Future Asia The New Gold Rush in the East
With traditional growth engines failing, the world is looking to Asia for economic salvation. This book charts the rise of China, India and ASEAN nations, who are increasingly being seen as the new growth drivers for the world, and discusses the imminence
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Future Asia The New Gold Rush in the East Rajiv Biswas
© Rajiv Biswas 2013
Softcover reprint of the hardcover 1st edition 2013 978-1-137-02721-4 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2013 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries
ISBN 978-1-349-66906-6 ISBN 978-1-137-02722-1 (eBook) DOI 10.1057/9781137027221 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress.
Contents
List of Tables
vi
List of Figures
vii
Preface
viii
Introduction: The new gold rush in Asia 1 From night through blood to light: the Asian ascendancy
1 5
2 The new gold rush: the rise of Asian consumer power
25
3 Emerging Asian multinationals: a clash of titans
42
4 The ascent of Asian finance
59
5 China: rising superpower or coming collapse?
82
6 Can India eclipse China?
99
7 Japan: the next Greece?
114
8 Indonesia: Asia’s next BRIC economy
126
9 Wild, wild, East: Asia’s new frontier economies
144
10 Future Asia: conflict or cooperation?
167
Conclusion: the four engines of Asian growth
179
Bibliography
188
Index
191
Tables
1.1 GDP per capita, Asian countries compared with leading Western nations
20
1.2 Asian per capita GDP compared with the US
23
2.1 Distribution of world GDP, 1820–1992
27
3.1 Number of Asia-Pacific billionaires by economy, 2012
45
3.2 From West to East: the rise of Asian MNCs
46
3.3 Large cross-border acquisitions by Indian firms
48
3.4 Asia-Pacific region R&D expenditure, 2008
51
4.1 Investment bank revenues in Asia
64
4.2 Asia-Pacific leading fund
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