BEIJING - In 1820, Asia accounted for two-thirds of the global population and more than one-half of the world GDP.
There were marked differences between countries in geographical size, embedded histories, colonial legacies, nationalist movements, initial conditions, natural resource endowments, population size, income levels and political systems.Economic growth drove development. Growth rates of GDP and GDP per capita in Asia were stunning and far higher than elsewhere in the world. Rising investment and savings rates combined with the spread of education were the underlying factors.
There was also a massive reduction in absolute poverty, which could have been much greater but for rising inequality. The Republic of Korea and Singapore coordinated policies across sectors over time in pursuit of national development objectives, using a carrot-and-stick to implement their agenda, and were able to become industrialised nations in just 50 years.It is not possible to replicate these states elsewhere in Asia.
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