Scholars: Asian economies to play significant role in shaping new world

Xinhua – Asian economies will play a significant role in shaping new world’s order as economic power has shifted from developed countries in the United States and Europe to developing region countries, scholars said in their paper presented at an international conference in Indonesia on Thursday. Vildan Serin from the Fatih University of Turkey and Bulent Gokay of Kelle University of Britain said that modern world system has gone through several rounds of hegemonic shifts and several cycles from single-centric to multi-centric organizations for centuries. “No doubt, for Asian economies, these are challenging times. But, what the G20 summit shows is that the old financial world is over.” Read Article

Tags: 2nd Great Depression, Asia, financial system, New World Order