Thirdly, contrary to conventional wisdom, a growing population, and in particular a growing workforce, is a desirable attribute. This is particularly the case where countries have pay-as-you-go systems for funding retirement, unemployment and healthcare. Yet, a number of countries that have such systems currently border on, or are experiencing, negative population growth. Russia, Japan, Germany and Italy fall into this set. In other cases, countries still have population growth, but their working population is in decline. This set incorporates the US and, by 2014, will have China as a member. By contrast, emerging economies such as South Africa, Brazil and India enjoy growing working populations.

Drawing these arguments together, investors equip themselves to navigate the post-crisis environment by recognising the opportunities that present themselves, especially where they are underpinned by the three structural factors identified above, namely the savings-investment ingredient, export-led growth and global competitiveness and favourable demographic attributes.

In the same breath, key risks in this environment flow from the policy actions that have been taken to address the crisis. Specifically, the post-crisis world demands policy solutions that extend beyond short-term expediency. More of the same simply will not suffice to cure the world and its leading economies of the credit binge.