Economics, peace and laughter revisited – or learning from the Asian 21st century Online publication date: Mon, 26-Jan-2009
by Mohamed A. Ramady
International Journal of Economics and Business Research (IJEBR), Vol. 1, No. 1, 2009
Abstract: The 21st century will witness fundamental economic transformation amongst nations. By 2050, three of the largest five economies will be Asian – China, USA, India and Japan. How they interact will be crucial for the world's economic and political stability. Asian societies are succeeding today because they have discovered and adapted good governance, free market economics, science and technology, pragmatism, meritocracy, a culture of peace, rule of law and education. There is no reason why their successes cannot be replicated elsewhere in key regions of the world. Failure to interact with new geopolitical economic centres will ensure that future generations are effectively disenfranchised from sharing in economic growth. The presentation applies Galbraithian macro-economic and socio-political reasoning, arguing that it is the crucial relationship between such forces that, in final analysis, either promotes or hinders economic well-being.
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