The Rise and Fall of Nations: Forces of Change in the Post-Crisis World

by Ruchir Sharma

The International Monetary Fund therefore defines a global recession not in terms of negative GDP growth but in terms of falling income growth, job losses, and other factors that make the world feel like it is in the grips of a recession.

with more people entering the workforce and earning an independent living, a country’s income increases, and that creates a greater pool of capital, which can be used to invest in ways that further raise productivity.

In How Asia Works, Joe Studwell writes that no nation, going back to Tudor England in the sixteenth century, produced competitive industrial companies without significant help and protection from the state in the initial stages.

To spot the beginning or the end of currency trouble in emerging markets, follow the locals. They are the first to know when a nation is in crisis or recovery, and they will be the first to move. The big global players mostly follow.