Outrageous Fortunes: The Twelve Surprising Trends That Will Reshape the Global Economy

Amid all the handwringing on the downward trajectory of the global economy comes this cool, collected, and sensible view of forthcoming economic trends. Altman (Connected), professor at NYU's Stern School of Business, looks at deeper factors—geography, culture, government policies—to challenge conventional (or simply much touted) wisdom: he predicts China's economic supremacy will be short, undermined by its own central government's heavy-handedness and Confucian cultural influences. He offers an unflinching examination of the merits and flaws of capitalism and socialism and resets archaic perceptions about how to encourage or inhibit growth. In his analysis, capitalism comes out on top, but succeeds best and for a longer period of time with government intervention and redistributive policies. Altman predicts global migratory shifts that will make today's world financial centers obsolete and foresees the pitfalls of a unified European currency. Altman delivers more than mere analysis or foreshadowing: this is revelatory reading for even the most casual observer of economics, and an invaluable tool for reconsidering how the world makes money. (Jan.)