‘Asia is set to regain dominant place in global architecture’

‘Asia is set to regain dominant place in global architecture’

This will complete the circle for Asia, which in 1820 also accounted for more than one-half of the world income and two-thirds of world population

FPJ BureauUpdated: Monday, October 21, 2019, 08:20 AM IST
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New Delhi: The poorest continent in the world barely a half century ago, Asia is set to regain its dominant position in the global architecture, both financially and politically, and could account for more than one-half of world income and more than half of the people on Earth, according to a new book by eminent economist Deepak Nayyar.

This will complete the circle for Asia, which in 1820 also accounted for more than one-half of the world income and two-thirds of world population before waves of European colonialism ravaged the continent, sucking out its wealth with exploitative rule that left millions impoverished.

In the book 'Resurgent Asia: Diversity in Development', Nayyar writes that despite wide diversity among Asian countries, there are common discernible patterns.

Chief among them was the fact that economic growth drove development; rising investment and savings rates combined with the spread of education were the underlying factors; and growth was driven by rapid industrialisation, often export-led, associated with structural changes in the composition of output and employment.

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