Over the last few decades, Asia has become one of the key pillars of the world economy. From the industrial powerhouses of Japan and South Korea, to the manufacturing hubs of China and Malaysia and the financial hubs of Hong Kong and Singapore, Asia
Over the last few decades, Asia has become one of the key pillars of the world economy. From the industrial powerhouses of Japan and South Korea, to the manufacturing hubs of China and Malaysia and the financial hubs of Hong Kong and Singapore, Asia has undergone a period of unprecedented growth. And yet while many Asian nations are reaping the full benefits of globalization, numerous others are still wallowing in poverty.
While Asia as a whole is growing rapidly, numerous nations are still struggling to integrate into the world economy. It’s easy to forget that immediately following World War II, Asia was widely considered to be poorer than Africa (due in part to smaller deposits of natural resources and larger poor populations).
To be sure, some countries remain poor because of isolationist measures, such as Myanmar and North Korea. Meanwhile, Bhutan has chosen to the let the world pass it by and seems quiet content in its position. Other nations, however, have struggled even as they have tried to integrate into the global economy.
For example, India began to open up in 1991, at about the same time as China, and yet Indians as a whole lag behind their Chinese counterparts. India has one of the world’s most ineffective court systems, which