Asian Century
[1] Some argue that Asia's growing emphasis on solidarity, as well as maturing and progressive relationships among countries in the region, will further underpin the creation of the 21st Asian Century.
Asia's robust economic performance over the three decades preceding 2010, compared to that in the rest of the world, made perhaps the strongest case yet for the possibility of an Asian Century.
Although this difference in economic performance had been recognised for some time, specific individual setbacks (e.g., the 1997 Asian financial crisis) tended to hide the broad sweep and general tendency.
By the early 21st century, however, a strong case could be made that this stronger Asian performance was not just sustainable but held a force and magnitude that could significantly alter the distribution of power on the planet.
Coming in its wake, global leadership in a range of significant areas—international diplomacy, military strength, technology, and soft power—might also, as a consequence, be assumed by one or more of Asia's nation states.
The seven pillars include: free-market economics, science and technology, meritocracy, pragmatism, culture of peace, rule of law and education.
In 2019 professor Chris Ogden, a Lecturer in Asian Security at the University of St Andrews, wrote that, "Although still behind relatively in terms of income per capita and infrastructure, as this wealth is translated into military, political, and institutional influence (via bodies such as the United Nations and the new Asian Infrastructure Investment Bank), Asia’s two largest powers will gain a structural centrality and importance that will make them critical global lynchpins.
Expectant populations and vocal leaders are accelerating and underpinning this criticality, and—if the existential issues of environmental pollution and corruption can be overcome—herald the emergence of an Asian-centric, and China / India-centric, world order that will form of the essential basis of international affairs for many decades to come.
Even without completely converging with European or North American living standards, Asia might produce half of the global GDP by 2050.
This is a large shift compared to the immediate post-cold war, when North America and Europe combined produced half of the global GDP.
[23] A 2011 study by the Asian Development Bank stated that: "By nearly doubling its share of global gross domestic product (GDP) to 52 percent by 2050, Asia would regain the dominant economic position it held some 300 years ago.
[26] The Indian economy began a similar albeit slower ascent at the end of the 1980s and early 1990s, and has averaged around 4% during this period, though growing slightly over 8% in 2005, and hitting 9.2% in 2006 before slowing to 6% in 2009,[27] then reaching 8.9% in 2010.
[38] The Gross National Cool of Japan is soaring; Japanese cultural products, including TV shows, are undoubtedly "in" among American audiences and have been for years.
[47] So do virtually all the Eastern martial arts, such as kung fu, judo, karate, aikido, taekwondo, kendo, jujitsu, tai chi, qigong, ba gua, and xing yi, with their many associated schools and subforms.
[54] International Day of Yoga is now celebrated across the world annually on June 21 since 2015, following its inception in the United Nations General Assembly in 2014.
The study of Chinese has recently gained greater attention in the United States, owing to a growing belief in the economic advantages of knowing it.
Statues of Hindu gods such as Ganesha and East Asian iconography such as the Yin and yang are also sold in many stores in Western countries.
[68] As recently as the 1950s, Crane Brinton, the distinguished historian of ideas, could dismiss "modern groups that appeal to Eastern wisdom" as being in effect "sectarian", "marginal", and "outside the main current of Western thought and feeling".
An example is Maharishi Mahesh Yogi, whom the Beatles followed, first to Bangor in Wales in 1967, and subsequently to India to study Transcendental Meditation in 1968.
The Dalai Lama, whose book The Art of Happiness became a best-seller, can attract huge crowds in New York's Central Park or London's Wembley Stadium.
[74] Karma, which has its roots in ancient India and is a key concept in Hinduism, Buddhism and other Eastern religions, has entered the cultural conscience of many in the Western world.
The global political position of China and to a lesser extent India has risen in international bodies and amongst the world powers, leading the United States and European Union to become more active in the process of engagement with these two countries.
[84] The 2007 World Bank Report on globalization notes that "rising education levels were also important, boosting Asian growth on average by 0.75 to 2 percentage points.
[86] The Asian countries with the most promising growth prospects are: Bangladesh, China, India, Indonesia, Iraq, Mongolia, Philippines, Sri Lanka and Vietnam.
[88] Based on a report from the HSBC Trade Confidence Index (TCI) and HSBC Trade Forecast, there are 4 countries with significant trade volume growth – Egypt, India, Vietnam and Indonesia – with growth is projected to reach at least 7.3 per cent per year until 2025[89] The Next Eleven (known also by the numeronym N-11) are the eleven countries – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, South Korea, and Vietnam – identified by Goldman Sachs investment bank and economist Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICs/BRICS, the world's largest economies in the 21st century.
Its leaders will have to manage multiple risks and challenges, particularly: Despite forecasts that predict the rising economic and political strength of Asia, the idea of an Asian Century has faced criticism.
This has included the possibility that the continuing high rate of growth could lead to revolution, economic slumps, and environmental problems, especially in mainland China.
