Research Paper No. 2008/58 China and the Future of the Developing World The Coming Global-Asian Era and its Consequences (original) (raw)

2008

Abstract

The rise of China as an economic and political ‘driver ’ of the global economy is likely to be one of the defining moments of world history. Its dynamism and international expansion are on the verge of creating a ‘critical disruption ’ in the global order that has held sway for over 60 years. As such, China is beginning to reshape the world, presaging a new phase of globalization: a ‘global-Asian era’. This new era is likely to be distinct from any of the earlier phases of globalization and China’s global footprint, in terms of its business, economic and political actions and their geopolitical implications, is likely to be markedly different from what has gone before. This paper offers a framework by which we can begin to understand the coming global-Asian era (GAE) and some of its consequences, particularly as the latter are surfacing in the developing world. Having discussed the nature and dynamics of the GAE, the paper turns to sketch a series of vectors (trade, aid and energy s...

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