Breakout Nations: In search of the Next Economic Miracles

Recently I have gone through an article in Forbes magazine regarding emerging nation. Author suggested that “I” in BRIC nation is Indonesia not India. The suggestion was illogical for me & was not satisfying my wisdom. I quickly wanted to form an opinion and off course based on some ground realities. Being an Indian I considered this, as an attack on my belief system. I felt, reputation of my own country is on stake. Most of us believe- we are the fastest growing nation in the world. I goggled… books on breakout nation” Result. “Breakout Nations- In Search of Next Economic Miracle by Ruchir Sharma.

I have read somewhere that never judges a book by its cover. But I know for sure, I failed most of the time. But this time instinct won. I found this book beautiful at look & surprisingly interesting to read. We all know, facts & figures do not go along with imagination, as human mind is either logical or picturesque. And this all has been taught that human mind has two sides, one is artistic & other one is logical. This book will satisfy both type of personalities & equally rewarding in terms of picturesque depiction of the country as well as facts & figures which will create those images. I feel, I am sounding little bit more philosophical, but am sure you too will adore my view after going thru this masterpiece.

NOW, what are your thoughts or what are you thinking reading this review, Only India & China is the emerging country? West has lived their life & they will be only spectator to see the other country growing? China will outwit USA? Hyundai will have all the share of the auto world in 21st century? Country having highest population will lead the world? Your views will change, or will be at least full of facts & wisdom irrespective of what school of thought you are advocating till you read this book.

NOW, the question comes, who should read this book? It will be unfair on my part if I suggest only economist or people who are interested in investment in emerging nation should only read this book. This book will be a panacea in understanding the economic development world has witness till date & how good governance can do wonders to a country’s fortune. Why the leaders are so important & why the people are best asset for any company or for that matter any country. How people make difference. Read this, you will feel this. So, coming to the point, all bureaucrat, all politician, all leaders who is driving business in any form must read this because they have the ability to make or break a nation or make them a breakout nation.

NOW, what is the process to read this book? It is sounding little bizarre. Isn’t it? There should not be any process to read any book. I also believe this. But one suggestion, if you read this book having atlas encyclopedia in your hand where you can locate & view the country, their population, their cultures, believes & their value system. This will generate a feeling of breathing that place. This will generate a feeling of togetherness, a feeling of oneness with the county. Retention & understating will be more. And as earlier mentioned both the sides of your brain will get right food for true thoughts. Are you finding it interesting? Should I elaborate more on what you can see vicariously? You can see yourself on the street of Malaysia, finding some spa for Thai message; you will find yourself on the beach of Rio amazed for paying $24 for a coke; you will find yourself in the sky of Sao Paulo in some private chopper as it is difficult to commute on roads.

NOW, this is about author. The moment we see any book written by an author who is an Indian or have Indian origin we became little bit skeptical in going thru those books. The reason is simple, we don’t believe in ourselves and for that matter about the ability of our people. We are so much obsessed with big names like Shakespeare, Charles dickens, Tolstoy …. (The list is large & I need to stop mentioning them or I will be out of space), and now these days Steve job & Walter Isaacson (Official Author of Steve job’s biography) that our own people stands mediocre to them. You will have a paradigm shift when you will embrace this book. You will be amazed to see Ruchir’s in-depth knowledge, analysis which is based on factual fact & has been well established with authentic source of information that is GDP & per capita income.

Although I wanted to start this paragraph with ‘NOW’ only, but stopping here ‘NOW’. As I have to complete the last chapter of this book right “NOW” to form an opinion “who is the next breakout nation”.

Breakout Nations is a book the like of which comes but once very twenty or thirty years only. It is a tour de force as well as a collective pen sketch of most nations of which we can learn so many things from the Author of this work. It reflects his deep learning, acute observation and unbiased are his policy prescriptions. The book should be compulsory reading for all parliamentarians and bureaucrats. The prose is chiseled, racy and often reads like a crime thriller. The book covers every country barring the well known west that wants to grow with the world and enjoy the "goodies' of world trade. His prescription do not offend and his cautionary pleadings are well worth listening to. The central lesson he draws is that no nation can continually succeed without attracting investment, without being innovative and putting in place facilitative systems for growth. I enjoyed reading this Book. A landmark Book indeed, if you are a serious thinker and not the sort who reads Mills & Boon type fluff and is done with book-reading.

The book is about global macroeconomic perspectives, explained very simply. A must read if you want an authentic idea of what’s happening to the global economy. Helps you understand and judge India better – minus the hype - in real terms!

Book is written in a very easy and flowing style which makes it a quite an easy read.

Reads like a travelogue written through the eyes and first hand experience of somebody who understands the brass tacks of macro economics.Clearly put together country wise indicative parameters and interprets for the understanding of the reader .Quite successful in relating those parameters to the well being and prosperity of respective nations.

Apart from the style and content of the book, the author needs to be also lauded for his efforts at selling his work through the right channels with his frequent appearances on prime time television talk shows.This was done as a repetitive promotional effort right through the initial phase of its launch in India.

This book is important for all those interested in understanding today's world economy in simple terms. Written from the point of view of an investment banker, the focus is clearly on the factors that have affected the macroeconomic parameters of different countries in the so-called "emerging markets" of the world. Market maturity and per capita GDP have been used to classify different countries, and the factors promoting and inhibiting their growth have been identified in simple language. Based on this analysis, the author has predicted the future GDP growth of these countries. The analysis is practical, and for Indians is an eye-opener of sorts because a person familiar with India has dispassionately analysed the macroeconomic conditions of the country in simple language, and has avoided starry-eyed or pessimistic conclusions.