The emergence of Asia from the underdevelopment that persisted until the middle of the last century is the great economic achievement of our time. This has created a new model for economic growth built on globalization and the patient accumulation of human and non-human capital. Economic commentators, especially those outside Asia, have been reluctant to recognize the new paradigm for economic growth that originated in Asia, since this would acknowledge the failure of Western ideas that still greatly predominate in the literature on economic growth and development. A common task facing Asian economies has been to overcome the legacies of failed policies that have arisen from very diverse histories. This has required strong and sustained leadership in both authoritarian and democratic settings. The new Asian growth paradigm places a premium on skillful management by public and private authorities.