Can Asia Pull Together as Europe Pulls Apart?

January 29th, 2012
in econ_news

by Sanjeev Kulkarni

Econintersect: It can't get more ironical than this. While Germany talks about colonizing Greece via the Czars of Brussels, the Asian economies are asia-mapSMALLtreading a different path of cooperation to avert an economic crisis.  The Europe seem to be suffering more from self inflicted wounds of  "budget deficit" ghost, unsustainable "crony capitalization" and hollowing out of the middle class class. This looks pretty much like what happened in US sometimes back but US seems to be clawing back though the signals seem to be mixed.

The Asian economies seem to be taking a different path.

Click on map for larger image.

Follow up:

From "India, Japan, South Korea join hands to avert Euro crisis damage in Asia" in The Times of India:

"Wary of the European debt crisis causing collateral damage all around the world, India, Japan and South Korea are working together to prevent the Eurozone turmoil spreading to Asia as per The Japanese Prime Minister Yoshihiko Noda."

The expectation in Asia is that China and India will mitigate the economic crisis especially in Asia.  According to Kishore Mahbubani, Dean at the Lee Kuan Yew School of Public Policy, National University of Singapore as quoted in The Times Of India:

"Even though there is rising inequality in the world, the long term trend towards less and less poverty is continuing... China and India will contribute in enormous numbers in reducing poverty,"

The crisis in western economies have caused middle class wealth to be eroded away systematically.  Rather than address the core issues, the economists and politicians in the West are busy doling out anodynes.

A "vintage"June 30, 2010 article in "The Economy Watch" seems valid even today:

"We do not believe that the underlying problems have been solved. If anything, they have been exacerbated".


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