Title: The New World Economy (A beginner’s Guide)

Author: Randy Charles Epping

Good morning fellow readers,

I have a question for you this morning. Have you ever thought that you hear so many different things on the news all the time, some topics being repeated a few times because the matter has longer repercussions, that you don’t know what to make of all of it?

That’s the modern economy for you.

We are able to get more information on what is going on around us, and abroad, due to technological advancements in the 19th, 20th and 21st century. Not only are we able to get information on what’s happening abroad, but many things are also important to take notice of due to the world being engaged in globalized trading. Our trading net with the world has resulted in many becoming dependent on other countries for their products, due to that country having a competitive advantage in producing the output, in relation to yourself.

Not only that, countries are trying to becoming better than their neighbours, and thus grow their GDP (growing economically, and show a net surplus). Thus, the technology is receiving more and more attention to derive better and better products.

• From the Rich Dad Poor Dad franchise you will remember that the core lesson that he wants to teach us is that we need to get out of the rat race, and develop assets (a product/service that will make you money in the future)
• And the way to go about to create an asset is to understand what is currently happening in the economy (locally and world-wide) and see if you can spot an opportunity where something is missing (a gap)

If you like to get a quick glimpse of what is happening world-wide (before the COVID 19 thing happened), then any news source is able to give you what you need, as well as some investor profiles. However, in the book brought all the big topics together, and discussed the following:

• The Fusion Economy
• Bitcoins and Blockchain
• How Local Economic Crises become Global Crises
• International Organizations, and whether they promote economic growth
• How are countries ranked in the World Economy
• Can trade wars harm the world economy
• Brexit and border walls (isolationism)
• Does immigration take jobs away
• How do Populist Leaders gain power
• Globalization
• Inflation vs Deflation
• What is currency manipulation
• Is the fear of investing keeping us poor
• Comparing investments in the New World Economy
• Is income inequality inevitable
• Hot Money
• Private Equity Investors, Venture Capitalists, and high-frequency Traders
• The twenty-first century company
• How is the Digital Economy transforming the World Economy
• Internet of Things
• Is Data the new Gold
• Robots and Artificial Intelligence changing the World Economy
• The Sharing Economy
• BRICS and Beyond
• The future of the EU and other FTAs
• Sharp power vs soft power, to gain power
• Sharing the wealth
• How does money laundering work
• How big is the illegal economy
• Climate change, and its impact on the global economy
• Economics vs Environment
• What are alternatives to Capitalism
• Trade Unions
• Health Care
• How is the behaviour of millennials and other generations changing the world economic landscape
• New ways of working and living in the twenty-first century

Every topic was interesting on its own, and I learnt a few additional things to some of them.

I have picked the favourite topics from the 36 listed which I believed had something that everyone could learn something new from, and how that area in could still experience some big changes in the world economy around us.

Summary:

The book gives you a brief summary of various world-relevant topics, and how they are relevant in the world today. I rate the book 3.9/5.

Until next time…