Authors: Mohamed A. Ramady
Addresses: Department of Finance and Economics, King Fahd University of Petroleum and Minerals, PO Box 5075, Dhahran 31261, Saudi Arabia
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.
Keywords: Asia; conflict resolution; development; economics; business; Galbraith; governance; peace; economic growth.
International Journal of Economics and Business Research, 2009 Vol.1 No.1, pp.1 - 11
Published online: 26 Jan 2009 *Full-text access for editors Access for subscribers Purchase this article Comment on this article