Rich People Poor Countries: The Rise of Emerging-Market Tycoons and Their Mega Firms
199Rich People Poor Countries: The Rise of Emerging-Market Tycoons and Their Mega Firms
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Overview
In Rich People Poor Countries, Caroline Freund identifies and analyzes nearly 700 emerging-market billionaires whose net worth adds up to more than $2 trillion. Freund finds that these titans of industry are propelling poor countries out of their small-scale production and agricultural past and into a future of multinational industry and service-based mega firms. And more often than not, the new billionaires are using their newfound acumen to navigate the globalized economy, without necessarily relying on political connections, inheritance, or privileged access to resources. This story of emerging-market billionaires and the global businesses they create dramatically illuminates the process of industrialization in the modern world economy.
Product Details
ISBN-13: | 9780881327038 |
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Publisher: | Peterson Institute for International Economics |
Publication date: | 01/15/2016 |
Pages: | 199 |
Product dimensions: | 6.00(w) x 8.90(h) x 0.40(d) |
Age Range: | 18 Years |
About the Author
Sarah Oliver has been a research analyst at the Peterson Institute for International Economics since August 2013.
Table of Contents
Preface xi
Acknowledgments xv
Overview 1
Tycoonomics: Big Firms, Big Money, and Development 3
Structure of the Book 5
A Note on the Approach 10
I The Tycoons
1 Who Are the Superrich? 15
How and Why Do People Become Very Rich? 16
Determinants of Extreme Wealth 18
Takeaways 29
2 Billionaires, by Region and Sector 31
Billionaire Data around the Globe 32
Which Sectors Account for This Growth? 32
Regional Trends: From East Asia to Africa 34
Takeaways 45
II Their Businesses
3 Why Are Large Firms Good for Growth? 49
Firm Size and Allocation of Resources among Firms 52
Evidence on Firm Size 54
Individuals Matter 62
Flood of New Emerging-Market Mega Firms 65
Connecting Firms and Individuals 66
Firms behind Emerging-Market Growth 67
Takeaways 68
4 Historical Experiences of Development: Large Firms and Extreme Wealth 69
Big Firms and Big Money during Industrialization 70
Growth without Large Firms 74
Big Firms and Big Money in Asia 75
Contested versus Uncontested Wealth 79
Big Firms without Wealth Creation 81
Effects of Wealth on the Economy 82
Takeaways 86
5 Big Business, Structural Transformation, and Development 87
Projected Increases in Extreme Wealth in Emerging Markets 89
Extreme Wealth and Structural Transformation 89
Self-Made Founders Employ the Most People 91
Emerging-Market Firms Displace Advanced-Country Firms 94
Is Extreme Wealth Necessary? 97
Takeaways 98
6 Globalization and Extreme Wealth 99
Extreme Wealth and Extreme Talent 100
Examples of the Role of Globalization in Wealth Creation 101
Trickle-Down Wealth 105
Company Exports, Country Trade, and Wealth 107
Takeaways 111
III Demographic Differences
7 A Few Good Women 117
The Amazing Women of China and the United States 118
Sectors of Self-Made Women 118
Why Are There So Few Self-Made Billionaire Women? 120
Why Is China Different? 124
Importance of Female Entrepreneurs for Resource Allocation 124
Women Helping Women 125
Why Do Women Inherit Less Than Men? 125
Takeaways 126
8 Young Entrepreneurs, Younger Firms 127
Emerging-Market Billionaires Are Young 128
Emerging-Market Companies Are Young 130
Transition: Get Richer or Get Out 134
Creative Destruction: Chanties hi the Billionaires List between 2001 and 2014 136
Takeaways 138
IV Inequality and Policy Implications
9 Inequality, Growth, and Redistribution 143
Admiration of the Superrich in Emerging Markers 145
Inequality in the North and South 145
Takeaways 160
10 Policies for Promoting Innovation and Equity 163
Creating an Environment that Is Conducive to Growth 163
Limiting Unproductive but Profitable Activities 172
Takeaways 180
References 181
Index 189
Tables
1.1 Distribution of number and wealth of billionaires, by source of wealth, 2001 and 2014 28
2.1 Sector classification 33
2.2 Distribution of number and wealth of billionaires, by sector, 1996 and 2014 33
2.3 Countries in each regional group, 1996-2014 34
2.4 Distribution of billionaires, by source of wealth and region 2001 and 2014 37
2.5 Distribution of number and wealth of billionaires, by sector and region, 1996 and 2014 39
2.6 Sources of wealth of billionaires in BRIC countries, 2001 and 2014 42
4.1 Industries of the 28 richest individuals in the United States and emerging markets 74
4.2 Number of top 500 largest firms, by country, 1962, 1993, and 2014 78
5.1 Emerging-market share of the world's wealthiest people, 2003, 2013, and 2023 89
5.2 Employment by emerging-market billionaires, 2014 93
6.1 Billionaires connected to major Apple suppliers, 2014 105
6.2 Globalization of largest nonfinancial companies as measured by share of international revenue, by region, 2013 107