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

Ruchir Sharma
4.2 out of 5 stars  See all reviews (36 customer reviews)
Price: 25.00 & FREE Delivery in the UK. Details
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Book Description

3 May 2012
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.

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Breakout Nations: In Pursuit of the Next Economic Miracles + The Growth Map: Economic Opportunity in the BRICs and Beyond + Why Nations Fail: The Origins of Power, Prosperity and Poverty
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Product details

  • Hardcover: 304 pages
  • Publisher: Allen Lane (3 May 2012)
  • Language: English
  • ISBN-10: 1846145562
  • ISBN-13: 978-1846145568
  • Product Dimensions: 16.2 x 2.9 x 24 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (36 customer reviews)
  • Amazon Bestsellers Rank: 259,259 in Books (See Top 100 in Books)

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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 )

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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Customer Reviews

Most Helpful Customer Reviews
11 of 13 people found the following review helpful
5.0 out of 5 stars TALKING TURKEY 9 May 2012
Format:Hardcover|Vine Customer Review of Free Product (What's this?)
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.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Every economist should read this 16 Oct 2013
By Mr. Richard Pearn TOP 500 REVIEWER
Format:Hardcover|Vine Customer Review of Free Product (What's this?)
Breakout Nations by Ruchir Sharma

The aim of the book.

This book is about the changing World economics and what may happen in the future balance of World trade.
The present situation.

There is so much going on in the World of business and economics at the moment that it is hard to keep up. New economies are emerging and growing while some Western ones are contracting at a rapid rate. At the time of reading this book the USA has huge debt problems and the Obama administration seems hard pressed to control the economy. Here in the UK it's cuts and more cuts. To some this is doom and gloom but read this book will show you how economies ebb and flow like the tide. The book looks at now and develops how the economic World maybe in the future.

Book structure.

Ruchir Sharama takes us on a journey around the World and shows where the smart money may need to go to buck the trend and grow. In the book there are some great insights into what may happen in the future and how the economic world may look in a decade or two.

In our global economy one mans loss is anothers gain and that is what I read from this book. Keep moving rather than fixing to find the new markets and be the first there to capitalise on the new fresh growing economy is the message. Another message woven into the book is wake up and change the way you do business as the World is changing very quickly and will wait for no one. That seems to be pointed at western economies and rightly so.
My overall view of the book.

In my opinion this is a sensible and controlled rather than sensationalist look at what we have now and where we are probably going from an author who has certainly experienced it all first hand. Read and take note is my advice.
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1 of 1 people found the following review helpful
4.0 out of 5 stars Power houses of the future 22 July 2012
Format:Hardcover|Vine Customer Review of Free Product (What's this?)
Does not have much economics jargon but covers cultural and traditional beliefs, and that coupled with few humorous stories and lessons that history teaches; make it an interesting read. This book is fun, but takes some of the claims with a pinch of salt. When I read something I keep the person's position in mind and make appropriate analysis from the claims made. Remember the author is a major investment banker! Therefore do not take their claims just on face value of these guys, but it just makes better sense to keep people's ideological positions in mind when reading their work. As is said there are lies, damned lies, and then there are statistics. We can crank up numbers to prove anything but if we have an idea of where the person is coming from it makes it easier to take a more balanced view of things on hand. In general I liked the analysis the reasoning behind the predictions being made summary of various emerging nations.

What it reveals about countries like China and India is nothing new but is presented in a manner that it appears to be undoubted. Only time will tell whether what has been forecast will come true.
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3.0 out of 5 stars Pleasant to read but ... 4 April 2014
Format:Kindle Edition|Amazon Verified Purchase
Well written and documented with a good sense of humor and a useful book.

However the analysis of the Chinese situation is not totally accurate and this is the only one I know a little about and wish to comment on. China's government is in the process of continuing reforms. New road and railway construction can continue as there are 160 cities with a population of one million and over. A comparison with Japan 20 years ago is flawed. Contrary to Japan which is shrinking (population -0.2%), China has still many steps to catch up and its population is still growing (+0.5%) without even taking account of the recent two child policy. There is still a huge under consuming class and in the next ten years another 200-250 million will move from the country to the cities. So, yes, China's growth will naturally slow down as it reaches a larger more mature economy but still growing at a considerable pace. Even 6% would be quite remarkable for an economy that has reached that size.
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Most Recent Customer Reviews
5.0 out of 5 stars More than economics
I fear the word "economic" in the title might put off a lot of people who would potentially be interested in this book. Read more
Published 1 month ago by Ian Shine
5.0 out of 5 stars Crystal clear economic analysis of emerging economies
Ruchir Sharma’s “Breakout Nations” is engrossing and fascinating for several reasons. Sharma is head of Emerging Market Equities and Global Macro (catchy job title) at Morgan... Read more
Published 2 months ago by Ripple
4.0 out of 5 stars An analytical treatise about emerging economies.
I enjoyed this highly readable, easily understandable book that reflects the author knowing his stuff. Read more
Published 3 months ago by Jack Chakotay
5.0 out of 5 stars Economic Development: What Works and What Doesn't
Its difficult to exaggerate the quality of this book. Ruchir Sharma searches for the real keys to national development which are often not so obvious or easy to identify. Read more
Published 3 months ago by Baraniecki Mark Stuart
4.0 out of 5 stars Breakout Nations
Author, Ruchir Sharma is head of emerging markets at the giant American multinational financial services corporation, Morgan Stanley. Read more
Published 3 months ago by Arthur Dooley
5.0 out of 5 stars Great read!
In-depth economical analysis of developing nations with first-hand account of historical trends and future potential. Read more
Published 6 months ago by sonny
3.0 out of 5 stars Interesting overview
An interesting overview of the breakout nations that could provide the next wave of investment opportunities, as the European sector seems ever more fragile.
Published 9 months ago by George Rodger
5.0 out of 5 stars Very readable and Informative.
It was a very well written book - easy to read and gave a concise outlook on where the world is headed economically - very good. Read more
Published 9 months ago by Mr. H. MCDERMOTT
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 10 months 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 10 months ago by Eleimon Gonis
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