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Why I'm bullish on the emerging economies amarcnn | July 15, 2011 at 11:00 am | Tags: CNN's Fareed Zakaria | Categories: Emerging Powers | URL: http://wp.me/p1bJgh-29C

Editor's Note: The following is an edited excerpt from a transcript of Fareed Zakaria answering viewer questions online. 

I am very bullish on the emerging economies.

At a short-term, tactical level you can look at these economies and say, "Oh, Indian reform has slowed and the government isn't doing much. In Brazil the stock market and the currency have appreciated too much. In China there is a housing bubble."

All of this is true and there might be temporary setbacks as a result, but the long-term trend here is very simple. For the past 300 years, the Western world discovered the secrets of economic success and implemented them. These secrets were a market economy, private property, rule of law, education, science and hard work.

After a while people began to realize that these secrets were actually open source –anyone could use them. Read more of this post

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