Economic and Political Geography
The development of the BRIC economies is being monitored on a regular basis by financial markets worldwide. This chapter discusses some of the reasons for their emergence and continued growth and the challenges they face. Next, it considers the third-largest economy, Japan, and the five Asian dragons, which grew at a phenomenal rate after World War II. It discusses “reactive modernization”—a path of fostering economic growth by negotiating with the ruling Western economies. Japan and South Korea are two classic examples of this kind of growth, where a hybrid of Western industrialization was combined with Eastern methods of operating. A closer inspection of the trading economies in the World Trade Organization would reveal that a growing number of them are from non-Western nations, and they play important roles in shaping the paths that globalizations need to follow in the new economic and political geography of the world.