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Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail Hardcover – November 30, 2021
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“A provocative read...There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times
From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—and to offer practical advice on how to navigate them well.
A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political, and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing world power (US) and the existing world order. The last time that this confluence occurred was between 1930 and 1945. This realization sent Dalio on a search for the repeating patterns and cause/effect relationships underlying all major changes in wealth and power over the last 500 years.
In this remarkable and timely addition to his Principles series, Dalio brings readers along for his study of the major empires—including the Dutch, the British, and the American—putting into perspective the “Big Cycle” that has driven the successes and failures of all the world’s major countries throughout history. He reveals the timeless and universal forces behind these shifts and uses them to look into the future, offering practical principles for positioning oneself for what’s ahead.
- Print length576 pages
- LanguageEnglish
- PublisherAvid Reader Press / Simon & Schuster
- Publication dateNovember 30, 2021
- Dimensions6 x 1.9 x 9 inches
- ISBN-101982160276
- ISBN-13978-1982160272
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From the Publisher

Editorial Reviews
Review
—Andrew Ross Sorkin, The New York Times
“Dalio’s impressive book . . . has, if not changed my mind, then at least massively shifted the needle on how I see cycle theories. . . . Dalio avoids most of the traps associated with cycle theories. The Changing World Order is jam-packed with charts, showing long-run changes in major countries, often reaching back centuries. . . . He manages to do what many successful investors writing books about their investment lens fail at: delivering something new and interesting without giving away precisely the secret sauce that fueled his success.”
—Joakim Book, American Institute for Economic Research
“Ray Dalio has a special talent for identifying the key questions of our time. In this sweeping new book, he marshals a variety of economic, social, and political measures to trace the rise and decline of nations. It is a serious contribution—and an urgent warning to the West.”
—Henry Kissinger
“An audacious, practical guide to the rise and fall of empires over the last five hundred years of history—with important lessons for the U.S. and China today.”
—Graham Allison, Douglas Dillon Professor of Government at Harvard University and author of Destined for War
“Ray Dalio has a unique talent for making important and complex issues simple. I was riveted by his descriptions of the cause/effect relationships that drove the last five hundred years of history and how they provide practical guidance for dealing with what is happening now. This may well be the most important book of the year if not the decade. A must-read.”
—Arianna Huffington
“A super provocative, super important must-read. It lines up a lot of facts to create a scary picture that’s hard to refute.”
—Bill Gates
“When Ray Dalio talks, I listen. His new book is remarkable in its scope—shedding new light on the biggest reasons nations win in the global economic and political arenas, and applying it to China and the US today. After reading this book, you probably won’t see the world the same again.”
—Henry Paulson
“Ray Dalio’s latest book should be required reading for everyone. It would be irresponsible not to understand what Ray has laid out, steeped in history, serving as a roadmap for the future.”
—Mary Callahan Erdoes, CEO of J.P. Morgan Asset & Wealth Management
“History is too important to leave to historians. Only Ray Dalio would have the brilliant audacity to attempt such a synthesis of the financial, economic, and political history of the world. Agree or disagree, Dalio’s book is essential reading to understand our times.”
—Lawrence H. Summers
“How do we learn from history so that we don’t repeat the same mistakes that have led to the downfall of nations? By reading Ray's book Principles for Dealing with the Changing World Order. Ray shows us how history can provide a template to help guide how we might think about what comes next. And for those of us who might shudder at reading 576 pages, he provides an ingenious highlighted path that makes the book a shockingly easy, yet comprehensive, read.”
—Mark Cuban
“Everything Ray Dalio writes is compelling reading for the investor and the policymaker. This is an excellent, deeply thoughtful study of what drives the rise and demise of economic cycles and empires.”
—Tim Geithner
“Ray Dalio has an uncanny capacity to understand what is happening in the world and develop principles that allow him to prepare for what’s ahead. Principles for Dealing with the Changing World Order is amust-read full of insights into where the world is today and where it’s going.”
