Economy

Our intuition on how the world works could well be wrong. We are surprised when new competitors burst on the scene, or businesses protected by large and deep moats find their defenses easily breached, or vast new markets are conjured from nothing. Trend lines resemble saw-tooth mountain ridges.The world not only feels different. The data tell us it is different. Based on years of research by the directors of the McKinsey Global Institute, No Ordinary Disruption: The Four Forces Breaking All the Trends is a timely and important analysis of how we need to reset our intuition as a result of four forces colliding and transforming the global economy: the rise of emerging markets; the accelerating impact of technology on the natural forces of market competition; an aging world population; and accelerating flows of trade, capital, and people.Our intuitions formed during a uniquely benign period for the world economy—often termed the Great Moderation. Asset prices were rising, cost of capital was falling, labor and resources were abundant, and generation after generation was growing up more prosperous than their parents.But the Great Moderation has gone. The cost of capital may rise. The price of everything from grain to steel may become more volatile. The world’s labor force could shrink. Individuals, particularly those with low job skills, are at risk of growing up poorer than their parents.What sets No Ordinary Disruption apart is depth of analysis combined with lively writing informed by surprising, memorable insights that enable us to quickly grasp the disruptive forces at work. For evidence of the shift to emerging markets, consider the startling fact that, by 2025, a single regional city in China—Tianjin—will have a GDP equal to that of the Sweden, or that, in the decades ahead, half of the world’s economic growth will come from 440 cities including Kumasi in Ghana or Santa Carina in Brazil that most executives today would be hard-pressed to locate on a map.What we are now seeing is no ordinary disruption but the new facts of business life—facts that require executives and leaders at all levels to reset their operating assumptions and management intuition.—PublicAffairs{chop}

When Ye Pei dreamed of Venice as a girl, she imagined a magical floating city of canals and gondola rides. And she imagined her mother, successful in her new life and eager to embrace the daughter she had never forgotten. But when Ye Pei arrives in Italy, she learns her mother works on a farm far from the city. Her only connection, a mean-spirited Chinese auntie, puts Ye Pei to work in a small-town café. Rather than giving up and returning to China, a determined Ye Pei takes on a grueling schedule, resolving to save enough money to provide her family with a better future.{node, 15611}A groundbreaking work of journalism, Meet Me in Venice provides a personal, intimate account of Chinese individuals in the very act of migration. Suzanne Ma spent years in China and Europe to understand why Chinese people choose to immigrate to nations where they endure hardship, suspicion, manual labor, and separation from their loved ones. Today, all eyes are on China and its explosive economic growth. With the rise of the Chinese middle class, Chinese communities around the world are growing in size and prosperity, a development many westerners find unsettling and even threatening. Following Ye Pei’s undaunted path, this inspiring book is an engrossing read for those eager to understand contemporary China and the enormous impact of Chinese emigrants around the world. —Rowman & Littlefield{chop}