David Smith’s book is an excellent read. When asked to review a book of this topical subject, I deliberately set out to ask myself: “Is it adding anything to the plethora of titles on China, India, more broadly the BRICs and globalisation?” While David covers much similar ground to other books, the answer is a clear ‘yes’. I find particular attraction in the lots of different gems of facts and information I had not known, in terms both of  life today and the history of India and China.

The way he highlights key issues is very presentable for the reader. Here are just two examples. First, related to the rapid growth of the super-rich in China, David writes: “The number of Dollar millionaires is rising sharply in China, but the chances of being one are roughly the same as being struck by lightning.” (The percentage is currently 0.02!) In debating exactly when India started on the path of change which has allowed the country to become regarded as a serious economic power, David points out that the highly successful IT firm Infosys celebrated its twenty-fifth anniversary in 2006, supporting those that believe India went down the path of reform in 1981, earlier than many typically claim.

For those with little time and wanting answers to the two big questions of today (Which is the better opportunity, China or India? And will they both transform the world?), you could just read the last two chapters. I won’t tell you the conclusions here, which means you will have to buy the book! David presents the issues in an easily readable manner and I can’t think of any big ones he misses.

It would be a shame if readers did only read the last two chapters, however, as in fact the real contribution from this book is presenting how both China and India have evolved to their present state from their complicated past. Indeed, as someone who spends so much time talking about both countries, David’s analysis has not only enriched my awareness of how they got where they are, but it has added to my embarrassment about my lack of knowledge of each country’s fascinating and complex history. The first few chapters are really helpful in highlighting where both countries went wrong. Moreover it helps you realise that, as historians point out, if China and India do become the biggest and third biggest economies in the world as we and many others suggest, then seen from a longer historical perspective, it will not be as big a deal as one might think.

The main reason why the book successfully passes the question I posed at the outset is that, throughout the book, David skilfully uses other published pieces about China and India to illustrate and support an issue he is discussing. At times, it is like a more readable section of the dreaded PhD thesis when the ‘previous literature’ analysis needs to be circumnavigated. As part of his success here, David discusses many different research pieces on China and India, some of which are very recent and a number of which I was unaware.

Overall, given the amount of time I spend on China and India, I can only imagine that those who spend less will find David’s book an invaluable guide to how both are unfolding and likely to shape the world going forward.

Jim O’Neill

Head of Global Economic Research, Goldman Sachs