Consequences: The Economic and Social Outcomes Should Democracy Fall

An engrossing and practical discussion of how to deal with contemporary challenges to democracy and civilization.

In Consequences: The Rise of a Fractured World Order, William Priest, David Roche, and Alex Michailoff deliver an engaging, timely, and insightful analysis of identifying the sources and challenges facing liberal democracies and their ability to confront autocracies and autocratic behavior. The authors identify and address structural flaws present in both democracies and autocracies.

The book explains why the creation and distribution of wealth matters in creating nations where democracy can flourish, and the populace at large can win. Strategies for the creation of wealth (broadly defined) and its equitable distribution combined with the democratic tools that voters, investors, and citizens have available make it more likely those strategies can be deployed. You'll also find:

• Detailed and accurate discussions of the end of the liberal world order, post-cold war historical shifts, and the challenges that lie ahead.
• Explorations of the threat to democracy posed by populist politics and philosophies.
• An analysis of the likelihood of contemporary political actors to reform our economics and politics, and the steps we can take if they fail to do so

A startlingly original and eye-opening read for executives, investors, policymakers, and regulators, Consequences is an essential resource for everyone interested in the interplay between politics, economics, and long-term investment outcomes.

William Priest is Vice Chairman of TD Wealth and Founder, Executive Chair, and Portfolio Manager of TD Epoch. Having developed and led three firms over a six-decade period, he has extensive experience in the field of economics and finance. He is the author of several published articles, papers, and books on investing and finance, including the books, The Financial Reality of Pension Funding Under ERISA, Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor, and Winning at Active Management: The Essential Roles of Culture, Philosophy and Technology. He holds the Chartered Financial Analyst designation, is a former CPA, holds an AB from Duke University and an MBA with distinction from the University of Pennsylvania’s Wharton Graduate School of Business. He is a member of the Council on Foreign Relations as well as a member of the Barron’s Roundtable.

David Roche is Strategist at Quantum Economics and Geonomics, a Singapore-based think tank and investment advisory company. Well known for his original and provocative ideas, he concentrates on investment themes, based on fundamental long-term analysis, backed up by strongly held convictions. He has forecast some of the major turning points in global investments and forecasted the invasion of Ukraine and the advent of Grayzone Warfare between Democracies and Autocracies in April 2021. He previously worked as head of strategy at J.P. Morgan, Morgan Stanley and Independent Strategy. Author of seven books, he holds an MA from Trinity College Dublin and an MBA with the highest distinction from INSEAD.

Alex Michailoff is a financial consultant, and a graduate of the Dyson School of Applied Economics and Management at Cornell University.