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Asian Century; Asia's middle class; Urbanisation in Asia; Asian demographic challenges; Democracy and politics in Asia; Asia's global value chains; Economic crime in Asia; Power transition in Asia; China and US rivalry; Inclusive growth in Asia

Asian Century; Asia's middle class; Urbanisation in Asia; Asian demographic challenges; Democracy and politics in Asia; Asia's global value chains; Economic crime in Asia; Power transition in Asia; China and US rivalry; Inclusive growth in Asia

When the Organisation for Economic Co-operation and Development (OECD) was created half a century ago in 1961, its members accounted for the lion's share of the world economy and that remained the case for almost three decades. Major international developments occurred from the late 1980s like the end of the Cold War; and the return of stability, open markets and democracy to Latin America. But the OECD countries' global economic predominance was only really challenged by the rise of East Asia through its export-oriented growth strategies. The OECD responded to all these developments by inviting countries to join the Organisation and participate in outreach activities. But what is striking in this opening of the OECD membership is the lack of a visible presence of Asia and a growing "eurocentricity". The OECD's membership has grown by 10 countries (to 34) over the past 17 years, but only one of these new members (Korea) comes from Asia. Based on current trends, the OECD seems condemned to represent an ever declining share of the world economy. As the OECD enters its second half century, it is very much at a crossroads. This paper argues that for the OECD to be a more effective and legitimate player in global governance, it needs to make a major and immediate effort to recruit large Asian countries as members, even if it means adopting a more flexible approach to membership criteria and adapting the organisation. While Asia's leading economies would have much to gain from joining the OECD and accepting and committing to the Organisation's policy standards, the OECD has to recognize that the global financial crisis has brought the "Western brand" (which the OECD represents) into serious disrepute. This underlines the argument for greater flexibility with respect to membership criteria. As major beneficiaries of globalization, Asia's leading economies arguably have a responsibility to adopt more of the OECD's values-based culture in terms of good governance and transparency. Just as importantly Asia can contribute to this organizational culture which has always evolved and needs to evolve further. This would ultimately be beneficial to them and the global economy, and they would thereby become more responsible stakeholders in the global system. ; Cuando la OCDE fue creada hace medio siglo, en 1961, sus miembros representan la mayor parte de la economía mundial y esa proporción se mantuvo durante las tres décadas siguientes. Algunos acontecimientos internacionales tuvieron importancia durante la década de 1980, como el final de la Guerra Fría, el inicio de una nueva fase de estabilidad y apertura de los mercados y la instauración de la democracia en América Latina. Pero el predominio de los países de la OCDE en economía mundial fue tan sólo desafiado por las economías de Asia Oriental, como resultado de sus estrategias de crecimiento orientado a la exportación. La OCDE respondió a todos estos acontecimientos, invitando a los países a integrarse en la organización y participar en algunas de sus actividades de difusión. Pero lo que sorprende en esa apertura de la OCDE es la falta de presencia relevante de Asia y un creciente "eurocentrismo". En los últimos 17 años, los países miembros de la OCDE han aumentado en diez (34), pero sólo uno de estos nuevos miembros (Corea) proviene de Asia. Sobre la base de las tendencias actuales, la OCDE parece condenada a representar un porcentaje cada vez menor de la economía mundial. La OCDE entra así en su segundo medio siglo en una encrucijada. Este documento sostiene que para que la OCDE sea un agente más eficaz y legítimo en la gobernanza mundial, es necesario que haga un esfuerzo importante e inmediato para integrar grandes países asiáticos como miembros de pleno derecho, incluso si esto significa la adopción de un enfoque más flexible de los criterios de ampliación y adaptación de la organización. Mientras que las principales economías de Asia tienen mucho que ganar al integrarse a la OCDE, aceptando y comprometiéndose con las normas de política de la organización, la OCDE tiene que reconocer que la crisis financiera mundial tiene un claro carácter "occidental" (representativa de la OCDE) que implica un grave descrédito. Esto pone de relieve el argumento que exige una mayor flexibilidad con respecto a los criterios de adhesión Como principales beneficiarios de la globalización, las principales economías de Asia tendrían la responsabilidad de adoptar una la cultura basada en los valores de la OCDE, tanto en términos de buen gobierno como de transparencia. Asimismo, estos países pueden contribuir a una cultura que ha permitido evolucionar a la organización. En última instancia, esto sería beneficioso para Asia y la economía mundial, y constituiría a los países asiáticos en agentes más responsables en el sistema global.

Please excuse late return of Charles West, his son, and Charles L. Emery. ; Transcription by L. Gregory Curtis, NU'77, MSIA'07. Transcriptions may be subject to error.

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This executive order by Governor John C. West gives authority to cooperative undertakings by multiple state agencies.

Transcript of annual speech given by Governor John C. West to both houses of the state legislature in joint opening session to report on the condition of the state of South Carolina.