—Tony Robbins
“Ray does an astounding job of giving us an inspiring and thought-provoking experience by looking at the rises and declines of empires, showing how economics, culture, military prowess, innovation, inequality, and other elements interact. He leaves us with an improved perspective for thinking about very vexing issues such as the state of America versus China.”
—Jamie Dimon
Praise for Ray Dalio's Principles: Life and Work, Winner of the Axiom Business Book Award for 2018
“Mr. Dalio has long been an object of fascination. . . . His new book is more significant than the original list of principles: It is part memoir, part how-to guide. It is a deeply personal story, with Mr. Dalio wading into how he started his firm in 1975, internal conflicts inside the company, and strife early on in his career. The book is both instructive and surprisingly moving. . . . Underneath what may seem like a clinical, emotionless approach is something different and far more poignant: Mr. Dalio is preaching for individuals to have a sense of humility and introspection, an ability to open themselves to appreciate pointed criticism and use it to improve.”
—The New York Times
“If there was an ‘it’ book for businesses or careers in 2017, it was Ray Dalio’s Principles. The book, weighing in at nearly 600 pages, begins with the author’s own story, including the rise of Bridgewater Associates, Dalio’s highly successful investment firm. Part memoir, part strategic plan, Dalio uses his own history to provide suggestions on attaining success while always stressing the power of individuality and personal goals. This isn’t just a book for the power elite. Dalio’s highly detailed game plan focuses on what he calls ‘radical’ truths and transparencies, and are applicable to the careers of powerful CEOs, ladder-climbing executives, longtime grunts, and fresh-faced rookies.”
—Chicago Tribune
“Ray Dalio has provided me with invaluable guidance and insights that are now available to you in Principles.”
—Bill Gates
“I found it to be truly extraordinary. Every page is full of so many principles of distinction and insights—and I love how Ray incorporates his history and his life in such an elegant way.”
—Tony Robbins
“Ray Dalio’s market acumen is legendary, but it was creating and living by a set of principles that allowed him to reach the top. Everyone with goals and dreams can learn from Ray’s approach.”
—Michael Bloomberg
“I was surprisingly moved by it. I found it to be remarkably engaging. It made me think about life and how we all deal with each other in pretty profound ways. And Mr. Dalio’s own story about how he came to these principles is fascinating.”
—Andrew Ross Sorkin
“The billionaire investor has created the strongest culture I’ve ever seen in an organization—one that prizes radical transparency over politics and meritocracy over democracy. In his long-awaited book, he describes the systems that he has designed to shape meaningful work, meaningful relationships, and the world’s most successful hedge fund.”
—Adam Grant
“I highly, highly recommend this book. It has already changed how I think about making decisions in my life and in my business.”
—Tim Ferriss
“Principles had a profound positive impact on my leadership style—through living more honestly.”
—Reed Hastings
“Among a handful of philosopher-investors known not only for moneymaking prowess but also for their distinctive take on life.”
—The Wall Street Journal
“What makes Dalio compelling is not just his track record but the way he goes about making money, and the rigorous analysis he applies to understanding markets, organizations, the economy, and life.”
—Fortune
About the Author
Product details
- Publisher : Avid Reader Press / Simon & Schuster; 1st edition (November 30, 2021)
- Language : English
- Hardcover : 576 pages
- ISBN-10 : 1982160276
- ISBN-13 : 978-1982160272
- Item Weight : 1.95 pounds
- Dimensions : 6 x 1.9 x 9 inches
- Best Sellers Rank: #814 in Books (See Top 100 in Books)
- #1 in Macroeconomics (Books)
- #1 in International Economics (Books)
- #3 in Economic History (Books)
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About the author

Ray Dalio is the founder and co-chairman of Bridgewater Associates, which, over the last forty years, has become the largest and best performing hedge fund in the world. He is the author of #1 New York Times Bestseller and #1 Amazon Business Book of the Year, Principles. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He lives with his family in Connecticut.
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Customers find the book offers great insights into global economic history and appreciate its readability, with one noting it's a fantastic read for personal and business growth. The writing quality receives mixed feedback - while many find it easy to read and understand, others find it repetitive. The timeline accuracy and outlook aspects also receive mixed reviews, with some considering it the best read of 2022 while others find it long and not necessarily encouraging for the American future.
