Winner Take All: China's Race for Resources and What It Means for the World [Hardcover]

Dambisa Moyo (Author)

Book Description

Release date: June 5, 2012

Commodities permeate virtually every aspect of modern daily living, but for all their importance—their breadth, their depth, their intricacies, and their central role in daily life—few people who are not economists or traders know how commodity markets work. Almost every day, newspaper headlines and media commentators scream warnings of impending doom--shortages of arable land, clashes over water, and political conflict as global demand for fossil fuels outstrips supply. The picture is bleak, but our grasp of the details and the macro shifts in commodities markets remain blurry.

Winner Take All is about the commodity dynamics that the world will face over the next several decades. In particular, it is about the implications of China’s rush for resources across all regions of the world. The scale of China’s resource campaign for hard commodities (metals and minerals) and soft commodities (timber and food) is among the largest in history. To be sure, China is not the first country to launch a global crusade to secure resources. From Britain’s transcontinental operations dating back to the end of the 16th century, to the rise of modern European and American transnational corporations between the mid 1860’s and 1870’s, the industrial revolution that powered these economies created a voracious demand for raw materials and created the need to go far beyond their native countries.

So too is China’s resource rush today. Although still in its early stages, already the breadth of China’s operation is awesome, and seemingly unstoppable. China’s global charge for commodities is a story of China’s quest to secure its claims on resource assets, and to guarantee the flow of inputs needed to continue to drive economic development. Moyo, an expert in global commodities markets, explains the implications of China’s resource grab in a world of diminishing resources.

Editorial Reviews

Review

Kirkus Reviews“Written to clarify important global questions, this book deserves a wide audience.”
 Jim Rogers, author of Hot Commodities and A Gift to My Children“Dambisa Moyo offers a smart primer for investors looking to make sense of the opportunities and risks in the commodity space today. You must read this book if you want to understand the reality of what's happening in the world today. I am afraid the West is going to wake up too late to prepare for the future.” 
Peter Munk, Chairman and Founder, Barrick Gold Corporation“For anyone longing to make sense of tectonic, eco-political shifts occurring in the commodities market, Winner Takes All is a fascinating and important book. By focusing her razor-sharp mind on China's central role in the new commodities rush, Moyo sheds light on and makes sense of a profound and dramatic moment in our history. Her book is a must-read." 
Ian Bremmer, president of Eurasia Group and author of The End of the Free Market“With Winner Take All, Dambisa Moyo offers a timely and provocative answer to two crucial questions: How are China’s leaders rushing to meet their country’s exploding demand for energy, and what does this mean for the rest of us? From Africa to Central Asia to Latin America, China exerts growing influence over prices for the commodities we all must buy to fuel our cars, heat our homes, and power our economies. It’s a recipe for conflict—and at a crucial moment for the future of the global economy.” Business Insider“If Moyo’s calculations are correct, we are in big trouble which makes the central premise of her book, Winner Take All, all the more arresting. . . . To western eyes, Winner Take All makes for scary reading.” Huntington News (Huntington, WV)“‘Winner Take All’ is an important book and should be read by everyone seeking to understand the importance of commodities in a world where population growth is outpacing the supply of the commodities needed to sustain life.” The Financial Times
“If we do have to face facts, Moyo is our woman. Winner Takes All would delight Gradgrind: it is peppered with nuggets and statistics, both macro and micro. One cannot accuse Moyo of failing to do her homework. So much has been packed into it that her book is impossible to read without learning something. . . . [Winner Takes All] is a warning of crippling resource scarcity.” The Irish Examiner
“In summary, Moyo’s argument is a captivating read based on many facts and independent reports but one which also reflects an externalised view considering that Dambisa Moyo has her origins in Lusaka, Zambia. If you want to know why certain things will happen then read this book today.”
Bloomberg News
“[Moyo’s] sharp perceptions and lucid exposition merit the jacket blurb from Jim Rogers. ‘You must read this book if you want to understand the reality of what’s happening in the world today,’ says the investor who co-founded Quantum Fund with George Soros. ‘I’m afraid the West is going to wake up too late to prepare for the future.’” USA Today
“Provocative — largely due to its gloomy vision of the future. . . . Though just 272 pages, Winner Take All is replete with illuminating facts and figures—including nuggets of information that keep the pages turning. . . . Thoroughly researched and alarmingly convincing, Winner Take All should serve as a warning of what might be in store down the road.” Nature
“[Moyo] pulls no punches in this investigation of China’s global ‘shopping spree’ for resources.” MoneyWeek (UK)
“Moyo’s aim is not so much to impress us with the well-worn thesis most have read before – that China is industrialising at a breakneck rate. Rather, she aims in part to frighten; in its quest to satisfy the rising demands of 1.3 billion people, China is starting to exert an iron grip on the commodities market.” Jonathan Fenby, The Observer/The Guardian (UK)
“This book's overall message is one which certainly deserves greater attention that it generally receives.” The Independent (UK)
“She tells this story from a different perspective than most writers of the West, for she does see things in part from the standpoint of Africa.” John Gibbs Blog
“The book is both thought-provoking and instructive, even for readers who do not agree with the scarcity scenarios.”

