Emerging States and Economies in Asia: A Historical and Comparative Perspective

Abstract

Abstract Emerging nations are gaining weight in global economy and politics in the 21st century. Proud of their achievement in recent years but confronted with the challenge ofmiddle-income trap as well as specific risks and uncertainties that attend changes brought about by their rapid economic growth, they often question the post- ColdWar global system of Pax Americana, liberal democracy, market economy, and self-regulating market and offer a new social contract of a life of plenty and security as the basis for a new global system. This chapter examines its significance in a long historical and comparative perspective and underscores the importance of states’ ability to manage risks and uncertainties.