Summary of the Article: “West to East: A new Global Economy in the Making?”
This article discusses Dr. van Niekerk‘s new book,west to East: A New Global Economy in the Making?,and its implications for understanding the shifting global economic landscape. Here’s a breakdown of the key points:
Shifting Global Power: The book explores the changing balance of power in the global economy, driven by the rise of the East (particularly China) and the relative decline of the West (US and Europe). This shift is happening alongside the urgent need to achieve the Lasting Development Goals (SDGs) by 2030.
Key Forces at Play: Two major forces are shaping the future: geopolitical tensions (like tariff wars) and the rapid advancement of the digital revolution in finance (cryptocurrencies, AI). Competition for technological supremacy between East and West is predicted to be a defining factor in the coming decade.
Impact on africa: The book warns that developing countries, including those in Africa, are increasingly vulnerable to external factors beyond thier control. Resource dependency and the digital divide exacerbate inequality. However, Dr. van Niekerk believes African perspectives, like the philosophy of Ubuntu, are crucial for fostering inclusive global leadership.
The Belt and Road initiative (BRI): China’s BRI is highlighted as a prime example of the West-to-East shift, reshaping trade, investment, and infrastructure globally. The article suggests South Africa needs to carefully consider its economic alliances considering this.
academic Approach: Dr. van Niekerk intentionally titled the book with a question mark to emphasize open academic inquiry and the complexity of the topic.
UFS Faculty Pride & Relevance: The University of the Free State (UFS) faculty is proud of Dr. van Niekerk’s work, seeing it as a valuable contribution to the field.The book’s themes are being integrated into the economics and finance curriculum at UFS, preparing students for a rapidly changing global economy and aligning with the university’s research agenda (Vision130).
In essence, the article positions Dr. van Niekerk’s book as a timely and thought-provoking analysis of the evolving global economy, with a particular focus on the challenges and opportunities facing Africa. It also highlights the UFS’s commitment to relevant,forward-thinking research and education.
