In this presentation at the PDAC International Convention in Toronto on Sunday, 4 March 2018, I discuss the realities behind claims of Third World economic growth and why much of the optimism surrounding emerging markets is misplaced.

The presentation examines why aggregate GDP figures, demographics, imported technology, and temporary commodity cycles can create the illusion of development. Except for China and parts of East Asia, much of the so-called emerging world lacks the cultural, institutional, and moral foundations needed to sustain real economic growth.

Watch the full presentation below:

Key Takeaways:

• Why much Third World economic growth is exaggerated or misunderstood
• How GDP figures and demographic optimism can mislead investors
• Why China and East Asia remain the major exceptions in the developing world
• How imported technology can create temporary growth without deeper transformation
• Why culture, institutions, trust, and rationality matter more than fashionable growth narratives