Asia Firms and the Global Profit Super Cycle

Why is corporate profitability at record highs whilst there has been a weak recovery in the global economy since the 2008 financial crisis? How does one explain rising income inequality in the developed economies but a major fall in income inequality worldwide?

This new book, written by a leading economist and strategist, argues that we are in the middle of a super-cycle in corporate profits which is grounded in two deep structural supply-side forces which have begun to operate in tandem over the last 20 years. Split into two sections, the book argues that many of the key features of our current global economy are explainable by the integration of emerging market labour into a truly global labour supply and a simultaneous surge in technological innovation and adoption. It then combines empirical data on profits with corporate level case studies. Drawing on the author's experience in Asia, to identify those business models that are winning in this environment. Special attention is given to China where the author argues that the themes of this book are most clearly visible.

Asian Firms and the Global Profit Supercycle will provide readers with both a theoretical framework to understand many features of the current global economy but also corporate case studies of the Asian firms which are best placed to succeed in this highly dynamic but challenging new environment.

Jonathan Garner is Morgan Stanley's Chief Asia and emerging market equity strategist. He joined the Firm in 2006 having held similar positions at Robert Fleming, DLJ International, and Credit Suisse. Earlier in his career, Jonathan worked as an academic in the economics department of the London School of Economics and also spent time on secondment to the International Monetary Fund. He is the author of 'The Rise of the Chinese Consumer', published by John Wiley & Sons in 2005. Jonathan is a well-known commentator and writer on Asia and emerging markets from an economic and financial market perspective and was recently ranked #1 for equity strategy in the 2015 Institutional Investor magazine survey. He holds an MA from Oxford University and an M.Sc. from the London School of Economics. He is married with six children and currently lives in Hong Kong.