The argument of "Breakout Nations" is 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 how 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. Sharma, head of one of the world's leading emerging market funds, has spent two decades travelling the globe to find out what is happening on the ground in developing countries. With this first-hand knowledge, he takes his readers on a tour of two dozen of the world's most interesting economies, introducing the critical players and describing and analyzing the forces - many unique to each nation - which will make the successes and flops of the future. The book is full of surprises: why the current mania for oil echoes the dotcom mania of 2000; how an industrial revolution in Asia is redefining what manufacturing can do for a modern economy; how the coming shakeout in the big emerging markets could shift the spotlight back to the west, especially American technology and German manufacturing; why the next two trillion-dollar economies will be big Moslem democracies. It contains warnings about command economies (some work, but many fail too), shows that the EU is producing model economies as well as basket cases, and suggests what we can learn from the $24 price of cocktails in Rio. Even Vladimir Putin's dog makes an appearance.
Breakout Nations: In Pursuit of the Next Economic Miracles
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In lucid prose Sharma overturns conventional wisdom, highlights new trends, and discovers new sources of growth. This is the most interesting book on the new economic landscape that I have read in years. (Fareed Zakaria )
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. (Sunday Times )
This is a great road-map to the new and better-balanced world in which we will all live, and an encouraging one. (Independent )
This is a book of fascinating analyses which argues that the growth nations of the future will emerge from the margins of the world economy. It will tell you the price of a cocktail in Rio and bases one fruitful line of argument on the cost of a bedroom in the Four Seasons hotel chain around the world. (The Scotsman )
Breakout Nations works best as a compilation of highly illuminating country vignettes - similar, say, to Michael Lewis' Boomerang (2011) - rather than an overarching analysis. But this is hardly an affront. As with Mr. Lewis' work on the European crisis, for sheer readability and insight on the various parts of the ongoing developing world drama, [....] you won't find a better choice... (Jon Anderson, Wall Street Journal )
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. (Sunday Times )
This is a great road-map to the new and better-balanced world in which we will all live, and an encouraging one. (Independent )
This is a book of fascinating analyses which argues that the growth nations of the future will emerge from the margins of the world economy. It will tell you the price of a cocktail in Rio and bases one fruitful line of argument on the cost of a bedroom in the Four Seasons hotel chain around the world. (The Scotsman )
Breakout Nations works best as a compilation of highly illuminating country vignettes - similar, say, to Michael Lewis' Boomerang (2011) - rather than an overarching analysis. But this is hardly an affront. As with Mr. Lewis' work on the European crisis, for sheer readability and insight on the various parts of the ongoing developing world drama, [....] you won't find a better choice... (Jon Anderson, Wall Street Journal )
About the Author
Ruchir Sharma is head of emerging markets at Morgan Stanley, a position which lends him a truly global perspective and first-hand experience of the world he is describing, as well as affording him unique access to top CEOs, key finance ministers and heads of state. He is an occasional television commentator, on CNBC and in India, and a regular columnist for Newsweek, the Wall Street Journal and the Economic Times of India.
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9 of 10 people found the following review helpful
Format:Hardcover|Amazon Vine™ Review
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One small consolation for the current economic pantaraxia is that many very helpful, intelligible and readable books on economics are being written and, it even appears, read. Whether or not you agree with me that we the democratic public have an outright duty to try to understand the economic issues we are invited to vote on, there is no denying that we are being given the opportunity. Ruchir Sharma comes with impressive credentials as the head of Emerging Market Equities at Morgan Stanley. That makes him knowledgeable, in addition to which he is a practising journalist, most publicly in Newsweek, and that has made his writing a model of clarity. What this book is about is economic growth. It is not about the question whether such growth is a good idea, although I suppose it is assumed to be some kind of good thing for the most part. Spurts of growth funded with easy money are not commended, but Brazilian-style constipation with growth opportunities neglected and postponed gets the thumbs-down as well. Subject to rational limits like these, the nations that Sharma inspects are assessed by their growth potential. Growth is also never asked to justify itself as an alternative to, say, freedom or social justice, and this approach at least makes for simplicity.
This is not to say that Sharma makes the mistake of trying to view economics in isolation from politics. For me, economics is a form of sociology - the study of how people behave en masse in the financial sphere. I can't foist this view on Sharma, but he says nothing that leads me to change it. Indeed, his political attitudes are a breath of fresh air in that stifling miasma of prejudice. You can see what I mean from the economies that get the best ratings from him. South Korea comes off best, and I suppose that is nothing surprising.... Read more ›
This is not to say that Sharma makes the mistake of trying to view economics in isolation from politics. For me, economics is a form of sociology - the study of how people behave en masse in the financial sphere. I can't foist this view on Sharma, but he says nothing that leads me to change it. Indeed, his political attitudes are a breath of fresh air in that stifling miasma of prejudice. You can see what I mean from the economies that get the best ratings from him. South Korea comes off best, and I suppose that is nothing surprising.... Read more ›
2 of 2 people found the following review helpful
By Phil O'Sofa
Format:Hardcover
I found this book very interesting initially, but I was beginning to tire of the repetitive formula by the halfway point. The author obviously knows his stuff - he is an expert in emerging economies and the investment opportunities they present.
However, although I am interested in economics and geography, I have to say that I'm not really bothered about investing in emerging markets, having no money to invest, and I began to find the nature of the advice rather tedious.
As we work our way around the developing world, the author, who heads an investment fund of some kind, gives us his detailed knowledge of why each nation, from China to Mexico via Africa and the Middle East, may or may not be the next economy to break out with runaway growth.
One thing I wasn't too impressed by - he never misses an opportunity to mention his close connections with the leaders of various nations: `The deputy prime minister of Indonesia said to me ...' or `I was chatting to the son of the president of ...' (wherever).
