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Asia's role in the global economy in historical perspective

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  • Angus Maddison
  • Pierre van der Eng

Abstract

A long-term assessment of Asia's share of global GDP suggests that Asia has now almost reclaimed the role in the global economy it occupied in 1820. By focusing on the experience of key economies in Asia, this paper assesses why the continent's role weakened between 1820 and 1950 and strengthened between 1950 and 2010. It compares Asia's role in the global economy in recent decades with that of Europe and North America in the past, to conclude that the resurgence of intra-Asian trade and investment in recent decades sets Asia apart. It concludes that up to 2030 Asia's role in the global economy will crucially depend on how it participates in international governance initiatives. This will shape Asia's future interaction within the regional economy and with the rest of the world economy

Suggested Citation

  • Angus Maddison & Pierre van der Eng, 2013. "Asia's role in the global economy in historical perspective," CEH Discussion Papers 021, Centre for Economic History, Research School of Economics, Australian National University.
  • Handle: RePEc:auu:hpaper:021
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    File URL: https://www.cbe.anu.edu.au/researchpapers/ceh/WP201311.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Long-term economic growth; Asia; global economy;
    All these keywords.

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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