The Miracle

The Epic Story of Asia's Quest for Wealth

Michael Schuman

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Paperback

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English

Harper Collins
02 September 2010

History; Development economics; Economic history; Business strategy

In little more than a generation, Asia has emerged from centuries of stagnation to become the rising force of the global economy. This transformation has been so spectacular that some have called it a miracle. How did it happen Taking the reader from the docksides of Korea to the halls of India's finance ministry, The Miracle details the courageous decisions and heroic self-sacrifice that made Asia's ascent possible. Spanning nine countries and probing major historical currents, this account illuminates not only Asia's extraordinary economic rise but also how its causes might emancipate the developing world from poverty and guide the developed world to further prosperity.

Using more than a decade of reporting and analysis, Time magazine and former Wall Street Journal reporter Michael Schuman uncovers how outsourcing to Asia began; how Asia's most famous companies, such as Sony and Honda, became global corporations; and how technological changes and global economic shifts made Asia's boom possible. He reveals the compelling human side to this economic story, introducing readers to the political strongmen, entrepreneurs, and policymakers who made the Miracle a reality. This engaging historical narrative brings to life the ideas and actions of a diverse group of Asians—dictators and democrats, generals and technocrats, economists and engineers.

Some of the characters in the book have captured the global imagination for years, such as China's reformer Deng Xiaoping and Sony founder Akio Morita. Others are less well known, including Park Chung Hee, Korea's tightfisted nation builder; Liu Chuanzhi, the risk-taking founder of PC maker Lenovo; and Azim Premji, the mastermind behind Wipro, one of India's technology giants. All of them shared a dream—to elevate Asia to its proper place of influence in the world and eradicate the poverty around them.

The Miracle not only offers profound insight into Asia and its increasing wealth and power; it also reveals how these seismic shifts continue to reverberate through the global economy. The implications of Asia's economic ascent for the rest of the world are surprising, promising, and inspiring. Readers of The Miracle will gain a deep understanding of Asia's place in the global economy—and of their own.

By: Michael Schuman
Imprint: Harper Collins
Country of Publication: United States
Dimensions: Height: 203mm, Width: 135mm, Spine: 29mm
Weight: 408g
ISBN: 9780061346699
ISBN 10: 0061346691
Pages: 304
Publication Date: 02 September 2010
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Michael Schuman is currently the Asia business correspondent for Time magazine and covers the entire continent from India to Japan. He also spent more than six years as a correspondent for the Wall Street Journal in South Korea and Indonesia. He was part of an award-winning team of journalists who covered the 1997-98 Asian economic crisis for the Wall Street Journal. He is currently based in Hong Kong.

Reviews for The Miracle: The Epic Story of Asia's Quest for Wealth

Well told tale of the most extraordinary economic saga of the past century. Read this and you will quickly grasp that the current slowdown in Asia, at worst, will be very temporary. -- Steve Forbes The Miracle tells an amazing story, and it's all true. Michael Schuman has done some world-class reporting in putting together this truly timely account. Everyone has a stake in Asia's economy, and we need to appreciate and understand that, especially at this time of global economic uncertainty. -- Wolf Blitzer Schuman writes in the same vein of anecdotal pop-economic analysis as Thomas Friedman, with less grandiosity and more nuance; the result is a thoughtful, reader-friendly look at the crucial economic developments of our age. -- Publishers Weekly If you are interested in how Asia became an economic tiger, read The Miracle... Schuman is not just a skilled reporter - he is also a gifted journalistic storyteller. -- New York Times A rollicking good yarn. -- Far Eastern Economic Review Should be read by anyone who imagines that there is an easy answer to the debate between laissez-faire and interventionist economics. -- The Wall Street Journal For readers unfamiliar with the story of Asia's rise, Schuman provides an engaging and readable account of some of Asia's key policy makers, national leaders and business tycoons. It is economics as biography, character as developmental destiny. -- Washington Post