Asia's Re-Emergence

The article entitled “Asia’s Re-emergence” was somewhat connected to the previous article or Krugman because it criticizes his work. It also discusses about the returning of Asia, now becoming a capitalist, to the center of the world. Each countries’ current currency crisis are just some failure that serves as a challenge for Asia. And lastly, it talks about Asia’s miracle not because of their industrial policy but because of their strategy to attract foreign investors. But another challenged was again being tackled regarding the two most populous country in Asia (and even in the world)—China and India, that still needs to improve the establishment of their modern governments. This article has six subtopics, namely, the capitalism leaves its Western enclave, currency crises, the Krugman critique, East Asia’s growth strategy, the challenges of governance, an ascendant Asia and the West, which I will further examine one by one.
West has always been an ascendant in the world economy since the early 1500s. After a century and a half of Western industrialization, their income share in the world had soared higher. While Asia, which has a larger proportion in the world’s population, had only a skimpy share only in the world’s income back then. However, Asia’s share had risen because of the sudden rapid growth rate that happened which shocked the world especially the West. This sudden shift is believed to likely continue and this re-emerging would eventually result to becoming the world’s center of economic activity in the long term, it has been argued that growth in Asia will continue because of their adoption of capitalism and their integration into the global economy. Examples has been given like Japan, Korea and Taiwan, and even China though they still have a continued Communist Party rule and India which also began to turn away to socialism despite its domestic policies still contains anti-capitalist style. It is also believed that this so-called “miracle” was...