Book description
Brave New Wealthy World demonstrates how today's international financial arrangements arespreading prosperity and well-being more widely than ever before—and what it'll take to spreadthe wealth to virtually every corner of the Earth.
John C. Edmunds proposes a new symbiotic relationship between rich and poor countries thatoffers powerful benefits to both. He demonstrates why "first world" investors will increasinglydepend upon growth in emerging economies to achieve the returns they need and offers a blueprintfor transforming emerging nations' financial systems into powerful drivers of economic growth.
This book cuts through the conventional wisdom and ideologies that hide the true implicationsof globalization—and reveals a pragmatic path to a hopeful future.
The long-term forecast: prosperity spreading worldwide
The middle class grows—by billions
Financial assets: the new catalysts of world prosperity
Securitization: unleashing the power of emerging economies
Why "rich" countries will increasingly depend on investments in emerging economies
A new symbiosis between rich and poor
Proven policies for promoting the investments that supercharge growth
Overcoming the obstacles to investment in emerging economies
Powerful lessons from three recent boom/bust cycles
A tale of three booms
Population trends and their surprising implications
Demographics and economic destiny
Accelerating the economic revolution that's bringing new prosperity to billions
"Professor Edmunds does an outstanding job in explaining—in great detail and with examplesdrawn from concrete experience—why liquidity matters and why financial services make all thedifference if wealth is to be created. Extremely useful insight into the process of adding valuethrough securitization."
—Hernando de Soto, author of The Mystery of
Capital
and President of the Institute for Liberty and Democracy (ILD)
"I learned more about economics talking to Edmunds than I ever did in graduate school. Heshows that capitalism works. It can even work in developing countries. Capitalism is alreadyequalizing the distribution of income and bringing prosperity to many third world places.Capitalism can and will work if governments do not get in its way."
—Peter T. Paul, Chairman, Sequoia National Bank, California
"A provocative book with rich insights gleaned from the author's extensive professionalexperiences in developing countries."
—James E. Austin
Snider Professor of Business Administration, Harvard Business
School
"Edmunds has attracted attention here in Chile with ideas about faster growth than we haveexperienced recently. This book is provocative and will be controversial."
—Alvaro Clarke, Chief Executive
Superintendencia de Valores y Seguros, Santiago, Chile
"The argument that leveraging real assets through creation of financial 'titles' is veryattractive, and the book makes a good case for it. The idea that securitization can helpemerging markets to leverage their true wealth is a solid one."
—Professor Robert Grosse, Thunderbird
The American Graduate School of International Management
This book identifies key mechanisms that can maximize the benefits of globalization, especiallysecuritization: the transformation of illiquid assets into securities that can be traded at willanywhere on Earth. Edmunds offers new insights into the impact of changing demographics oneconomies worldwide and reveals opportunities for enhanced rates of return on cross-borderinvestment in emerging markets.
Table of contents
- Copyright
- Financial Times Prentice Hall
- Financial Times Prentice Hall Books
- Preface
-
1. A New Force and the Race to Harness It
- Securitization
- Does Securitization Create Value?
- National Financial Systems
- National Financial Systems as Engines of Growth
- Asset Booms Contrasted with Bubbles
- A Fully Securitized Country Contrasted with a Completely Unsecuritized Country
- Implementing a Finance-Driven Growth Strategy
- Competition to Harness the Power of Securitization
- Origins of the Pressure to Harness the New Force
- Favorable Conditions for the Securitization-Driven Growth Strategy
- 2. An Idea Germinates
- 3. Three Booms and How They Ended
- 4. Financial Assets: Catalysts of World Prosperity
- 5. Three Defective National Financial Systems and Attributes of a Better One
-
6. Is It Workable for Everyone to Invest in the United States?
- Yields on U.S. Financial Investments Take Off
- Priorities Shift to Raising Returns on Financial Assets
- Americans Raise Their Aspirations
- The New Mechanism for Creating Wealth in the United States
- An Upper Limit to the Financial Wealth-Creation Process in the United States?
- Breaking the Upper Limit to the Financial Wealth-Creation Process
- Emerging Countries as Sources of Raw Material for Securitization
- Reforming National Financial Systems in the Emerging Countries
- Conclusion and Implications
- Endnotes
- 7. Structuring Viable Ways to Invest in Poor Countries
- 8. Population and Wealth
- 9. Rising Wealth and the Impending Labor Shortage
-
10. Wealth Concentration and Diffusion
- Improvement in the Distribution of Income
- A New Role for Poor People in the World Economy
- The New Symbiotic Relationship between Rich Countries and Poor Countries
- Details and Difficulties of the Symbiotic Relationship
- Implementing the Proposed Solution
- The Coming Shortage of Buyers in the Rich Countries
- Savers in Poor Countries Rescue Rich Retirees?
- International Diversification for Everyone
- The Main Prosperity Diffusion Scenario
- Feasibility of the Main Prosperity Diffusion Scenario
- A More Grandiose Prosperity Diffusion Scenario
- Conclusion
- Endnotes
- 11. Conclusion and Implications
Product information
- Title: Brave New Wealthy World: Winning the Struggle for World Prosperity
- Author(s):
- Release date: June 2003
- Publisher(s): Pearson
- ISBN: 9780130381606
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