In this presentation for Mining Journal, I discuss macroeconomics, mining, emerging markets, and where investors should realistically look for economic growth.

The presentation examines why much of the apparent growth in the Third World is misunderstood, why China remains the major exception, and why investors must distinguish between real productivity and temporary gains created by imported technology, credit, or commodity cycles. In mining and resource investing, this distinction is essential: capital should follow genuine productivity, rational institutions, and disciplined management, not fashionable growth narratives.

Watch the full presentation below:

Key Takeaways:

• Why investors must distinguish real economic growth from misleading headline numbers
• Why China remains the major exception among emerging markets
• How imported Western technology can create temporary growth without deeper cultural transformation
• Why macroeconomic thinking matters in mining and resource speculation
• Where rational investors should look for productivity, discipline, and long-term value