The Emerging Markets Century - Antoine Van Agtmael
The Emerging Markets Century: The Rise of the Developing World and the Decline of the West
Introduction
In his groundbreaking book, "The Emerging Markets Century," Antoine Van Agtmael argues that the 21st century will be the century of the emerging markets. He presents a compelling case that the developing world is poised for unprecedented growth, while the developed world is facing a number of challenges that will slow its growth.
The Rise of the Emerging Markets
Agtmael identifies a number of factors that are driving the rise of the emerging markets. These include:
- A young and growing population: The emerging markets have a much younger population than the developed world, which gives them a demographic advantage. This young population is also more educated and more likely to be employed in the formal sector, which will boost economic growth.
- Rapid urbanization: The emerging markets are also experiencing rapid urbanization, which is creating new opportunities for businesses and workers. Urbanization is also leading to increased consumer spending, which will further boost economic growth.
- Rising incomes: Incomes are rising rapidly in the emerging markets, which is creating a new middle class. This middle class is driving demand for goods and services, which will further boost economic growth.
- Improved governance: Governance is improving in many emerging markets, which is creating a more favorable environment for businesses and investors. This improved governance is also reducing corruption, which will further boost economic growth.
The Decline of the West
While the emerging markets are rising, the developed world is facing a number of challenges that will slow its growth. These include:
- An aging population: The developed world has an aging population, which is putting a strain on its social welfare systems. This aging population is also less likely to be employed in the formal sector, which will slow economic growth.
- High levels of debt: The developed world has high levels of debt, which is limiting its ability to invest in new infrastructure and other growth-promoting measures. This high debt is also making the developed world more vulnerable to economic shocks.
- Slowing innovation: Innovation is slowing in the developed world, which is making it less competitive with the emerging markets. This slowing innovation is also making it more difficult for the developed world to develop new products and services that will drive economic growth.
The Implications of the Emerging Markets Century
The rise of the emerging markets and the decline of the West will have a profound impact on the global economy and on the world order. Agtmael argues that the emerging markets will become the new engines of global growth and that the developed world will need to adapt to this new reality.
He also argues that the rise of the emerging markets will lead to a more multipolar world, with the United States and Europe no longer the dominant powers. This multipolar world will be more complex and more challenging to manage, but it will also be more prosperous and more just.
Conclusion
"The Emerging Markets Century" is a must-read for anyone who wants to understand the future of the global economy. Agtmael presents a compelling case that the 21st century will be the century of the emerging markets and that the developed world needs to adapt to this new reality.
Call to Action
If you want to learn more about the emerging markets and how they will impact the global economy, I encourage you to read "The Emerging Markets Century." This book will give you the insights you need to make informed investment decisions and to prepare for the future.