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Emerging Economies

October 30, 2011

Full Article at http://www.time.com/time/magazine/article/0,9171,2097986-3,00.html

Trading Up

By Michael Schuman

<snip>

Manzhouli’s success story is being re-created again and again across the
emerging world. Flows of goods, people and capital among major developing
economies are becoming a larger and larger source of exports, jobs, financing
and economic growth for these up-and-coming nations. The trend — a move away
from trade and investment flows dominated by Western consumer demand — could
reshape the world economy.

<snip>

The growing linkages are redirecting patterns of investment, trade and
migration, altering the role of the U.S. in the global economy, redrawing
political alliances and sparking new geopolitical rivalries. And we’re just at the very beginning of this history-altering process. Stephen King, chief economist at banking giant HSBC, figures that trade and capital
flows between emerging regions of the world — Asia, Africa, the Middle East and
Latin America — could increase tenfold over the next 40 years. He calls these
new connections “a 21st century version of the original Asian Silk Road” that is
“set to revolutionize the global economy.”
The signs are apparent everywhere. China, not the U.S., has become India’s
largest trading partner, with the exchange between the two countries surging
28-fold over the past decade to almost $62 billion in 2010.

Full Article at http://www.time.com/time/magazine/article/0,9171,2097986-3,00.html

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