Ruchir Sharma book uses terms: BC - Before Crisis of 2008; AC - After Crisis!
Started reading the book, The Rise and Fall of Nations: Ten Rules of Change in the Post-Crisis World, by Morgan Stanley Head of Emerging Markets, Ruchir Sharma, http://www.amazon.in/Rise-Fall-Nations-Change-Post-Crisis/dp/0241188512
Ravi: While I hold the view that the 2008 Global Financial Crisis has been the biggest seismic event (in terms of change impact) in the world in my lifetime (at least for people like me), it was very interesting for me to note the language used by Ruchir Sharma in the Introduction; Impermanence chapter of his book about the event, and how important an event he sees it as. A few quotes from Page 1 of the book, are given below:
IN THE YEARS BC - BEFORE THE CRISIS OF 2008 - THE WORLD enjoyed an unprecedented economic boom that extended from Chicago to Chongqing. Though the boom ran for only four years and its foundations were thin, many observers saw it as the beginning of a golden age of globalization." ... "Then came 2008. The years BC gave way to the years AC. After the Crisis, the expectation of a golden age gave way to a new reality. Hype for globalization yielded to mutterings about "deglobalization".
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Ravi: Especially after Brexit I think it is quite clear that globalization is viewed as a big problem by significant numbers of people in some countries of the world. They would like globalization to be reversed, at least to some extent. They also have focused on growing (some say grotesque) income inequality in their countries which also they would like to reverse.
The 2008 financial crisis may have been the vital and somewhat spectacular tipping point that has driven currents of these changes and swelled it to a tide in some countries.
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Readers may want to read my related blog post, Morgan Stanley Head of Emerging Markets, Ruchir Sharma's, interview & book, The Rise and Fall of Nations, https://ravisiyermisc.blogspot.com/2016/07/morgan-stanley-head-of-emerging-markets.html, dated 3rd July 2016
Ravi: While I hold the view that the 2008 Global Financial Crisis has been the biggest seismic event (in terms of change impact) in the world in my lifetime (at least for people like me), it was very interesting for me to note the language used by Ruchir Sharma in the Introduction; Impermanence chapter of his book about the event, and how important an event he sees it as. A few quotes from Page 1 of the book, are given below:
IN THE YEARS BC - BEFORE THE CRISIS OF 2008 - THE WORLD enjoyed an unprecedented economic boom that extended from Chicago to Chongqing. Though the boom ran for only four years and its foundations were thin, many observers saw it as the beginning of a golden age of globalization." ... "Then came 2008. The years BC gave way to the years AC. After the Crisis, the expectation of a golden age gave way to a new reality. Hype for globalization yielded to mutterings about "deglobalization".
--- end short quotes ---
Ravi: Especially after Brexit I think it is quite clear that globalization is viewed as a big problem by significant numbers of people in some countries of the world. They would like globalization to be reversed, at least to some extent. They also have focused on growing (some say grotesque) income inequality in their countries which also they would like to reverse.
The 2008 financial crisis may have been the vital and somewhat spectacular tipping point that has driven currents of these changes and swelled it to a tide in some countries.
----------------
Readers may want to read my related blog post, Morgan Stanley Head of Emerging Markets, Ruchir Sharma's, interview & book, The Rise and Fall of Nations, https://ravisiyermisc.blogspot.com/2016/07/morgan-stanley-head-of-emerging-markets.html, dated 3rd July 2016
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