Connections that threaten Asian growth
Many Asian economies may not realise their full potential unless they roll back the mutually beneficial links between business and politics
THERE’S no doubt that Asia is a rising economic force — its share of the world economy has risen from 9 per cent in the 1970s to nearly 40 per cent now.
However, Asia’s economic growth has been driven by mutually beneficial links between dynastic business houses and political elites, or what experts call the ”connections world”.
These arrangements, which have been advantageous until now, have begun to threaten future Asian economic growth. This may have a direct bearing on whether the 21st century will belong to Asia, or whether its economies will falter as major fragilities are exposed.
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