From Third World to World Class: The Future of Emerging Markets in the Global Economy

From Third World to World Class: The Future of Emerging Markets in the Global Economy

From Third World to World Class: The Future of Emerging Markets in the Global Economy

From Third World to World Class: The Future of Emerging Markets in the Global Economy

Synopsis

From Argentina to Zimbabwe, rapid growth and economic transformation are creating a wide array of new business opportunities -- for multinational corporations and individual investors alike. But the rise of the developing world is also challenging long-held beliefs that the industrialized nations would call all the shots. In this highly original analysis of developing nations, investment, and global business expansion -- written as the Asian financial crisis was unfolding -- Peter Marber identifies the risks and rewards of investing in emerging markets, and reveals new sources of conflict as value systems clash in a game of global economic integration where there will inevitably be financial winners, as well as losers.

Excerpt

The scholar George Thompson has suggested that writing was first invented to facilitate trade; ironically, in my particular case it is trading that has facilitated writing. This book has been in development for most of my adult life, the culmination of years investing throughout the developing world, as well as teaching graduate school classes. Working simultaneously in the worlds of Wall Street and the Academy has been no easy feat; at various times I have felt like both prisoner of and guard to these powerful institutions. But understanding developing countries and how they affect the lives of those in the First World requires both a theoretical and a practical grounding. This is what makes studying the developing world so interesting: it's part art, part science. So much of investing in these new emerging markets hinges on confidence, and this confidence needs to be based on information and sentiment. If this book has one purpose, it is to build the reader's confidence about the tremendous contribution the developing world can and will make to the global economy.

For centuries trade with exotic-sounding places like Casablanca, São Paulo, Djakarta, and Shanghai has conjured up images of caravans of Marco Polo-like explorers bartering trinkets in bazaars for spices, precious stones, and silk. As we head into the next century these once faraway and strange lands are moving closer and becoming more tightly entwined with the West than ever before. Technological innovations in transportation and communication have given birth to a truly global economy. Our romantic visions of bazaars should be replaced with more familiar images of noisy construction sites, smoggy traffic jams, and banks buzzing with telephones and . . .

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