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Asian Century Notes

by: Mischa Rapt

Asian Century Notes FMIB3

Mischa Rapt
Hult International Business School
GPA 3.5
Global Economics
David Green

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About this Document

Global Economics
David Green
Class Notes
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This 3 page Class Notes was uploaded by Mischa Rapt on Tuesday September 22, 2015. The Class Notes belongs to FMIB3 at Hult International Business School taught by David Green in Summer 2015. Since its upload, it has received 9 views. For similar materials see Global Economics in International Business at Hult International Business School.

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Date Created: 09/22/15
The Asian Century GDP race won by Asian economiesDeconomic and political decision making shift to Asia 20002010 most rapid shift in world39s economic center of gravity rising population is part of the reason Asia used to be center of world economyby 2050 may account for 12 world GDPasian living standards will be equivalent to today39s middle class Fall in severe poverty Standard of living in Asia is catching up Asia39s role in effective market demand Asian buyers already determine world luxury markets logo cationtargeting Asian consumers calls for changes in marketingljasians are setting global marketing standards India and China showing increase in carvehicle ownership Drivers on Asian Centuryless poverty Asian investment in healthampeducation and infrastructure huge expansion in world trade most importantly economic reforms Chinese growth Economic Reforms Lewis 2 sector reforms started with agriculture collective farming system giving families control of resources markets gradually freed to allow internal trade annual growth rates since beginning of reforms but can it continue Heavy hand of govt may discourage entrepreneurship Change in India39s economy is also policy based icense permit quota rajquot command economy post independence policies targeted selfsuf ciency equality local state control of economy reforms encouraging business investments and new businesses are reforms enough to carry economy Sti ing labor laws and business regulation poor infrastructure and weak education may end India s run Will there really be an Asian century trends don39t always continue ie Japan Japan the original Tiger economy so successful that it was seen as dominating world economy japanese rms were techonological leaders record GDP run in 19605 turned sour by 90 s policies that worked in one decade doesn39t necessarily work in the next decade 2 cl Act for Asia conditions to realize Asian century good rst act doesn39t ensure good 2nCI act National Level Policies reduce income and wealth inequality investment in infrastructure to encourage connectivity encourage innovative society business start up and growth Solutions to International Problems hasten regional integration goba warming natural resource squeeze Inequality in Asia may derail growth Gini coef cient in India and China increasing these are countries where political legitimacy stems from commitments to equal distribution of income and wealth danger of inequality undermines social cohesion inequaity weakens middle class basis for business demand Infrastructure as a clear challenge to Asian century Asia can nance needed infrastructure but problems are project related What elements are needed to encourage entrepreneurial activity What are the policies to engourage Are there cultural elements existing rm taking risks new rms starting up Policies in some countries discourage entrepreneurial activity govt policies have tremendous effect in entrepreneurial activities quotWine glassquot economy many small micro enterprises providing bulk of employment arge often statelinked enterprises are bulk of GDP small number of medium sized rms itte upward mobility and ability to grow business weak middle class in society competition policy infrastructure good governance could move toward quotmilk glassquot small rms unable to grow compared to US huge entrepreneurial cultureDlower productivity Global problems may kill Asian century needs more regional integration goba warming oods rising sea level risk goba resource squeeze due to increase in buying by Asian families Can Asia become more integrated economic vs political integration culturahistoricageographical barrierscon ict could derail Asian century can economic integration be half wayEU lessons Asian consumers push world prices Summary of Asian Century Shift in GDP center of gravity to Asia winning GDP race East Asia growing faster than north America gold medal east asia silver medalindia Fall in poverty increase in income more trade intensive Changing market and design to where the money is Fueled by investments in education health infrastructure Trade underpins growth Asia will need good 2nCI Acts New policies that solve emerging national challenges 0 Infrastructure needs 0 Address growing inequality could look at successful policies in Latin America that helped improve inequality and growth such as conditional cash transfers 0 Encourage an innovative society Global challenges could derail Asian Century 0 Need continued integration 0 World resource squeeze higher commodity prices 0 Global warming 0 Hard to see whats wrong when you see such distortions in economy


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