Breakout Nations In Pursuit Of The Next Economic Miracles Summary

Book Review
Name of the Book- “Breakout Nations, In Pursuit of the Next Economic Miracles”
About the Author:
Ruchir Sharma, writer and head of emerging markets at Morgan Stanley, is a portfolio manager, and has written widely on global economics and politics. A long-time columnist for newspapers and magazines around the world, Sharma is the author of bestsellers, one of which is reviewed as below. He writes regularly in national and international dailies of repute on macro-economics of developing countries, yet his insights often touch upon socio-political undercurrents.
Why this book?
Economics, they say, is a dismal science. It often predicts a doom after a boom, a financial crisis after enduring growth and mostly sobering economic slowdowns
He offers interesting facts and anecdotes that keep a reader hooked. Highlighting the disconnect between the newly-minted millionaires of India from the rest of the country, the author reminisces of a farm-house party in the outskirts of Delhi that he was invited to, hosted by the nouveau riche. He recounts how he was given a precarious welcome by firing guns in the air, an act to demonstrate the high social status of the host. His understanding of the cultural context superimposed on the economic undercurrents, adds a unique dimension to his analysis of each nation, as also adds colour.
Mr. Sharma's story-line has smatterings of unorthodox insights. He banks heavily on data to drive home his point. Statistics, as they say, is up for interpretation and Mr. Sharma employs these skilfully. For example, he says that the fact that China has far higher number of millionaires than India shows its economic prosperity, but that India has far more billionaires is an indicator of the inherent inequality in the
The story has played out much as Mr. Sharma predicted. There has been a slowdown across all the emerging markets, with the most hyped emerging markets—particularly Brazil, Russia, India and China—faring among the worst, and new success stories appearing in previously unsung nations like the Philippines, Turkey and Nigeria. Is there a big message? Not really, because there is no magic wand that creates sustainable growth, and we should recognise that much of what is happening is catch-up by the developing world and the fabled “rise of the global south” is still some distance