The Asian Region's Contribution in 2025

Australia and China adopt very different economic systems in order to cater the best for their society. However, Australia's economic system is more successful than China's and, due to the writer's right-wing value system, will be measured in terms of environmental efficiency, labour and entrepreneurial resource efficiency and the standard of living.

The United States is one of the strongest standing superpowers that have existed in the past few decades. Many people believe that the United States is declining from being a continuous super power; however according to Zakaria the United States is not declining. This is because they remain to have one of the strongest standing army, they have risen culturally, and economically the United States has been emerging enormously. According to Zakaria the United States has dominated the politics, and the culture in the 20th century, nonetheless he believes countries such as China, India, European Union, Russia, Brazil, South Korea, Japan, South Africa, and Turkey will rise in the 21st century. Zakaria states “-industrial, financial, educational, social cultural- the distribution power is shifting, moving away from American Dominance” (5). Thus he is proving his point about how the power is shifting to the other 124 countries. Furthermore, Sachs Jeffery mentions the “poverty trap” and the many possible ways to help the countries that really need it. One way to help these under developed countries is by providing for these republics. The developed nations need to assist the poor economic states just enough so their living standards may rise. The United States doesn’t have a lot to worry about the “rise of the rest”, therefore helping countries under the poverty trap should still be aided by the developing nations, because countries such as the sub-Saharan African nations are under

With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.

People might think that America is one of the greatest country in this world. One might just see one side of “positives” but will not see the full picture. Sadly, some people are unaware of how America is truly alike compared to other countries such as developing countries, but to the contrary are said to be noticeably opposites. When it comes to the similarities between the U. S and certain developing countries they are quite a few. What they both share for instance, are the inequalities. According to The Great Divide, by Joseph E. Stiglitz, acknowledges this idea that the U.S is far behind compared to the other advanced countries, for example in Europe.

Ha-Joon Chang is a distinguished economist from Seoul, South Korea specializing in developmental economics. He attended the University of Cambridge in 1986 as a graduate student and earned his PhD for his thesis the political economy of industrial policy - reflections on the role of state intervention in 1992 and has taught as a professor of the Political Economy of Development at the University of Cambridge since 1990. He has served as a consultant to the World Bank, the Asian Development Bank, the European Investment Bank, as well as to Oxfam and various United Nations agencies. He is also employed at the Center for Economic and Policy Research in Washington, D.C. and is on the advisory board of Academics Stand Against Poverty (ASAP). His approach to economics is so inspiring and continues to influence those in high power such as Rafael Correa, the president of Ecuador. His insight on economic policy has been spread worldwide through his numerous books that are still widely discussed today. It has earned him his many achievements, including his ranking as one of the top 20 World Thinkers in 2013 in Prospect Magazine.

The “Pivot to Asia”, or rebalancing, was created as a strategic move to place the United States in the center, of what is recognized as to where the majority of economic and political history will occur in the 21st century. More than half the worlds population resides in Asia, making its development essential to American economic and strategic interests (Lily Kuo, 2015). Benefits of the “Pivot” for the US will greatly increase economic, diplomatic, development, and security ties with the region, and in part be advantageous domestically. Over the years, strong ties have been implemented and strengthened through alliances, trade, values, immigration and family links. There is concern that the “Pivot to Asia”, has been neglected, however, there

In The Great Surge, economist Steve Radelet, provides examples of progress emerging nations measured in four scopes: poverty, revenue, health and education, and democracy. The Great Surge offers a pleasant contrast to the quick selling theme in many books and articles regarding a lack of advancement, insisting that standards of living globally have improved greatly since the 60s, and even faster since the 90s, after many factors that stunted progress were eliminated. Contrary to various economic books, his writing is less dry than most, with clear examples supported by convincing statistics that get to the point.

“A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.” These are the wise words of Kofi Annan, former Secretary-General of the United Nations. Thus, there are a set of tangible criteria to help determine the development of a country, of which economic criteria tend to dominate, with indicators such as the Gross Domestic Product (GDP) as well as other social and security needs of the people, with the recent Human Development Index (HDI) which measures overall well-being of the people. So, with the recent phenomenon of globalization becoming ever more widespread in our society today, there is no doubt that it has impacts, both positive and negative, on the development of Singapore as

The Republic of Singapore celebrated its 42 years of independence in year 2007. Situated at the southern tip of Malaysia, Singapore currently holds a population of 4.68 million as of June 2007. At 704.0km2, it is ranked 4th in the world for its population density. During the past four decades, the economy as measured by real Gross Domestic Product (GDP), multiplied by over 20 times (Ghesquiere, 2007, p.11). As a small and extremely open economy, Singapore long term survival is very much dependent on the ability to maintain its viable position and remain afloat in the sea of global competition (Mun Heng et al, 1998, p.14).

The impacts faced in Asia as a result of economic globalisation has resulted in a number of issues for the region. The impacts concern the vast economic growth of nation states, the improvements of technology, freer trade between countries and more jobs, but also the exploitation of labour and the income inequality that features frequently throughout the region of Asia. Along with these impacts on Asia, there are a number of benefits and disadvantages that have greatly affected the region.

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 intention to step after the Western growth model can lead the Asian cities to the crisis (Heather, 2012). However, recently, China and India have managed to ensure the economic progress and significant living standards improvements for their economically unstable social groups of the population. At the same time, the Asian Development Bank (ADB) pointed out the rising inequality which can “soon undermine the very basis of these countries’ economies success” (Heather, 2012). Furthermore, according to the ADB, the gap between the poor and rich has not been reduced (Heather, 2012). This gap has increased and keeps rolling up. The closer analysis of the problem of poverty in the city of Beijing gives the solid reason to claim that the Western model of economic development should not be applied as such to the Asian context.

Asia has also succeeded over the years to endure hasty economic growth and decrease deficiency in the region expressively. Nevertheless, this process has been escorted by enlarging salary gaps in many countries. Unfortunately with great growth comes great pain. Snowballing income unfairness destabilizes growth by diminishing comprehensive mandate because the ingesting tendency of top earning income groups is much inferior to those in middle and lower income classes. Hurried economic growth has also led to speedy urbanization in Asia, which presents both trials and opportunities for the region. Even if the economic reimbursements of urbanization outweigh its costs, the degree by which urbanization creates unsatisfactory circulation of net benefits which

Asia, and especially East Asia, is a region that has experienced significant economic growth in a relatively short period of time; yet it is a region without a strong regional institution. There are several regional organizations in Asia starting with the Association of Southeast Asian Nations (ASEAN) established in 1967 (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam), ASEAN plus three (China, Japan, South Korea) in 1997, ASEAN Regional Forum, East Asia Summit, Asia-Pacific Economic Cooperation (APEC), etc. Despite the numerous regional institutions within Asia, there has not been a cohesive structure that is prominent like that of the European Union in Europe.

Asian economies that have progressed economically at such substantial rates that have come to rival the earning capacity and quality of living of those being first-world countries – Taiwan, Hong Kong, Singapore and South Korea.