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Asia and The G20

Author

Listed:
  • Peter Drysdale

    (East Asia Bureau of Economic Research)

  • Sébastien Willis

    (Crawford School of Public Policy)

Abstract

The industrial transformation of Asia is a development on a scale unprecedented in human history. Following the industrial revolution towards the end of the eighteenth century, Europe and North America each in turn came to dominate the world economy and global power. Now economic weight is shifting towards population weight due to convergence in productivity. Asia is re-emerging as the world’s biggest element in the world economy. In 1980, Asia produced just under 20 per cent of global output measured at purchasing power parity. In 2010 that share was 35 per cent.2 This has happened in the space of a few decades whereas it took more than three quarters of a century for the industrial revolution to transform the European economy and political power. In the last twenty five years the economy of China, a nation of 1.3 billion, has grown by a factor of twenty. Twenty years from now, even ten years from now, Asia’s influence will be even greater. By 2025, one in two of the world’s population and four of the 10 largest economies will be in Asia. Asia is likely then to account for almost half of the world output and more than half world trade, with China accounting for half of that. In 2010, China’s per capita income was 30 per cent of the United States’; by 2050 it will be 55 per cent and India’s likely 42 per cent. The Chinese economy will likely be bigger than America’s within the coming half decade. Asia has never been of greater global significance, as global economic and strategic weight shifts from west to east. Global institutional frameworks are coming to reflect this, with six Asian members of the G20, including Australia. These developments set the context in which the G20 has emerged as a new fulcrum for global economic governance.

Suggested Citation

  • Peter Drysdale & Sébastien Willis, 2013. "Asia and The G20," EABER Working Papers 23384, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:wpaper:23384
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    File URL: http://www.eaber.org/node/23384
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    Cited by:

    1. Asian Development Bank (ADB), 2013. "Asian Economic Integration Monitor March 2013," ADB Reports RPS135470-3, Asian Development Bank (ADB), revised 05 Nov 2013.
    2. Badiul Majumdar, 1980. "A case study of the industrial organization theory of direct foreign investment," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 116(2), pages 353-364, June.
    3. Joel Gilbourd, 2007. "APEC and Infectious Disease : Meeting the Challenge," Development Economics Working Papers 21903, East Asian Bureau of Economic Research.
    4. Chao-i Hsieh, 1997. "A Note on Corporate Overseas Investment Decision Priorities of Taiwanese Direct Real Estate Investors," Journal of Real Estate Research, American Real Estate Society, vol. 13(3), pages 359-368.
    5. Iliyan Mateev, 2005. "Economic Relations of the European Union with East Asian Countries," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 80-94.
    6. Nicholas Crafts & Anthony Venables, 2003. "Globalization in History.A Geographical Perspective," NBER Chapters,in: Globalization in Historical Perspective, pages 323-370 National Bureau of Economic Research, Inc.
    7. Yushi Yoshida & Hiro Ito, 2006. "How Do the Asian Economies Compete With Japan in the US Market? Is China Exceptional? A Triangular Trade Approach," Asia Pacific Business Review, Taylor & Francis Journals, vol. 12(3), pages 285-307, July.
    8. Malcolm Bosworth & Greg Cutbush & Jenny Corbett, . "Can the World Trade organization be Saved? Only if Australia and Other Members Stop Trashing It," Chapters, Economic Research Institute for ASEAN and East Asia (ERIA).
    9. Roger Farrell, 2000. "Japanese Foreign Direct Investment in the World Economy 1951-1997," Asia Pacific Economic Papers 299, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    10. Peter Drysdale & Xinpeng Xu, 2007. "Taiwan's Role in the Economic Architecture of East Asia and the Pacific," World Scientific Book Chapters,in: Economic Reform And Cross-Strait Relations Taiwan and China in the WTO, chapter 5, pages 149-185 World Scientific Publishing Co. Pte. Ltd..
    11. Peter DRYSDALE & Shiro ARMSTRONG, 2010. "International and Regional Cooperation: Asia's Role and Responsibilities," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 157-173, December.
    12. Takashi Terada, 2006. "The Making of Asia’s First Bilateral FTA : Origins and Regional Implications of the Japan–Singapore Economic Partnership Agreement," Trade Working Papers 21838, East Asian Bureau of Economic Research.
    13. Christopher Dent, 1997. "Economic relations between the EU and East Asia: Past, present and future," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 32(1), pages 7-13, January.
    14. Christer Ljungwall & Örjan Sjöberg, 2005. "The Economic Impact of Globalization in Asia-Pacific - The Case of The Flying Geese," Development Economics Working Papers 22711, East Asian Bureau of Economic Research.
    15. Jikon Lai & John Ravenhill, 2012. "Asia’s multi-level response to the global financial crisis," Asia Europe Journal, Springer, vol. 9(2), pages 141-157, March.
    16. Hertel, Thomas W., 2001. "A Global Perspective On Regional Integration In North America," Trade Liberalization Under NAFTA: Report Card on Agriculture; Proceedings of the 6th Agricultural and Food Policy Systems Information Workshop -2000 16834, Farm Foundation, Agricultural and Food Policy Systems Information Workshops.

    More about this item

    Keywords

    G20; China; India; G7; International policy coordination; the G20 summit; financial crisis;

    JEL classification:

    • F66 - International Economics - - Economic Impacts of Globalization - - - Labor

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