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From Third World to World Class: The Future of Emerging Markets in the Global Economy

From Third World to World Class: The Future of Emerging Markets in the Global Economy

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From Pat Buchanan to Ralph Nader, America's right and left are united in their conviction that free trade is evil. They are joined by most trade unions, environmentalists, and members of Congress (as shown by their refusal to let President Clinton negotiate wider free-trade agreements). Yet the growth of world trade is at least partly responsible for the American economy's robust good health and for the rise of living standards worldwide. From Third World to World Class is an excellent source of intellectual ammunition to counter the rising tide of protectionism. Peter Marber, a New York money manager specializing in emerging markets, has written a reasoned celebration of world capitalism's benign effects. One chapter title sums up his optimism: "How Multinationals Are Helping the Poor Get Richer and the Rich Stay Rich." Marber believes that rich nations need not fear low-wage competitors, not so long as the rich nations educate their workforces. Rising Third World economies will become lucrative markets for Western technology, entertainment, services, and a host of consumer brands. That is, if protectionism does not halt the virtuous cycle that is raising billions of people out of poverty. --Barry Mitzman
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