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Customers find the book offers great insights and is thought-provoking, particularly praising its focus on global economic history and use of historical analysis.
"...Overall, "The Changing World Order" is a well-written and informative book that is sure to appeal to a wide range of readers...." Read more
"...The book breaks down and summarizes key points in world history and economics to make points to get the message across each chapter...." Read more
"...some good high level overviews of Chinese, European, and American history. There are many interesting charts and statistics thrown in...." Read more
"...His interpretation and description of various historical events, especially those pertaining to the British and Dutch empires, are right on target...." Read more
Customers find the book readable and enjoyable, with one mentioning it's particularly beneficial for personal and business growth.
"..." is a well-written and informative book that is sure to appeal to a wide range of readers...." Read more
"...The build up to the final three chapters is decent, although only occasionally riveting: The book is only three stars before the strong close...." Read more
"This is an extraordinary book. Although it’s written by an economist, it is anything but boring...." Read more
"Great book...." Read more
Customers find the book eye-opening, with great details and well-illustrated visuals, and one customer notes its remarkable ability to see the bigger picture.
"Great book. Dalio does a remarkable job seeing the bigger picture and providing confidence through historical events/ever repeating cycles that you..." Read more
"...in an easy-to-read format for the readers, and the graphs also helped to illustrate the points he was trying to make...." Read more
"...how to look at the world from such a big picture framework and zoom in on the details as and when you need to...." Read more
"This book is very eye opening. Greatly puts in perspective the current world events. One of the best books I’ve ever read." Read more
Customers find the book worth buying, with several noting it's a good investment of time, and one mentioning it serves as a wise guide for investing decisions.
"...wants to better understand the world we live in, this book is well worth your time...." Read more
"It is a really good collection of Mr. Dahlio's thoughs on what will happen next...." Read more
"...Still worthwhile read." Read more
"...Is he a "Nostradamus"? .. nope. This book is worth buying...." Read more
Customers have mixed opinions about the writing quality of the book, with some finding it clearly written and easy to understand, while others describe it as repetitive and too wordy.
"...Overall, "The Changing World Order" is a well-written and informative book that is sure to appeal to a wide range of readers...." Read more
"...This book is an easy read, and especially for those who aren't well-versed about world history and world economics...." Read more
"...Also the first 85% of the book was a bit repetitive and could have been covered in 1/2 the time... 4 stars. Still worthwhile read." Read more
"...At the same time he also does provide concrete advise of how to prepare. He gives some definite timelines and the dates are very close...." Read more
Customers have mixed opinions about the timeline accuracy of the book, with some considering it the best read of 2022, while others find it a slow read.
"...He gives some definite timelines and the dates are very close...." Read more
"...I gave up on it about a third of the way in because its grand revelations were really old news...." Read more
"...Although this book was written in 2021 and you would think that Covid would be something that was at least given some consideration, he gives only a..." Read more
"...This is the best book I read in 2022. Reading this gives you an insight to why and where our country is as a whole in the world's order...." Read more
Customers have mixed reactions to the book's outlook, with some appreciating how it changes their view of the world and provides fresh perspectives, while others find it disconcerting, particularly regarding the American future.
"...Ray gives us a way to understand the major forces, cycles, and paradigm shifts that can dramatically change the world around us...." Read more
"Not necessarily encouraging for American future. Interesting read." Read more
"This book in its simplest form is about learning from past mistakes so we can avoid them in the future...." Read more
"...It is both scary and a little potentially optimistic. The ideas were extremely well supported by a variety of statistics...." Read more
Customers have mixed opinions about the book's length.
"...However, I found Dalio’s writing to be very repetitive and lengthy. I think there are so good lessons from history about cycles...." Read more
"The book is 550 pages long. I enjoyed reading about the current political and economic environment and comparisons to history...." Read more
"gets a little long, but very interesting" Read more
"...Too long, too boring & ultimately simply a goulash of statistics, self-servingly posturing & at times, mendacious by omission...." Read more
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Great book for understanding how the world works!
