Financial reforms are transforming the resource allocation process and spurring economic growth in several key Latin American countries.
There has been debate and skepticism about the finance-driven growth of the world economy. The new regulation will, I hope, restrain the power of financial wealth creation without repressing it more than necessary. The difficult task we face now is to prevent excesses while fostering the recovery and renewal of the financial services business.
Financial expansion has been beneficial in many emerging countries and the financial collapses that used to plague those countries have become much less frequent because they have learned how to set up a financial system that performs at least some of roles correctly.
In Brave New Wealthy World, leading capital markets expert John C. Edmunds argues that global economic conditions are improving, and that the benefits of economic growth will reach virtually everyone on earth–including billions who have been left behind until now. Edmunds identifies the key mechanisms that will deliver these benefits: the modernization of defective national financial systems, and securitization: the transformation of illiquid assets into securities that can be traded at will amongst investors anywhere on Earth. He also projects significant improvements in services-based job creation linked to changing population trends, as well as enhanced rates of return on cross-border investment in emerging markets. Edmunds describes viable new structures for investment in poor countries, and proposes a new symbiotic relationship between rich and poor countries that offers powerful benefits to both. While he doesn’t expect wealth disparities or boom/bust cycles to disappear, he demonstrates that today’s international financial arrangements are delivering unprecedented prosperity and well-being–and spreading their benefits far more widely than critics ever thought possible.
The rapid and increasing accumulation of worldwide wealth set in motion in the 1990s continues its upward climb in the new millennium. The potential for world wealth creation may be as high as $500 trillion or $100,000 for each person on the planet. Aside from the obvious rewards and controversies behind such an economic surge lies its intriguing capacity to touch every aspect of economic development and exchange. Written with a global perspective by an author with extensive international finance experience, The Wealthy World explains the reasons for this increase in wealth and why it will continue. Edmunds explores how much wealth will be created, what it will be based on–and who will have it. Also examined are the implications of growing wealth in a world whose financial systems are becoming ever more unified, the consequences both to economies and populations, and the inevitable injustices that lie in its wake. From the effect of this growth at a time of rising global technology and interconnectivity, to its challenges to our very laws of physics, averages, and fairness, to an illuminating examination of why poverty prevails in some parts of the world despite resources for prosperity, The Wealthy World provides invaluable insights into life in the approaching world economy.
European monetary unification has produced a $15 trillion windfall to its member nations that is rarely discussed or accounted for in analyses of economic integration. Edmunds and Marthinsen argue that the reduction in cross-border risks–foreign exchange uncertainty, inflation differentials, competitive devaluations, and protectionism in financial services, among other–is directly responsible for an explosion in the value of fixed income assets and share prices. They explain how this wealth accumulation began to accrue even before the Euro was formally adopted. Could the same thing happen in Latin America or Asia?
Executive Refresher: Finance is a quick crash course on the basics from B-School. This book is the ideal solution for business professionals in search of a refresher on the fundamentals of finance, applied to and translated for the business world. Noted Scholar John Edmunds carries readers through a comprehensive, engaging text, exploring all business-critical aspects of applied finance – from managing day-to-day finances – handling cash and securing loans, to all issues surrounding big-ticket asset purchases, offering an overview of capital markets, as well as one of derivatives – this is a readable, yet thorough overview of those sometimes forgotten, endlessly important finer points of finance.
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