Overview

For far too long, emerging markets and developing countries have played a subservient role in the global economy. This book builds a compelling case that a new settlement is needed, that rebalances power, well beyond existing arrangements such as the G20, and creates a shared vision to build economic growth and prosperity. The alternative is a world which lurches from crisis to conflict, jeopardising peace and prosperity. The very phrase “emerging markets” connotes that some countries are still developing and cannot compete with mostly Western global economic heavyweights. But the rise of China and India has not been isolated phenomena, with many other emerged countries also becoming confident about their place in the world: these are emerged markets, not the Global South or the Third World. Although these emerged countries now dominate global trade and investment and are the biggest champions of globalisation, their dramatic increase in economic weight has not led to a commensurate increase in clout and influence on the world stage, due to fundamentally unchanged World War II‑ra structures and apparatus. Written by a global economics insider who has been in the room in multilateral, national, and private sector organisations, this book argues that the developed and emerged worlds should be positioned as equal economic partners, requiring dramatic adjustments in perceptions and power on the part of the developed world. Though clear‑yed about the ills that continue to exist in the emerged world, Vasuki Shastry explains why rich countries should be willing and open to learn from their success stories. He presents a reimagined narrative for the global economy, with more collaboration, less finger‑ointing, and a confluence of equals in managing profound economic risks and opportunities, now and in the future. Leaders in business, NGOs, and government, as well as students of business and international relations, will appreciate this thoughtful examination of what could happen if emerged and developed markets worked as equal partners for the common good.

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9781032992983

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Reviews

“Vasuki Shastry, who has had a distinguished career at the IMF, charts the dizzying course of international relations from the end of the Cold War and America’s brief unipolar moment, to the emerging multipolarity that characterises international relations in the twenty-first century. He analyses the decline of effective multilateralism and describes the inequality that disfigures a world in which great powers conduct international relations on the basis of might is right. He pleads instead for ‘coexistent multilateralism’, a world order in which the newly ‘emerged’ and status quo powers work cooperatively together, and warns of the perils, including the catastrophic impact of climate change and future pandemics, if they do not. His prescription may sound utopian in a period of renewed great power rivalry, but he paints a grim picture of the dystopian alternative”. Sir David Manning, Former U.K. Diplomat, Ambassador to the United States; Distinguished Fellow, Chatham House “Vasuki Shastry remains a keen observer of global economic trends. Following his provocative book questioning the prospects for an “Asian Century”, Shastry’s latest oeuvre speculates on the implications of “Emerging Economies” having “Emerged”. Always thought-provoking, Shastry wields a fine pen” – Dr. Sanjaya Baru, Author, Editor, Media Advisor to Prime Minister Manmohan Singh

Author Information

Dr. Vasuki Shastry has spent much of his career working on and in emerged markets. He was a journalist in India, Singapore, and later in Indonesia, where he covered the Asian financial crisis and the fall of President Suharto in 1998. Pivoting from journalism, Shastry worked in communications and public affairs leadership roles at the International Monetary Fund in Washington D.C., Standard Chartered Bank in London, and the Monetary Authority of Singapore. Shastry serves on the advisory council of Chatham House (UK and the World program) and at the Institute of Human Rights and Business. He is the author of three previous books, writes a monthly column for Forbes Asia, and divides his time between Washington D.C. and Dubai.

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