Top reviews from the United States
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- Reviewed in the United States on May 9, 2023Dalio has a unique perspective on the topic of the changing world order. He is a successful businessman who has spent his career analyzing economic trends and patterns, and this book is a culmination of his findings. His writing is clear and concise, making complex economic concepts easy to understand.
One of the best features of the book is its organization. The book is broken down into 14 chapters, each focusing on a different aspect of the changing world order. Dalio starts with the big picture, examining the major forces driving the changing world order, before delving into the specifics of each major empire, including the Dutch, British, American, Chinese, Soviet, and Japanese empires. Ultimately, he brings everything full circle by discussing the changing world order today and what the future may hold.
Another great aspect of the book is the way that Dalio weaves history and economics together. He doesn't just present economic theories in a vacuum; he uses real-world examples to show how they have played out over time. For example, in Chapter 5, he discusses the Great Depression and how it shaped the changing world order in the 1930s and 1940s. He also uses the rise of populism in Chapter 7 to illustrate how economic inequality can lead to political instability.
Overall, I would highly recommend "The Changing World Order" to any intelligent human interested in economics, history, or politics. This book is a must-read for anyone who wants to understand the forces shaping our world today and what the future may hold. As Dalio himself puts it, "understanding how the world works is essential if you want to accomplish your goals and live a fulfilling life."
Here are some key takeaways from the book:
The changing world order is driven by three major forces: the changing relative powers of countries, the changing relative productivity of countries, and the changing values of countries.
The rise and fall of empires is a natural part of the changing world order. Each empire has its own unique characteristics, but they all follow a similar pattern of rise, peak, and decline.
The post-World War II order was built on the idea of free trade and cooperation between nations. However, this order is now under threat due to rising nationalism and protectionism.
China is currently on the rise and is likely to become the world's dominant economic power in the coming decades. However, although this rise is not guaranteed, and there are many challenges that China will need to overcome, the US needs to step up its game on several fronts to compete.
The future of the world order is uncertain, but there are a few things we can say with some degree of certainty. For example, the rise of automation and artificial intelligence is a hot topic today likely to have a major impact on the global economy in the coming years.
Overall, "The Changing World Order" is a well-written and informative book that is sure to appeal to a wide range of readers. Whether you're a history buff, an economics nerd, or just someone who wants to better understand the world we live in, this book is well worth your time. As Dalio himself says, "The more you know, the more you'll understand, and the more you'll be able to make informed decisions about your own life." Five stars from me, give it a read!
5.0 out of 5 starsDalio has a unique perspective on the topic of the changing world order. He is a successful businessman who has spent his career analyzing economic trends and patterns, and this book is a culmination of his findings. His writing is clear and concise, making complex economic concepts easy to understand.Great book for understanding how the world works!
Reviewed in the United States on May 9, 2023
One of the best features of the book is its organization. The book is broken down into 14 chapters, each focusing on a different aspect of the changing world order. Dalio starts with the big picture, examining the major forces driving the changing world order, before delving into the specifics of each major empire, including the Dutch, British, American, Chinese, Soviet, and Japanese empires. Ultimately, he brings everything full circle by discussing the changing world order today and what the future may hold.
Another great aspect of the book is the way that Dalio weaves history and economics together. He doesn't just present economic theories in a vacuum; he uses real-world examples to show how they have played out over time. For example, in Chapter 5, he discusses the Great Depression and how it shaped the changing world order in the 1930s and 1940s. He also uses the rise of populism in Chapter 7 to illustrate how economic inequality can lead to political instability.
Overall, I would highly recommend "The Changing World Order" to any intelligent human interested in economics, history, or politics. This book is a must-read for anyone who wants to understand the forces shaping our world today and what the future may hold. As Dalio himself puts it, "understanding how the world works is essential if you want to accomplish your goals and live a fulfilling life."
Here are some key takeaways from the book:
The changing world order is driven by three major forces: the changing relative powers of countries, the changing relative productivity of countries, and the changing values of countries.
The rise and fall of empires is a natural part of the changing world order. Each empire has its own unique characteristics, but they all follow a similar pattern of rise, peak, and decline.
