Brave New Wealthy World: Winning the Struggle for Global Prosperity (Financial Times (Prentice Hall))

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9780130381606: Brave New Wealthy World: Winning the Struggle for Global Prosperity (Financial Times (Prentice Hall))
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In Brave New Wealthy World, leading capital markets expert John C. Edmundsargues that global economic conditions are improving, and that the benefits ofeconomic growth will reach virtually everyone on earth--including billions whohave been left behind until now. Edmunds identifies the key mechanisms thatwill deliver these benefits: the modernization of defective national financialsystems, and securitization: the transformation of illiquid assets into securitiesthat can be traded at will amongst investors anywhere on Earth. He alsoprojects significant improvements in services-based job creation linked tochanging population trends, as well as enhanced rates of return on cross-borderinvestment in emerging markets. Edmunds describes viable new structures forinvestment in poor countries, and proposes a new symbiotic relationshipbetween rich and poor countries that offers powerful benefits to both. WhileEdmunds doesn't expect wealth disparities or boom/bust cycles to disappear,he demonstrates that today's international financial arrangements are deliveringunprecedented prosperity and well-being--and spreading their benefits far morewidely than critics ever thought possible.

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From the Back Cover:

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 middle class grows—by billions
    The long-term forecast: prosperity spreading worldwide
  • Securitization: unleashing the power of emerging economies
    Financial assets: the new catalysts of world prosperity
  • A new symbiosis between rich and poor
    Why "rich" countries will increasingly depend on investments in emerging economies
  • Overcoming the obstacles to investment in emerging economies
    Proven policies for promoting the investments that supercharge growth
  • A tale of three booms
    Powerful lessons from three recent boom/bust cycles
  • Demographics and economic destiny
    Population trends and their surprising implications

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.

About the Author:

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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