Steven W. Mosher, The Washington Times
“All over the world, China is snapping up mines, agricultural land and oil fields at a frenetic pace, often paying more — considerably more — than the going rate. The sheer scale of its purchases is astonishing.” Asian Review of Books
“[A] warning call by a celebrity intellectual, Winner Take All serves a useful purpose.” Winnipeg Free Press (Canada)
“While at heart a book of facts and figures, it is a warning to western governments and a source of valuable information to investors about where to hedge the commodity dollar of the future.” Globe and Mail (Canada)
“Moyo, a youthful emerging superstar among global-economy mavens, is… not afraid of controversy, as in her new book, a portrait of a world of shrinking resources and potential clashes over them: water, arable land, energy supplies.”
China Economic Review
“Winner Take All is impressive in its scope, ranging from the current state of global resource demand and trends in Chinese acquisitions to how commodity trading works and future trends in the demand and supply of resources.”

The Nation“Winner Take All, Dambisa Moyo’s new book on China’s role in the current global resource race, is a… call to arms against a country that she sees as cannibalizing the world’s resources while others foolishly sleep.” ExpatChn.com (Shanghai)“Winner Take All is well-researched and chock-full of information about the global commodities market. It’s an important and worthwhile…ead that provides context for many current events and our world economy—and if Moyo’s predictions turn out to be accurate, it will shed light on future political issues, too.” Journal of International Affairs“The story of China’s remarkable transformation over the past 30 years from an impoverished agrarian society into the world’s second largest economy has been extensively documented. Less attention, however, has been given to the consequences of the country’s breakneck growth rates on global commodity supply and demand…. Moyo’s book offers a useful primer on the policies China has adopted to satisfy its commodity demand, and the consequences of these policies for the rest of the world.”
iTV-Asia“[Moyo] does her homework, takes no one’s word as gospel, considers all sides and makes a very persuasive and troubling case for the Chinese approach to resource security.”

e-International Relations
“Moyo’s book is equally at pains to point out that China’s relentless quest for economic growth, through domestic development and as global manufacturer, will see its claim to many non-renewable resources to increase in the future. Thus, in situating China’s shift toward a market economy as part of a set of larger, international problems, which extend beyond the narrow confines of nation-states, Moyo is able to shift the 'China rising' debate into one of global economic significance. In this regard, Moyo’s book can be situated within the finer tradition of 'China’s rise literature.”

About the Author

An international economist and one of the world’s leading experts on macroeconomics and global affairs, in 2009 Moyo was named by Time as one of the “100 Most Influential People in the World,” and was named to the World Economic Forum’s Young Global Leaders Forum. Her writing regularly appears in economic and finance-related publications such as the Financial Times, the Economist, and the Wall Street Journal. In September 2009 Moyo was featured on Oprah Winfrey's “Power List” of twenty remarkable visionaries. She has appeared as a guest CNN, CNBC, BBC, and Fox Business. She has done numerous speaking engagements at organizations including OECD, World Bank, IMF, Council on Foreign Relations, and the American Enterprise Institute. In 2009 she spoke at the TEDx conference at the EU Parliament. She holds a PhD in economics from Oxford and an MPA from Harvard. She lives in New York and London.

