The Rise and Fall of the Wealth of Nations

Year 1982, Issue: 21, 25 - 35, 01.05.1982

Oktay Yenal

https://doi.org/10.1501/Intrel_0000000165

Cited By: 1

Abstract

The Rise and Fall of the Wealth of Nations

Abstract

My generation was born into an era when the world was divided into
haves and have-nots, the former taking for granted their continuing and
increasing prosperity, and the latter not entertaining much hope of catching
up. In the last few years we have experienced a basic shake-up in our beliefs
and analyses. The economic supremacy of the West is being challenged not
only by Japan but also by the ASEAN NICs - South Korea, Taiwan, Hong
Kong, Singapore, Thailand and Malaysia. If the dynamism of China
continues at the rate it has been during the past decade, it will be a majör
contender by the beginning of the 21st century. The optimism has become
contagious. Many countries like Indonesia, Mexico, Brazil, Chile and Turkey
are also feeling more confıdent that they have a good chance of cathing up
with the West.
This optimism about the reduction of the gap between the living
standards of the rich and the poor countries does not emanate merely from
improved prospects in some developing countries but also from the lackluster
prospects in industrialized countries

Keywords

The Rise, Fall, Wealth of Nations