| |
| |
| Preface | |
| |
| |
| |
| A New Force and the Race to Harness It | |
| |
| |
| Securitization | |
| |
| |
| Does Securitization Create Value? | |
| |
| |
| National Financial Systems | |
| |
| |
| National Financial Systems as Engines of Growth | |
| |
| |
| Asset Booms Contrasted with Bubbles | |
| |
| |
| A Fully Securitized Country Contrasted with a Completely Unsecuritized Country | |
| |
| |
| Implementing a Finance-Driven Growth Strategy | |
| |
| |
| Competition to Harness the Power of Securitization | |
| |
| |
| Origins of the Pressure to Harness the New Force | |
| |
| |
| Favorable Conditions for the Securitization-Driven Growth Strategy | |
| |
| |
| |
| An Idea Germinates | |
| |
| |
| A Belief Grounded in Early Experiences | |
| |
| |
| The Campaign to Raise Market Values Gets Underway | |
| |
| |
| |
| Three Booms and How They Ended | |
| |
| |
| |
| Financial Assets: Catalysts of World Prosperity | |
| |
| |
| Shining the Spotlight on Financial Infrastructure | |
| |
| |
| Growth Pattern of United States Financial Wealth 1960-1980 | |
| |
| |
| Growth of U.S. Financial Wealth Takes Off 1980-2000 | |
| |
| |
| Conclusion | |
| |
| |
| |
| Three Defective National Financial Systems and Attributes of a Better One | |
| |
| |
| The Era of Financial Assets Begins | |
| |
| |
| Built to Fall Down | |
| |
| |
| Two Tasks | |
| |
| |
| Deliver Us from Temptation | |
| |
| |
| Transmitting Pressure to Perform | |
| |
| |
| Conclusion | |
| |
| |
| |
| Is It Workable for Everyone to Invest in the United States? | |
| |
| |
| Yields on U.S. Financial Investments Take Off | |
| |
| |
| Priorities Shift to Raising Returns on Financial Assets | |
| |
| |
| Americans Raise Their Aspirations | |
| |
| |
| The New Mechanism for Creating Wealth in the United States | |
| |
| |
| An Upper Limit to the Financial Wealth-Creation Process in the United States? | |
| |
| |
| Breaking the Upper Limit to the Financial Wealth Creation Process | |
| |
| |
| Emerging Countries as Sources of Raw Material for Securitization | |
| |
| |
| Reforming National Financial Systems in the Emerging Countries | |
| |
| |
| Conclusion and Implications | |
| |
| |
| |
| Structuring Viable Ways to Invest in Poor Countries | |
| |
| |
| Recycling Risk-Tolerant Capital | |
| |
| |
| The Nicaraguan Flour Mill | |
| |
| |
| The Blue Jeans Factory | |
| |
| |
| Design Defects | |
| |
| |
| The Philippine Generating Plants | |
| |
| |
| No Design Defects? | |
| |
| |
| A Better Design | |
| |
| |
| Potential Gains from Better Design | |
| |
| |
| The Cost of Defective Design | |
| |
| |
| Pressure for Better Design | |
| |
| |
| Conclusion | |
| |
| |
| |
| Population and Wealth | |
| |
| |
| The Controversy: Slowdown to Zero Population Growth? | |
| |
| |
| Implications of the Population Slowdown | |
| |
| |
| Causes of the Slowdown | |
| |
| |
| Scenarios of Population and Wealth | |
| |
| |
| |
| Rising Wealth and the Impending Labor Shortage | |
| |
| |
| Wealth and Demand for Services | |
| |
| |
| Spending from Wealth | |
| |
| |
| Prospects for a U.S. Labor Shortage | |
| |
| |
| The Distribution of Wealth and the Propensity to Spend New Wealth | |
| |
| |
| Spending from Wealth and Job Creation | |
| |
| |
| An Impending Labor Shortage, Or a Mirage? | |
| |
| |
| Conclusion | |
| |
| |
| |
| Wealth Concentration and Diffusion | |
| |
| |
| Improvement in the Distribution of Income | |
| |
| |
| A New Role for Poor People in the World Economy | |
| |
| |
| The New Symbiotic Relationship between Rich Countries and Poor Countries | |
| |
| |
| Details and Difficulties of the Symbiotic Relationship | |
| |
| |
| Implementing the Proposed Solution | |
| |
| |
| The Coming Shortage of Buyers in the Rich Countries | |
| |
| |
| Savers in Poor Countries Rescue Rich Retirees? | |
| |
| |
| International Diversification for Everyone | |
| |
| |
| The Main Prosperity Diffusion Scenario | |
| |
| |
| Feasibility of the Main Prosperity Diffusion Scenario | |
| |
| |
| A More Grandiose Prosperity Diffusion Scenario | |
| |
| |
| Conclusion | |
| |
| |
| |
| Conclusion and Implications | |
| |
| |
| Implications for Investors | |
| |
| |
| A Happy Ending | |
| |
| |
| Endnotes | |
| |
| |
| Index | |