But his advice for the governments of these low-to-middle-income nations is always the same, perhaps not surprisingly: increase productivity and efficiency to promote growth. Growth is everything! How can these poor investors make money if an economy doesn't grow?
I did wonder too if Mr Sharma might be a little over-optimistic with some of his growth forecasts, considering the debt problems faced by the developed world, which is bound to have an impact on these markets, though he's always careful to qualify any actual forecast with a `but there again, on the other hand ...'
But enough of the criticism.... Read more ›
However, although I am interested in economics and geography, I have to say that I'm not really bothered about investing in emerging markets, having no money to invest, and I began to find the nature of the advice rather tedious.
As we work our way around the developing world, the author, who heads an investment fund of some kind, gives us his detailed knowledge of why each nation, from China to Mexico via Africa and the Middle East, may or may not be the next economy to break out with runaway growth.
One thing I wasn't too impressed by - he never misses an opportunity to mention his close connections with the leaders of various nations: `The deputy prime minister of Indonesia said to me ...' or `I was chatting to the son of the president of ...' (wherever).
But his advice for the governments of these low-to-middle-income nations is always the same, perhaps not surprisingly: increase productivity and efficiency to promote growth. Growth is everything! How can these poor investors make money if an economy doesn't grow?
I did wonder too if Mr Sharma might be a little over-optimistic with some of his growth forecasts, considering the debt problems faced by the developed world, which is bound to have an impact on these markets, though he's always careful to qualify any actual forecast with a `but there again, on the other hand ...'
But enough of the criticism.... Read more ›
2 of 2 people found the following review helpful
Format:Hardcover|Amazon Vine™ Review
(What's this?)
This readable book can be approached independently from the perspective of demographics, economics, investment... or simply human endeavour. I confess that I started naively by hoping that it would deliver an inside track on whether to bet on China, Indonesia or Vietnam with my pension fund. As a fund manager Ruchir Sharma is sharper than that and his observations are nuanced - each opinion has a caveat attached. This is perhaps better than an opinionated author claiming domain of knowledge even if part of me would like to be told the future.
The use of this book to me is several fold. It paints the dynamics of emerging nations in three dimensions and makes the picture of what is going on more comprehensible than mere statistics. By sketching a broad backdrop rather than providing a detailed treatise Sharma accentuates that we are dealing with known unknowns - predictions are like trying to think a dozen chess moves ahead.
Most importantly he portrays the way in which different forces are likely to interact to define how the game will play out. The content is more about trends rather than predictions and more about the journey than which countries will actually 'break out' to be tomorrow's stars. That said, there are enough hints as to his view for a speculator to reflect on whether their current holdings could be better positioned.
To me this was another of those books that hits the right balance between being readable to the lay individual without being simplified to the point of being froth.
The use of this book to me is several fold. It paints the dynamics of emerging nations in three dimensions and makes the picture of what is going on more comprehensible than mere statistics. By sketching a broad backdrop rather than providing a detailed treatise Sharma accentuates that we are dealing with known unknowns - predictions are like trying to think a dozen chess moves ahead.
Most importantly he portrays the way in which different forces are likely to interact to define how the game will play out. The content is more about trends rather than predictions and more about the journey than which countries will actually 'break out' to be tomorrow's stars. That said, there are enough hints as to his view for a speculator to reflect on whether their current holdings could be better positioned.
To me this was another of those books that hits the right balance between being readable to the lay individual without being simplified to the point of being froth.
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Most Recent Customer Reviews
3.0 out of 5 stars
A lot to take in
This book took me a while to read, probably because there is a lot to take in. It discusses the emerging nations of the world, the countries such as China and why they have been... Read more
Published 6 hours ago by Tim Roast
4.0 out of 5 stars
Certainly worth a read...don't treat it like a Bible though!
Ruchir Sharma, Head of Emerging Markets at JP Morgan, has written a very insightful book about emerging markets and perhaps the places that we should already be investing in. Read more
Published 26 days ago by Eleimon Gonis
4.0 out of 5 stars
Great
Definitely a case of dont judge a book by its cover. It looks and feels boring, but clearly the author is hugely clued up on this subject and after reading this I felt like a great... Read more
Published 1 month ago by Kris
3.0 out of 5 stars
A moneyed outsider's view of the world
Envisage the following: You are a rich investor who knows his stuff. You receive a call from the Prime minister of Underdevelopstan asking for help. Read more
Published 1 month ago by Ioannis Glinavos
5.0 out of 5 stars
Excellent Read
Ruchir Sharma's knowledge of current global affairs with its historical reasoning was a blessing to read. i strongly recommend the book.
Published 3 months ago by U Bhardwaj
4.0 out of 5 stars
Breakout Nations
The book does a very good job of highlighting the differences and similarities between the worlds emerging economies and their future prospects. Read more
Published 3 months ago by dali
5.0 out of 5 stars
Very good book on emerging markets
Ruchir Sharma shares a vast knowledge of different emerging markets and frontier countries and why economic growth happened to some of them but not too others. Read more
Published 4 months ago by Irene, London
5.0 out of 5 stars
Outstanding and illuminating
RS is head of Emerging Market and Global Macro at Morgan Stanley and spends one week a month visiting developing countries who are the topic of this engrossing book. Read more
Published 5 months ago by Ms. C. R. Stillman-lowe
4.0 out of 5 stars
The Future? Maybe...
Ruchir Sharma could just have written something of the Nostrdamus of the decade, as "Breakout Nations" looks at where the big economic success stories of the next 10 years may come... Read more
Published 6 months ago by pjr
5.0 out of 5 stars
very interesting
If you want to look beyond the BRIC nations for your investment ufnds, this very interesting book present vignettes of other countries and markets. Read more
Published 7 months ago by A keen reader
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