I am sure you must have heard about the great uplifting story of the economic miracle of China – of how India is just behind China and yet another nation which is becoming an economic superpower. You must have also heard about the South Korean manufacturing miracles and African resurgence.
What Ruchir Sharma does in his book is that he takes all these ’emerging’ economies one by one and dissects their economic policies and assesses their basic economic indicators like investment/trade/taxes as a % of the GDP and points out if that indicates good or bad tidings. His analysis is put forth in simple english sentences which is easy to understand and gives a pretty good picture of the nations which are discussed – macro economics wise. He places his bets on economies which are relentless in their reformist attitudes and have stable political atmosphere or sound infrastructure in place.
For me the best takeaway from the book was the education about emerging markets and where these nations are placed. I was also able to understand what the actual level of development each of these economies have and what needs to be done to close the gap. I also learnt that even a decade worth of fast track growth does not necessarily mean that a nation will continue to grow. In fact, as a rule, the growth slows down and even reverses some times. It is not as uncommon as one might think. So, the road to become developed is a long one and requires constant innovation, attention to micro signals from domestic and international markets and also that saving and risk taking [in terms of reforms] are better strategies for growth and yield better returns in times of slow down.
All in all, a very informative book and comparatively breezy as compared to others on the same subject. Must read if you are interested in just getting to know about the world and how its economy moves.