Brave New Wealthy World

Brave New Wealthy World : Winning the Struggle for Global Prosperity

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This book gives an optimistic and disturbing view of the outlook for economic well-being in the world. It argues that a new economic mechanism is at work that is making people everywhere better off. It also argues that improvements in living standards will reach the people who are now the poorest, even if they are living in remote areas. The new economic mechanism is securitization. It works synergistically with other mechanisms driving economic progress, and under the proper circumstances can accelerate economic progress.
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Product details

  • Hardback | 256 pages
  • 132.1 x 214.9 x 23.9mm | 589.68g
  • FINANCIAL TIMES PRENTICE HALL
  • Upper Saddle River, United States
  • English
  • 0130381608
  • 9780130381606

Table of contents

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.


A Belief Grounded in Early Experiences. The Campaign to Raise Market Values Gets Underway.



3. Three Booms and How They Ended.


4. Financial Assets: Catalysts of World Prosperity.


Shining the Spotlight on Financial Infrastructure. Growth Pattern of United States Financial Wealth 1960-1980. Growth of U.S. Financial Wealth Takes Off. 1980-2000. Conclusion.



5. Three Defective National Financial Systems and Attributes of a Better One.


The Era of Financial Assets Begins. Built to Fall Down. Two Tasks. Deliver Us from Temptation. Transmitting Pressure to Perform. Conclusion.



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.



7. Structuring Viable Ways to Invest in Poor Countries.


Recycling Risk-Tolerant Capital. The Nicaraguan Flour Mill. The Blue Jeans Factory. Design Defects. The Philippine Generating Plants. No Design Defects? A Better Design. Potential Gains from Better Design. The Cost of Defective Design. Pressure for Better Design. Conclusion.



8. Population and Wealth.


The Controversy: Slowdown to Zero Population Growth? Implications of the Population Slowdown. Causes of the Slowdown. Scenarios of Population and Wealth.



9. Rising Wealth and the Impending Labor Shortage.


Wealth and Demand for Services. Spending from Wealth. Prospects for a U.S. Labor Shortage. The Distribution of Wealth and the Propensity to Spend New Wealth. Spending from Wealth and Job Creation. An Impending Labor Shortage, Or a Mirage? Conclusion.



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.



11. Conclusion and Implications.


Implications for Investors. A Happy Ending.



Endnotes.


Index.
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About John C. Edmunds

JOHN C. EDMUNDS teaches finance at Babson College, where he has been department chairman,advisor to the Babson College Fund, director of the Stephen D. Cutler Investment ManagementCenter, research director of the Institute for Latin American Business Studies, and is a facultymember of the Arthur D. Little School of Management. Prior to 1993, he was Professor of CapitalMarkets at Instituto de Empresa in Madrid, Spain. He has spent 18 years abroad, in LatinAmerica, Europe, Asia, and Africa. Edmunds' areas of interest are capital markets, internationalfinance, derivatives, and emerging markets. His books include The Wealthy World and Wealth byAssociation with John Marthinsen.
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