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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
    1. van der Eng, Pierre, 2010. "The sources of long-term economic growth in Indonesia, 1880-2008," Explorations in Economic History, Elsevier, vol. 47(3), pages 294-309, July.
    2. Athukorala, Prema-chandra & Yamashita, Nobuaki, 2006. "Production fragmentation and trade integration: East Asia in a global context," The North American Journal of Economics and Finance, Elsevier, vol. 17(3), pages 233-256, December.
    3. Andreas (Andy) Jobst & Harry X. Wu, 2008. "Measuring China’s Economic Performance," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 9(2), pages 13-44, April.
    4. Angus Maddison, 1997. "Causal Influences on Productivity Performance 1820–1992: A Global Perspective," Journal of Productivity Analysis, Springer, vol. 8(4), pages 325-359, November.
    5. Jacks, David S. & Meissner, Christopher M. & Novy, Dennis, 2010. "Trade costs in the first wave of globalization," Explorations in Economic History, Elsevier, vol. 47(2), pages 127-141, April.
    6. Huff, W. G., 2002. "Boom-or-Bust Commodities and Industrialization in Pre–World War II Malaya," The Journal of Economic History, Cambridge University Press, vol. 62(04), pages 1074-1115, December.
    7. O'Rourke, Kevin H. & Williamson, Jeffrey G., 2004. "Once more: When did globalisation begin?," European Review of Economic History, Cambridge University Press, vol. 8(01), pages 109-117, April.
    8. Maddison, Angus, 2007. "Contours of the World Economy 1-2030 AD: Essays in Macro-Economic History," OUP Catalogue, Oxford University Press, number 9780199227204.
    9. Blattman, Christopher & Hwang, Jason & Williamson, Jeffrey G., 2007. "Winners and losers in the commodity lottery: The impact of terms of trade growth and volatility in the Periphery 1870-1939," Journal of Development Economics, Elsevier, vol. 82(1), pages 156-179, January.
    10. Angus Maddison, 2009. "Measuring The Economic Performance Of Transition Economies: Some Lessons From Chinese Experience," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 55(s1), pages 423-441, July.
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    More about this item

    Keywords

    Long-term economic growth; Asia; global economy;

    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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