Product Details

• Hardcover: 272 pages
• Publisher: Basic Books; First Canadian Edition edition (June 5, 2012)
• Language: English
• ISBN-10: 0465028284
• ISBN-13: 978-0465028283
• Product Dimensions: 6.3 x 1 x 9.4 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (29 customer reviews)
• Amazon Best Sellers Rank: #31,241 in Books (See Top 100 in Books)
  • #12 in Books > Business & Investing > Investing > Commodities
  • #39 in Books > Business & Investing > International > Economics
  • #100 in Books > Business & Investing > Economics > Economic Conditions

More About the Author

Dr. Dambisa Moyo is an international economist who writes on the macroeconomy and global affairs.

She is the author of the New York Times Bestsellers "Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa", "How The West Was Lost: Fifty Years of Economic Folly - And the Stark Choices Ahead" and "Winner Take All: China's Race for Resources and What It Means for the World".

Ms. Moyo was named by Time Magazine as one of the "100 Most Influential People in the World", and was named to the World Economic Forum's Young Global Leaders Forum. Her work regularly appears in economic and finance-related publications such as the Financial Times and the Wall Street Journal.

She completed a doctorate in Economics at Oxford University and holds a Masters degree from Harvard University. She completed an undergraduate degree in Chemistry and an MBA in Finance at the American University in Washington D.C..

Most Helpful Customer Reviews

56 of 62 people found the following review helpful

4.0 out of 5 stars Solid Book June 7, 2012

By J. Gomez TOP 500 REVIEWER

Format:Hardcover|Amazon Verified Purchase

Winner Take All: China's Race for Resources and What It Means for the World by Dambisa Moyo

"Winner Take All" is an even-handed assessment on China's race for resources and the implications this has for the rest of the world. The book's spotlight is on China's central role in the commodities dynamics. Best-selling author, international economist and a native of Zambia, Dr. Moyo has written a professional yet accessible book that tackles the following broad themes: economic implications of China's ascendency, China's growing financial reach and its implications for the workings of the global commodity markets, and the social and political implications of China's quest for resources. In general, the author succeeds in addressing the main themes through substance rather than with style and flair. This 272-page book is broken out in two parts: Part I - China's Rush for Resources and Part II - What China's Resource Rush Means for the World.

Positives:
1. Well-researched and well-written book that is accessible for the masses.
2. An even-handed book. The author seems very fair and logical. Her arguments and assessments are backed by sound economic perspectives. She's not afraid to be critical while remaining objective.
3. Dr. Moyo has the right background and great credentials to write such books. I'm also happy to see a female voice who is a native of Zambia in an otherwise male-dominated arena providing some refreshing and thought-provoking insights.
4. The author lays out early on what this book is all about and proceeds to methodically support her arguments with sound economic logic and knowledge. I like how the author considers various points of view of an issue.
5. Effective use of charts, stats and facts that add value to the narrative of the book.
6. Does a wonderful job of establishing China's economic agenda.
7. Enlightening look at the global commodity complex. The demand pressures on: arable land, water, energy, and minerals. "The world's most important commodities have one crucial thing in common: they are increasingly becoming scarce, as the earth's (finite) natural resources supply has not adequately kept up with the rising demand". Excellent snapshot of the world's resource supply. Kudos.
8. China's effective three-pronged approach into international resource markets. How China does it. Excellent narrative on this.
9. Amazing facts and thought-provoking statements. "China's fleet has also mirrored its growing importance in shipping, increasing from 1,367 to 3,127 vessels in the decade between 2001 and 2011".
10. China's and the world's biggest challenges.
11. The inner working of the global commodity markets. Perhaps the most complicated aspect of this book but the author keeps it manageable.
12. The perceived threats of China's growing role to the rest of the world. China's commodity campaign. Excellent points.
13. Three unique characteristics of credit-market crises and the two incontrovertible instances when government intervention is warranted.
14. China's strategy in practice and how the hosts perceive it. Is it beneficial?
15. Global food insecurity, it comes down to: food waste, misallocation of food, and policies that disincentives food production. One of the strongest points of the book.
16. Shale and its prospects for transforming the energy sector. Also an interesting look at nuclear energy.
17. A look at pollution.
18. The clash and potential for violence over resources. Demand-supply imbalances.
19. You can only come up with good answers if you ask the right questions...the author asks all the right questions. A global effort to address the questions.
20. Does a real good job of summarizing her main point.
21. Links to notes worked great and bibliography provided

