Abstract
Asia's economic power is increasing at a rapid rate, and the region will take on heightened prominence such that it will soon rival the US as the main source of direction for global markets, Reserve Bank of Australia governor Glenn Stevens said today. “It is not just the centre of gravity of economic activity that is shifting to Asia, the weight of financial assets is also shifting too … With the Chinese government seeking annual economic growth of seven per cent, China's weight in the global economy will exceed that of the euro area in five years and approach that of the US within a decade.” A speech in New York to the American Australian Association. Glynn (2011)
Highlights
THE BRICS AS EMERGING MARKETS: OPPORTUNITIES AND CHALLENGESThe relative decline of the west is all too evident, but this is the victory of capitalism
Gittings (2011) reminds us that in the 18th century - before the West's industrial revolution – India and China together accounted for almost half of gross world product.' “'As China and India continue to develop, the growing cities driving demand for Australia's mineral resources will be populated by an increasingly wealthy and upwardly mobile middle class, with incomes and tastes to match,'' ''Increasing consumer purchasing power and changing spending patterns will open up new, often unforeseen, opportunities for Australia - well beyond those flowing from the current mining boom.'' Comment from Australian Federal Government Treasury cited by Gittings (2011)
Chandler did suggest that it was the economies of speed were more critical for manufacturing efficiency
Summary
The relative decline of the west is all too evident, but this is the victory of capitalism. Gittings (2011) reminds us that in the 18th century - before the West's industrial revolution – India and China together accounted for almost half of gross world product.' “'As China and India continue to develop, the growing cities driving demand for Australia's mineral resources will be populated by an increasingly wealthy and upwardly mobile middle class, with incomes and tastes to match,'' ''Increasing consumer purchasing power and changing spending patterns will open up new, often unforeseen, opportunities for Australia - well beyond those flowing from the current mining boom.'' Comment from Australian Federal Government Treasury cited by Gittings (2011). BCG suggests these could be exceptional performances in exceptional times as the BRIC competitors ‘catch-up’
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