HONG KONG – By 2050, Asia will have more than five billion people, while the European Union’s share of the global population will decline from 9% to 5%. Annual economic growth in Asia over the past 30 years has averaged 5%. Its GDP is projected to increase from $30 trillion to about $230 trillion by 2050. The balance of power in the twenty-first century is shifting – in social, economic, and, arguably, political terms – from west to east.
Western anxieties about a looming “Asian century” stem largely from the precedent of twentieth-century geopolitics, in which the West dominated less-developed nations. But this dynamic is outdated, and Asia would suffer as much as the West from any attempt to emulate the British and American empires of the nineteenth and twentieth centuries.