Outrageous Fortunes: The Twelve Surprising Trends That Will Reshape the Global Economy
by Daniel Altman. 2011. 244 pages. Holt. $25.
China’s seemingly invincible economy won’t flourish forever, says economist Daniel Altman. In Outrageous Fortunes, he forecasts that the Chinese economy’s structural weaknesses will overtake it later this century and cause the nation to grow poorer even after so many decades of growing richer.
Many nations around the world will experience financial turbulence as they strive for the highest possible living standards but are hampered by market instability and shortages of human and material resources. National economic policies will shift back and forth, and waves of immigration will challenge both developing and industrialized economies.
Keeping track of the global marketplace’s daily rising and falling indexes while still maintaining sight of the long term could seem difficult, says Altman, but he assures readers that it’s actually fairly understandable. If we understand the deep-rooted economic factors that sway a country’s economic path, we can make fairly accurate guesses as to where the path will lead.
He identifies a series of factors that he expects will markedly shake up the markets of China and Europe, demolish the World Trade Organization, and generate unexpected new job opportunities in the United States. He spots some impending risks, as well, such as worldwide expansion of “black market” activity. Outrageous Fortunes is an economic treatise that is incisive and approachable enough for economists and general audiences alike.
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