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China and the Future of the Developing World: The Coming Global-Asian Era and its Consequences

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  • Henderson, Jeffrey
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    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 security) along which the GAE is beginning to impact on developing countries. The paper argues that, at least for these vectors, the Chinese-driven GAE is providing opportunities as well as dangers for national development projects. It concludes by briefly speculating on the viability of the GAE.

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    File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2008/rp2008-58.pdf
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    Bibliographic Info

    Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number RP2008/58.

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    Length: 24 pages
    Date of creation: 2008
    Date of revision:
    Handle: RePEc:unu:wpaper:rp2008-58

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    Keywords: China; globalization; developing world; trade; oil; aid; geopolitics;

    This paper has been announced in the following NEP Reports:

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    1. Sanjaya Lall and Manuel Albaladejo (QEH), . "China’s Competitive Performance: A Threat To East Asian Manufactured Exports?," QEH Working Papers qehwps110, Queen Elizabeth House, University of Oxford.
    2. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752.
    3. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications, The World Bank, number 6632, October.
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