Skip to main content Accessibility help
×
Hostname: page-component-77c89778f8-5wvtr Total loading time: 0 Render date: 2024-07-22T05:26:32.787Z Has data issue: false hasContentIssue false

2 - To the Foothills of Everest

Asia’s Resurgence

Published online by Cambridge University Press:  11 October 2022

Simon Commander
Affiliation:
IE Business School, Madrid
Saul Estrin
Affiliation:
London School of Economics and Political Science
Get access

Summary

We provide selective account of how and why the share of Asia in the world economy has more than quadrupled in the past half-century. In 1970, Asia (excluding Japan) accounted for around 9 per cent of the world economy. At the turn of the twenty-first century, this had climbed to 18 per cent and today exceeds 40 per cent. Asian growth has occurred rapidly regardless of political system, institutional arrangements or policy cocktails. We illustrate how far the Asian economies have come and how far they have left to go to attain the living standards of Europe or North America. For example, in India and China income per capita went from just under 5 per cent of the US level each to around 11 per cent and 28 per cent, respectively from 1970 to 2020. The main drivers of growth have been the accumulation of capital and labour along with improvements in the quality of the labour force. We also concentrate on the features that are both a cause and a consequence of the connections world. These include export-led growth, the role of the state, political systems and economic institutions, but also inequality. In so doing, we set the scene for the chapters that follow.

Type
Chapter
Information
The Connections World
The Future of Asian Capitalism
, pp. 28 - 65
Publisher: Cambridge University Press
Print publication year: 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×