The post-World War II order was built on the idea of free trade and cooperation between nations. However, this order is now under threat due to rising nationalism and protectionism.
China is currently on the rise and is likely to become the world's dominant economic power in the coming decades. However, although this rise is not guaranteed, and there are many challenges that China will need to overcome, the US needs to step up its game on several fronts to compete.
The future of the world order is uncertain, but there are a few things we can say with some degree of certainty. For example, the rise of automation and artificial intelligence is a hot topic today likely to have a major impact on the global economy in the coming years.
Overall, "The Changing World Order" is a well-written and informative book that is sure to appeal to a wide range of readers. Whether you're a history buff, an economics nerd, or just someone who wants to better understand the world we live in, this book is well worth your time. As Dalio himself says, "The more you know, the more you'll understand, and the more you'll be able to make informed decisions about your own life." Five stars from me, give it a read!
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- Reviewed in the United States on April 4, 2025Excellent read. Great author and the ideas are on point.
- Reviewed in the United States on February 1, 2022In this book, Dalio presents his model of the rise and fall of "empires". The closer it gets to the present day the more interesting the book is. The last three chapters of the book which deal with the rise of China, the current tensions between China and the US, the United States's alleged decline and Dalio's conjectures regarding the future are five stars. The build up to the final three chapters is decent, although only occasionally riveting: The book is only three stars before the strong close.
It is hard to evaluate the merits of Dalio's historical model given that he is only presenting it at moderate depths so as to introduce it all in one volume. The model says that empires rise and fall, no surprise, and talks about the interplay of economic, internal, and external factors that take an empire through the cycle. Dalio also mentions that inside the Big Cycle there are other cycles, and inside those cycles other cycles. He does not, however, go into much detail regarding the sub-cycles. This sounds reminiscent of Robert Prechter's Elliot Waves or perhaps, even, pre-Copernican astrology. Is this a model so loose, like Elliot Waves, that it can be found to fit anything that could happen? Is it falsifiable? Along the way was the validity tested by approaching an empire that there was little prior knowledge of to make "forward predictions" regarding what would happen? Has Dalio merely cherry picked the three examples which best seem to demonstrate the soundness of the model while omitting more problematic cases? There is not enough in this book to do a rigorous analysis.
The United States Civil War is a good example of something I had trouble thinking about in terms of the model. According to the model the final stage in an empire's breakdown is civil war or revolution. In the case of the United States, however, the Civil War occurred while the United States was still ascendant: in stage 2 out of 6 with stage 3 being the peak. Certainly there was no debt crisis which caused the Civil War and the United States had little going on in terms of external conflict at the time. So perhaps that could have been taken as a "prediction" that the United States would almost certainly have survived the Civil War in tact? The truth, however, is that the South came very close to winning the Civil War, in the sense of being recognized as independent, according to McPherson's Battle Cry of Freedom.
Another thing that I am not sure how to evaluate using the model is the United States after the Civil War and after the Revolution. Although these were periods of rebuilding they do not seem to fit well into Dalio's model. After victory in these conflicts Americans were very magnanimous (as it was later after World War II). Far from being purged those who were on the wrong side of history ended up facing rather little in the way of consequences. So how does this fit into the model? Obviously, there will be some "rebuilding" after a Revolution or Civil War so is the model just saying there will be something which could not not happen? Indeed although the United States was vibrant after the Revolution, the period after the Civil War as described in Richard White's The Republic for Which it Standards seems in decline compared to the Antebellum period. According to Dalio's model, however, the United States was stage 2 rising into stage 3 during this period.
Regardless of the merits of the model, which would probably require many in depth books to evaluate fully, there is definitely some good high level overviews of Chinese, European, and American history. There are many interesting charts and statistics thrown in.
As mentioned, the close of the book is far and away the best part of it. Dalio describes the cultural differences between Americans and Chinese people and their different outlooks toward governing. Dalio does not seem to be pushing any political agenda, at least not too hard, but rather what he has carefully measured to be objectively true. Although clearly an admirer of much about China, he is also willing to criticize some aspects of China. At the same time, his criticism omits its surveillance state.
