In This Review

From Third World to World Class: The Future of Emerging Markets in the Global Economy
From Third World to World Class: The Future of Emerging Markets in the Global Economy
By Peter Marber
Perseus Books, 1998, 272 pp.

An enthusiastic emerging-market specialist, Marber discusses a broad range of topics, from the history of Western economic development to the role of the modern bond market. In clear, textbook fashion, he has placed digressions in sidebars and offers a work packed with information.

Unfortunately, rapidly moving events -- in this case, the financial crises in Asia and Russia -- have outpaced the book. Marber only briefly alludes to recent emerging-market turbulence without seriously discussing causes or consequences. Nevertheless, he suggests that Asia's woes are only passing events that will be overtaken by positive fundamental opportunities again. While not understating the risks, he argues that investors should prepare for the best, not the worst, from emerging markets.