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Once among the fastest developing economies, growth has slowed or stalled in Brazil, Russia, India, China, and South Africa. What policies can governments enact to jump-start the rise of these middle-income countries? Hartmut Elsenhans and Salvatore Babones argue that economic catch-up requires investment in the productivity of ordinary citizens. Diverging from the popular narrative of increased liberalization, this book argues specifically for direct government investment in human infrastructure; policies that increase wages and the bargaining power of labor; and the strategic use of exchange rates to encourage export-led growth. These measures raise up the majority and finance future productivity by driving broader consumption and fostering investment within national borders. Though strategies like full employment, mass education, and progressive taxation are not especially controversial, none of the BRICS have truly embraced them. Examining barriers to implementation, Elsenhans and Babones find that the main obstacle to such reforms is an absence of political will, stemming from closely guarded elite privilege under the current laws. BRICS or Bust? is a short, incisive read that underscores the need for demand-driven growth and why it has yet to be achieved.
Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contributory factor, and included the pursuit of countercyclical policies, introduced to deal with the effects of the global financial crisis, beyond the point where they were helpful. More fundamentally, it reflects longstanding structural weaknesses plaguing the economy, that also help explain Brazil’s uninspiring growth performance over the past four decades.
International Bestseller One of Foreign Policy's "21 Books to Read in 2012" A Publishers Weekly Top 10 Business Book “The best book on global economic trends I’ve read in a while.”—Fareed Zakaria, CNN GPS To identify the economic stars of the future we should abandon the habit of extrapolating from the recent past and lumping wildly diverse countries together. We need to remember that sustained economic success is a rare phenomenon. After years of rapid growth, the most celebrated emerging markets—Brazil, Russia, India, and China—are about to slow down. Which countries will rise to challenge them? In his best-selling book, writer and investor Ruchir Sharma identifies which countries are most likely to leap ahead and why, drawing insights from time spent on the ground and detailed demographic, political, and economic analysis. With a new chapter on America’s future economic prospects, Breakout Nations offers a captivating picture of the shifting balance of global economic power among emerging nations and the West.
This book aims to understand Zambia's renowned Copperbelt region within a broad historical context and revive the tradition of scholarship that places Zambian experiences within a global perspective.
Over the 153-year period since 1870, the phenomenon of globalisation has been shaped and reshaped. As we look back at the events that shaped our understanding of the process and its momentum before and after the Global Financial Crisis (GFC), it became clear that the process of globalisation has changed and continues to evolve, which requires a deeper analysis. The book answers the question of why the performance of the hyper-globalisation period has not continued during the post-GFC period after 2010, and what might be expected going forward. Apart from the fact that the fourth globalisation wave period between 2010 to the early 2020s has been characterised by a range of global shocks that caused more volatility, instability, and uncertainty, the major economic determinants of globalisation have also slowed markedly. The outbreak of the COVID-19 pandemic, followed by the geopolitical uncertainty and instability all caused global contagion effects around the world, with economic, socio-economic, and geopolitical consequences and responses. This book aims to analyse most of these global events and shocks and attempted to gather a deeper understanding of the present drivers of globalisation and what the major trends and shifts are geo-economically, socio-economically, and geopolitically. The conclusions drawn include that globalisation remains, despite the current slowbalisation, an integrated process that is globally entrenched, yet complex, cyclical, multifaceted and multiplex. This book is aimed at academics in economics, political sciences, social sciences, and may also find an audience among international policymakers and scholars at multilateral institutions such as the World Bank and the United Nations.
The transformation of the BRIC acronym from an investment term into a household name of international politics and into a semi-institutionalized political outfit (called BRICS, with a capital ‘S’), is one of the defining developments in international politics in the past decades. While the concept is now commonly used in the general public debate and international media, there has not yet been a comprehensive and scholarly analysis of the history of the BRICS term. The BRICS and the Future of Global Order, Second Edition offers a definitive reference history of the BRICS as a term and as an institution—a chronological narrative and analytical account of the BRICS concept from its inception in 2001 to the political grouping it is today. In addition, it analyzes what the rise of powers like Brazil, Russia, India, China, and South Africa means for the future of global order. Will the BRICS countries seek to establish a parallel system with its own distinctive set of rules, institutions, and currencies of power, rejecting key tenets of liberal internationalism, are will they seek to embrace the rules and norms that define today’s Western-led order?
From the Muslimization of Western Europe to the impact of HIV/AIDS around the planet, from the trials of the coming post-petroleum world to the tactical implications of an ice-free Arctic, the nations of Earth are facing more radical change than ever before in the first quarter of the 21st century. This important government report-from the United States NATIONAL INTELLIGENCE COUNCIL, which has been producing assessments of national security issues for senior U.S. policy makers since 1979-casts a strategic eye at the near future and examines those factors and trends that will most dramatically shape it: the rapidly globalizing economy the growing global middle class the challenges of aging populations migration, urbanization, and ethnic shifts the rising heavyweights: India and China the geopolitics of energy, water, food and climate change the risk of a nuclear arms race in the Middle East terrorism power-sharing in a multipolar world and more. Students of political trends, forward-looking entrepreneurs, and anyone eager for a glimpse into the next decades will find this essential reading.
Australia's universities are in crisis-and this time it's real. Struck by simultaneous financial, pedagogical, and ideological challenges, Australia's entire university system stands in desperate need of reform. But good reform requires good data, and each of the major players in Australia's university debate has strong incentives to warp the data in its own favour. In this timely book, sociologist and higher education commentator Salvatore Babones delivers the insights Australians need in order to reform what are, after all, their universities. He demonstrates that (contrary to media accounts) domestic funding has held up relatively well over the last two decades, while international students have actually failed to pay their fair share, He explains how universities have gamed the international rankings by making questionable moral compromises, especially in dealing with China. And he lays out a sensible vision for the future of Commonwealth funding that will expand opportunities while managing costs. Australia's Universities: Can They Reform? is an indispensable counterweight to reports commissioned by trade associations, staff unions, the government, and the universities themselves. Its independent analyses offer a sneak-peek into the inner workings of the university system, with a view to helping Australia avoid disaster and achieve meaningful reform. If universities are the conscience of a nation, Australia needs all the help it can get.
Resource security is a new battleground in the international politics of the Asia-Pacific. With demand for minerals and energy surging, disputes are emerging over access and control of scarce natural resource endowments. Drawing on critical insights from political economy, this book explains why resources have emerged as a source of inter-state conflict in the region.
Examines the South American country that is destined to be one of the world's premier economic powers by the year 2030, and considers some of the abundant problems the nation faces.