Looking forward Dalio presents some very interesting charts and statistics regarding America's growing internal conflicts. He even has a graph to show how bad it is now compared to early points in history. Dalio is willing to stick his neck out and quantify what his model is predicting as the probability of civil war in the United States and the probability of military war with China in the next decade.
Although very thought provoking overall, one particularly persistent problem throughout the book is that many of the charts are very hard to read. There are graphs with eight different lines with some of the colors very hard to distinguish between. The book also almost never references its sources. Indeed, given how much history Dalio has obviously studied, a bibliography, or at least a list of recommendations, would be very nice.
Dalio is very repetitive regarding the inevitable death of fiat currencies through money printing. At the same time he also does provide concrete advise of how to prepare. He gives some definite timelines and the dates are very close. To qualify this, somewhat, however, his company Bridgewater Associates has basically had a "lost decade" using his models to generate any kinds of returns since his departure around 2012. Nevertheless it is interesting to think about whether or the US is on the verge of multiple simultaneous crises.
- Reviewed in the United States on March 2, 2025I took Jeffrey Sachs's Globalization class on EDX Academy and somehow stumbled upon this book in between class and finding books around the subject.
I watched his youtube video that generalizes the book and was blown away by how my current class I was taking aligned with it.
This book is an easy read, and especially for those who aren't well-versed about world history and world economics. I will admit that I do love history, and am learning economics, so this book was a beautiful way merge all these timelines together.
The book breaks down and summarizes key points in world history and economics to make points to get the message across each chapter.
Font size is great! Might even be considered larger compared to other books.
The only thing I wish this book provided was thicker paper in the physical book itself, especially for the hardcover version.
If Ray Dahlio ever comes out with a special edition of this with a higher quality paper, I would gladly purchase it for my collection.
Top reviews from other countries
- bolsaespanolaReviewed in Japan on October 5, 2022
5.0 out of 5 stars Most important book in this decade
It is written based on rich data,super computer and Dalio's keen observation. The conclusion might be shocking but objective and accurate whether you like it or not. His trackrecord as an investor proves it. (As of September 23,22 his pure alpha fund delivers 32.7% YTD after fee in this difiicult year) Everybody and especailly politicians and investors should read this.
Most alaraming is he gives 35% chances to a big war of USA and China in next 10 years.(although he admits it is a wild guess) That is too high to ignore. All Taiwanese and Japanese need to think about PlanB
- BDNReviewed in the Netherlands on June 18, 2023
3.0 out of 5 stars Ray Dalio uses to many words
Interesting, learned quite a bit. But the repetitions are incredibly annoying- the whole book could have told in less than halve the pages. In addition the book is also a lot about Ray (I do this, I did that), which could be left out. Remarks like: you may want to read previous section again, slowly. Effing patronizing!
- anibal fernandesReviewed in Spain on December 3, 2024
5.0 out of 5 stars Sinthesis and transparency
All the text ellucidates about the perspective and the near future of the rise and fall of the civilizations as a continuous - where the falls are the "normal" - because when a civilization declines, the vacum left will be preempted by another new and pujannt civilization. Our job is prevent the falls and prepares - when it will be possible - for that!
- Firat M.Reviewed in Turkey on September 18, 2024
5.0 out of 5 stars This book will change your view
The book is called changing world order but it will also change your world. Everyone should be able to benefit from this book.
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Sam_AshcraftReviewed in France on July 23, 2024
5.0 out of 5 stars Ray Dalio: une valeur sure
Ray Dalio n'est plus a présenter dans le monde de l'Economie. Et ce livre est encore une fois un plaisir à lire. Des recherches approfondies et une analyse (même plusieurs) très poussée permettent de comprendre les différents cycles économiques à travers le temps et donnent les clefs pour comprendre le monde actuel. Beaucoup de graphiques et d'illustrations permettent de visualiser les cycles et les principales crises économiques et financières. Construit en 3 parties bien distinctes, chacune d'elle est expliquée et décortiquée dans un langage clair et compréhensible.
Sam_AshcraftRay Dalio: une valeur sure
Reviewed in France on July 23, 2024
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