Negatives:
1. The book tends to be repetitive. The author hammers certain points and comes back to them frequently. One thing is clear you will absorb what China's main goals are and that is a goal of the book.
2. The book lacks panache. The writing style is a bit stiff and lacks flair. It's not very engaging even though I do feel it was effective.
3. Some acronyms were not properly defined. As an example, BOE (Barrel of Oil Equivalent).
4. It doesn't say much about Chinese culture it's all about the economics and implications.
5. A few times the book wasn't consistent at one point it describes as 800 million Chinese as living in poverty while in another occasion it was a billion. I'm an engineer, I'm sorry I notice these things.
6. I'm always a little leery of referencing the Heritage Foundation the same outfit that denies climate change while the author clearly accepts it. That being said it appears the database referenced is useful.

In summary, this is a very effective and even-handed book. The author takes her emotions out of it and proceeds to support her arguments with sound logic and economics. My only main gripe with the book has to do with the stiff, as-a-matter-of-fact style. A little more engaging style would have made the book more enjoyable for readers. Be that as it may, I have a much better understanding of China's growing role in the global economy and for that I thank Dr. Moyo. If you are interested in global economics and the race for scarce resources, this is the book to read!

Further recommendations: "Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa" by Damisa Mojo, "The End of Growth: Adapting to Our New Economic Reality" by Richard Heinberg, "The Crash Course: The Unsustainable Future Of Our Economy, Energy, And Environment" by Chris Martenson, "Crude World: The Violent Twilight of Oil" by Peter Maass, and "The Post-American World: Release 2.0" by Fareed Zakaria.

25 of 28 people found the following review helpful

4.0 out of 5 stars The challenges of a resource-scarce future June 7, 2012

By John Gibbs TOP 500 REVIEWER

Format:Hardcover

Over the next several decades the world will almost certainly face global tensions arising from greater resource scarcity, according to Dambisa Moyo in this book. China is the only one of the world's great powers to focus its economic and political strategy on anticipating the considerable challenges presented by a resource-scarce future.

The book describes a range of limited resources, including arable land, water, minerals and oil, and examines the future implications for China and for the rest of the world. China is both the leading buyer of the world's resources and the main trading partner of many countries, giving it enormous economic power. Particularly in Africa, China is a significant funder of governments and infrastructure projects.

In view of the controversial nature of the author's previous books Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa and How the West Was Lost: Fifty Years of Economic Folly--and the Stark Choices Ahead, and in particular her suggestion that the US should default on its loans from China, readers may be surprised to discover that she does not take an anti-Chinese approach in this book. While some regard China's resources rush in Africa as neo-colonialist, the author says that, for the moment, China would seem to be one of the forces actively working to improve Africa and the prospects of its people. She points out that China is almost universally viewed by Africans as having a more beneficial impact on African countries than does the United States.

The book's message is that the rest of the world needs to wake up to the coming resources scarcity and take appropriate action. The urgency of that message depends on how imminent the reader thinks the scarcity is. The book suggests a Malthusian viewpoint in which escalating population and depletion of resources leads to catastrophes.

As is the case with her other books, the author describes complex economic concepts in easy-to-understand language that does not assume any prior knowledge. The book is both thought-provoking and instructive, even for readers who do not agree with the scarcity scenarios.

9 of 11 people found the following review helpful

3.0 out of 5 stars Unnecessarily sensational August 21, 2012

By foxmulder_ms

Format:Hardcover|Amazon Verified Purchase

As its tittle demonstrates this book is exaggerating the situation and blaming China (and developing world including India, Brazil etc. ) for a possible supply crisis in commodities. Two biggest blunders of the book are

1) It completely ignores that China is the biggest producer of many commodities. It produces much much more than it imports. (Anyone can google it, only significant exception is oil)

2) China is not trying to grasp the current supply of commodities, on the contrary it invests to create new suppliers in Africa, Australia and South America. This distinction is not apparent when you read the book.

Book also has very curios mistakes such as "copper in future will be less pure". I've just lol'ed to that one :)

Book has couple of good points too tough.

It clearly states that people in Africa "like" Chinese involvement because they see it as win-win situation.

Humanity needs to be much more careful with its consumption of resources especially when it comes to water and food.

Political myopia is the biggest problem.