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CHAPTER 8: Profiting from Emerging Marke... > Emerging Markets Are Tied to Establi...

Emerging Markets Are Tied to Established Markets

The point about emerging markets is that part of their growth story has to do with global growth. There is no decoupling, and we are all in this together as never before. Furthermore, we have been here before.

I have observed that you can chart economic growth from the history of architectural styles. No one builds large buildings during recessions. You need economic growth and credit generated by trade to create great architecture. When you do, the men and women who commission these buildings want nothing but the latest look.

As you travel the world, whether in Bucharest or Buenos Aires, you will see reflections of the late 19th century Beaux Arts style. It reached from the furthest corner of the world in the Teatro Amazonas in Manaus, Brazil to the gaudy mansions of where I live in Newport, Rhode Island, in the United States. This economic boom brought many of the riches of the emerging markets of the day to the developed markets of Europe. It made Europe and emerging markets like the United States and Brazil rich. All that ended with the end of the uniform global laws imposed by the colonial empires. The 30 years of war at the beginning of the 20th century and the 45 years of cold war that followed did the rest to kill one of the most productive economic peri....


  

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