Values At The Core How Human Values Contribute To The Rise Of Nations

'A thought-provoking book, bringing readers outside their comfort zones. It challenges us to think beyond the typical macro and microeconomic …' [Read Full Review]A TanFT readers' best 2021 summer booksThroughout the history of mankind, the rise of societies, whether civilizations, nations, or communities, has been a story of human achievement. From the rise of the Akkadian empire in ancient Mesopotamia to the re-emergence of modern China, people constitute the basic denominator upon which societies build their success. The way people around the world think and behave is guided by a complex system of values. These values constitute key factors in the way economies are structured and their potential for further growth. To a large extent, they explain why Japan has gone through multiple lost decades; why Nordic countries accept the highest tax rates in the world, making their societies much more equal; why China has such a large trade surplus with the United States; or why some nations become stuck in a middle-income trap. It is these values, coupled with the right policies, that ultimately determine the destiny of nations.In this book, we explore how the combination of human values and policies affects national economic outcomes. We focus on certain key values conducive to growth: are people of a given nation, on average, hardworking, thrifty? Do they trust each other? Are they risk-takers? The harder people work, the higher the growth potential. Different savings patterns determine, to a large extent, whether a country will grow through investments and exports or consumption, and have generated large global imbalances over time. Trust goes a long way in explaining wealth and income inequalities and the role that governments can play in minimizing those inequalities. Economies with highly risk-averse citizens will stall. We also identify policies which have the greatest impact on economies. Political stability, much more so than any form of governance, is a precondition for growth. Free markets imply a process of creative destruction, free and fair competition, and a level playing field among companies. An educated workforce is a vital enabler of higher productivity and innovation. Corruption can seriously derail growth once it becomes endemic. Sound fiscal and monetary policies stabilize an economy as it goes through cycles and can greatly contribute to a more equal society and a more robust financial sector.

People around the world grow up with different sets of values guiding their vision and their behavior. Too often neglected by economists, those values constitute key factors in the way economies are structured and their potential for further growth. To a large extent, they explain why Japan has gone through multiple lost decades, why Nordic countries accept the highest tax rates in the world, making their societies much more equal, why China has such a large trade surplus with the US or why some nations become stuck in a middle-income trap. It is those values, coupled with the right policies, that ultimately determine the economic destiny of nations.In this book we explore how the combination of human values and policies affects national economic outcomes. We focus on key values conducive to growth: are people of a given nation, on average, hard-working, thrifty, do they trust each other, what is their attitude towards risk? The harder people work, the higher the growth potential. The willingness and ability to save determines to a large extent whether a country will grow through investments and exports vs consumption. Trust goes a long way to explaining wealth and income inequalities and the role that governments can play in minimizing those inequalities. Economies with highly risk-averse citizens will stall.We also identify policies which in our view have the greatest impact on economies. Market forces are essential for further growth. Political stability, in particular the absence of armed conflicts, is more conducive to growth than any specific form of government. An educated workforce breeds innovation and productivity. Corruption can seriously derail an economy. Sound fiscal and monetary policies are vital for an economy to go through its cycles and prevent crises.This book bridges the gap between those two sets of factors, recognizing that it is only by taking into consideration values and policies that we can truly understand how economies work.

""This carefully researched book views the history and prospects of twelve extremely different economies through four societal prisms: their work, thrift, trust, and risk-taking characteristics." Wilbur Ross US Secretary of Commerce 2017-21 and Author of Risks & Rewards "A must-read for policymakers, business leaders, and anyone seeking to understand the enduring principles that underpin sustainable economic growth." Abdulla bin Adel Fakhro Minister of Industry and Commerce Bahrain, Kingdom of Bahrain "This anthology, meticulously crafted by Tan Chin Hwee and Thomas Grandjean, offers a profound exploration into the economic trajectories of 12 countries, delving deep into their stories from the perspective of their 'Values at the Core - Hard Work, Thrift, Trust and Risk Taking' ..." Ryu Peob Min Director General for FTA Negotiations, Ministry of Trade, Industry and Energy, Republic of Korea "If nothing else, the book provides masterly summaries of the economic condition of a comprehensive sampling of countries from a wide spectrum. But it is much more than that; it offers a view of the current state of the world filled with thought-provoking insights." George Yeo Former Foreign Minister of Singapore "By bringing frank and at times provocative observations about cultural values into the traditional economist's analysis of geography, technology, and national policies, this work raises fresh, important questions ..." Jeff Nankivell President & CEO, Asia Pacific Foundation of Canada "... a must read for any student of behavioral finance and how it works in the real world." Naina Lal Kidwai Former President of the Federation of Indian Chambers of Commerce and Industry, Republic of India The traditional rules-based system of the West, which has yielded peace dividends for many decades, now faces challenges from an emerging new world order. Building upon the themes introduced in Grandjean and Tan's Financial Times Readers' Best 2021 Summer Books, Values at the Core: How Human Values Contribute to the Rise of Nations, this book adopts a fresh perspective, examining historical precedents while charting a course for the future. Through accessible economic and social analyses of 12 nations, it offers insights into potential pathways forward"--

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