Interview With : Ruchir Sharma, Head of Emerging Markets at Morgan Stanley
Updated on: 28 Jun 2016
Ruchir Sharma, Head of Emerging Markets at Morgan Stanley, chats with presidents as well as villagers to discern the economic future of nations. His 2012 book Breakout Nations became a runaway international bestseller, and he offers an updated analysis in his new book The Rise and Fall of Nations: Ten Rules of Change in the Post-Crisis World. Swagato Ganguly asked him how the 2008 financial crisis shapes the world today, and on India's place in it:
You refer to the period Before the Crisis of 2008 as the BC years. Is the golden age of globalisation over?
Not over, but transforming. Globalisation describes the forces that make the world feel smaller, more connected. Some of these forces, particularly flows of information and people, remain strong. Internet traffic is booming, global tourism is growing rapidly, migration is steady. But the forces most responsible for creating the wealth and vibe of a 'golden' age – rising international trade and money flows – have slowed or reversed. So globalisation is morphing, and feels a lot less golden.
If we are entering a period of deglobalisation in trade, could that trigger a vicious cycle, with nations turning inward and further slowing the global economy?