WASHINGTON: The rise of Asia has been one of the most exciting economic developments of the second half of the 20th century. And yet the West, particularly Western Europe, has tended to react defensively rather than get actively involved. It may soon be too late to rectify that mistake.
Of course, the United States and Europe have hugely expanded their exports to the fast-growing Asian markets. But they have concentrated too much on worrying how to protect their own markets from Asian competition and not enough on investing directly in the Asian boom.