid prose.”
Prannoy Roy
“It is really the focus of economic attention around the world. It is a whole new look at which economies are going to be winners and which are going to be losers.”
Time Magazines of India
“There is no better book for country-by-country accounts of emerging markets (and riskier ones called frontier markets). Its strong point is the author’s reliance on grassroots experience in each country, avoiding statistical charts.”
Bloomberg "On the Economy"
“Breakout Nations is basically an investors lonely planet guide to the world for the new century.”
Fareed Zakaria
“This week’s Book of the Week is, Breakout Nations by Ruchir Sharma, one of the world’s leading emerging market investors. This is the best book on global economic trends I’ve read in a while.”
Library Journal
Managing director and head of emerging markets equity at Morgan Stanley, Sharma is responsible for figuring out what nations will break out next. Apparently not China, whose booming growth rate will have to go bust, which will suppress the promising economies of countries like Russia and Brazil. But Bangladesh, Nigeria, Poland, and Turkey look good to go. Information-packed and fun, too, with Sharma pondering the meaning of a $17 Bellini. For all smart readers.
Kirkus Reviews
The head of Morgan Stanley's emerging markets division conducts a brisk worldwide tour in search of new markets ready for takeoff. No first-book jitters for Sharma, longtime columnist for the likes of Newsweek and the Wall Street Journal. His smooth, almost chummy style suits him ideally for guiding civilians through the sometimes-arcane thicket of the dismal science, looking for those emerging markets likely to disappoint or exceed expectations in the coming years. Sharma insists on the importance of on-the-ground observations, and he's recently visited all the countries discussed here. While recognizing that factors explaining growth change continually, he divulges some helpful, broad rules of the road. We learn, for example, why a particular nation's form of government counts less than the economic understanding and vision of its leaders, why the size and growth of a nation's second city is important and why the list of top-ten billionaires matters. He offers informed speculation on why Russia's Putin may have outlived his usefulness, why Sri Lanka, the Philippines, even Nigeria may finally be headed in the right direction, why Mexico continues to underperform, why Poland and the Czech Republic find themselves in the "sweet spot" of Europe, why the coming slowdown in China will feel like a recession and why Indonesia's new "efficient corruption" counts as an improvement over the old way of doing business. Sharma drills down even further, noticing and explaining the significance of the price of a hotel room in Rio, a single electromagnetic railroad in China, the road conditions in Vietnam, the decibel level of late-night revelry in a Turkish club, the popularity of Korean soap operas, jammed traffic in Jakarta or dangerous street crime in Johannesburg. Confining his predictions to the near future, Sharma refreshingly comes across as that rare thing Harry Truman once sought: a "one-handed economist" willing to stake his reputation without resort to "on the other hand" equivocation. For investors looking to place their bets and for general readers looking to understand the global economic landscape in the wake of the Great Recession.
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Product Details

  • ISBN-13: 9780393083835
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 4/8/2013
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 336
  • Sales rank: 364,635
  • File size: 6 MB

Meet the Author

Ruchir Sharma is the head of emerging markets at Morgan Stanley and a longtime columnist for Newsweek, the Wall Street Journal, and the Economic Times of India. He lives in New York City.
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Table of Contents

Prologue vii

1 The Myth of the Long Run 1

2 China's After Party 15

3 The Great Indian Hope Trick 35

4 Is God Brazilian? 59

5 Mexico's Tycoon Economy 73

6 In Russia, There's Room Only at the Top 83

7 The Sweet Spot of Europe 97

8 The Monophonic Voice of Turkey 111

9 On the Tiger Road 129

10 The Gold Medalist 153

11 The Endless Honymoon 171

12 The Fourth World

13 After the Ecstasy, the Laundry 220

14 The Third Coming 241

Acknowledgments 256

Appendix A The Emerging Markets Universe 259

Appendix B The Frontier Markets Universe 261

Bibliography 263

Index 269

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