The Evolution of the World Economy
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The Evolution of the World Economy

Terutomo Ozawa

The world economy is near a critical crossroads, as a rising China, the greatest-ever beneficiary of US-led capitalism, ironically dreams big to replace America's supremacy as a new hegemonic power with a non-liberal world order. This third volume of the trilogy on ‘flying-geese’ theory reformulation explains how capitalism has changed industrial structures across the world. Using structural development economics and political economy analytics the unfolding changes in the global industrial landscape are examined in depth. Will the ‘flying-geese’ formation survive the formation that has produced the East Asian miracle and is hoped to spread to Africa?
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Chapter 7: Prospects for the future of FG-style growth

Terutomo Ozawa


East Asian catch-up industrialization owes a lot to the leadership of US in providing a growth-conducive global ecosystem. Japan, the newly industrializing economy and the Association of Southeast Asian Nations (ASEAN)-4 (though to a lesser degree) have economically caught up with the advanced West, learning about not just industry and technology, but more importantly also Western values of a free press, human rights, individual freedom, and electoral democracy, and contributing to the maintenance of the Western-built world order. China’s meteoric rise itself would have been impossible without such a world order. Yet, China is now hell-bent on challenging and replacing American leadership as the next hegemonic power with a different (illiberal) world order. Will the flying-geese formation survive, a formation that produced the East Asian miracle (including China’s miracle) and is hoped to spread to Africa?

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