The Structural Shift of the World Economy and Potentially Bigger Market Economies: With a focus on China in East Asia
Abstract: Entering this century, structural shift of the world economy has proceeded. Developing countries in East Asia have attained outstanding growth surpassing other regions in the world for the last half century, and China today spearheads it. The growth in this region from the 1960s to 1980s was led by the newly industrializing economies such as Korea, Taiwan, Hong Kong, and Singapore. However, leading countries now change to China and others. In this paper, we try to understand the shift of the growth mechanism from NIEs model to potentially bigger market economies (PBMEs) model for the further development of the world economy.
Keywords: Asian economy, structural shift, neighboring countries, world economy, PBMEs (potentially bigger market economies), China
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