Chapter 5: The Smiling Face of Globalization: The Market-Driven Ascent of the Dynamic South
A barrage of statistics shows that economic power is shifting away from the ‘developed’ economies towards emerging ones, especially in Asia . . . The West, and hundreds of millions of people in developing countries, has benefited from emerging-world growth. Globalization is not a zero-sum game. The Economist, 2006 As a consequence of trade liberalization and other economic policy reforms, economic growth has accelerated in most of the developing world, with the most rapid growth in the countries whose reforms have gone the farthest. Anne O. Krueger, 2008 1. GLOBALIZATION AND THE CHANGING ECONOMIC GEOGRAPHY The contemporary phase of economic globalization picked up pace and widened its scope during the twenty-first century. One of its prominent constructive achievements is that it succeeded remarkably in benefiting and upgrading one group of developing economies more than others. As set out in Chapter 2, led by the four newly industrialized Asian economies (NIAEs), or the so-called East Asian dragons,1 a not-so-small group of robustly growing developing and transition economies effectively reformed and restructured their economies.2 This subset of dynamic developing economies has evolved better than the others and is continuing to do so. Their GDP growth rate has also been much higher than that of the advanced industrial economies. This unprecedented growth performance has dramatically changed the global economic landscape. It caused a gradual shift in global economic power from the advanced industrial economies to a subset of emerging economies of the dynamic South (EEDS), or simply the emerging-market economies. The Economist (2007c, p. 11)...
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