Do you think Asian economies are going to dominate the 21st century?
Do you think the world economy in the 21st century is going to see an increasing dominance of Asian economies and a diminishing role of Western nations? Why would you say so?
Aren't these Asian economies based on the financial might of the western consumer? If so as the earning power of the western consumers diminishes surely the Asian economies will shrink!
Asian economies need to make the steps that Western societies have to promote entrepreneurship and access to capital. The openness and transparency helps a lot too. There will be growth but it may not be as robust as some forecast.
Based on resources in terms of human capital...I would say yes. But I am not convinced of this in the short term. China has the largest population in the world. But they have incredibly poor reporting, that is frankly not trusted by the capital markets. There is still way too much of a top down central planning approach in that region, which will cause price distortions and asset bubbles. If they embrace a true free market system, I would expect so.
The other aspect it that to date, they have relied more on copying the creativity of the west, rather than develop their own innovation. A very smart engineer told me several years ago something that stuck with me. He said..."If you bring a problem to a Chinese engineer, he will look it up in the text book and fix it. If the answer is not in the text book, he is stumped. The Western Engineer will just rewrite the textbook" They won't lead the world until they start writing the textbooks.
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