Asia: Eastern Billions Can Still Join the World

With global economic recession, many nations look inward, prioritizing domestic concerns and rejecting globalization. But the inward focus may not last for long, predicts Nandan Nilekani, author and former chief executive of Infosys, writing for Financial Times. India’s and China’s growth, combined with their transition from rural agricultural economies to manufacturing giants, could deliver new global opportunities: Retirees from around the globe will invest in emerging markets for higher interest rates, nations in need of labor will rely on Asia’s billions of people in search of work, who also contribute higher than average productivity; challenges in water supply, sustainability, governance and climate change will confront Asia’s cities and could spur innovations that assist the globe. Any country opting out of the next round of globalization, Nilekani warns, does so at its own risk. – YaleGlobal