Asi A Dynamic And Growing Global Capital

Decent Essays

Over the last half-century or so, Asia has emerged out of the dust of World War II into a dynamic and growing global capital. Its countries, which were once poorer than sub-Saharan Africa, are now economically strong and vibrant players in the global economy who are capturing market shares up and down the global value chain. China, Japan, and India are three of the largest economies in the world today, and Singapore, Taiwan, and South Korea are some of the most innovative economies as measured by patent activity. Moreover, while the United States and Europe stagnated in the Great Recession of 2008, China—through its massive fiscal muscle—was able to cushion its vast economy and maintain a robust GDP growth rate of 11% that year. Hence, far from the economically backwards and impoverished basket case that it was fifty years ago, Asia is now at the forefront of the global economic—and by extension of its growing economic might—political landscape as well. Some may even say that the 21st century is Asia’s century, and they are right to a certain extent. The 21st century is Asia’s century, but it is also one in which the United States will continue to play a leading role. The 21st century is Asia’s century because the global economy is re-centering towards Asia. First of all, there is little doubt that Asia is now the world’s factory. Aside from the almost ubiquitous branding of “made in China” on manufactured items that span from toys to electronics in recent

Get Access