Developing Asia Needs a New Economic Paradigm
Developed countries are not providing net demand stimulus to the global economy, as many run current account surpluses or small deficits. In this article for the
Institute for New Economic Thinking, Jayati Ghosh discusses the pressures on global capitalism and asks if developing Asia can take up the slack in global demand. He argues that the slowing growth in much of Asia imposes limits on present strategies, and that this calls for a 21st century version of a
New Deal and a
Marshall Plan, ideally as part of a co-ordinated
Global Green New Deal. Even if global agreement will be hard to achieve, regional co-operation is essential, and may be feasible in Asia. The author suggests that developing Asia could become a beneficiary of a coordinated effort to advance public investment in “green” infrastructure and employment-generating care.
https://www.ineteconomics.org/perspectives/blog/developing-asia-needs-a-new-economic-paradigm
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