Lessons from Asian capitalism

Thoughts to ponder for those in Africa who believe in mimicry rather than adaptation and self-generation, Kishore Mahbubani wrote in the FT:

...the strengths of Asian capitalism are greater than the weaknesses. Within a decade Asians will have some of the largest free trade areas, including those between China and the Association of South East Asian Nations, the Japan-Asean FTA, and the Indian-Asean FTA that is likely to be set up. Recent history has taught Asians a valuable lesson: more trade leads to greater prosperity. In the Asian way – two steps forward, one step back – trade barriers will gradually come down. By the middle of the 21st century, intra-Asian trade will far surpass that of any other region.
Despite this, there will be no ideological trumpeting of the virtues of Asian capitalism. After their experiences of the past 100 years, Asians are wary of ideology. They prefer the simple, commonsense approach of learning from experience and they will heed the advice of Adam Smith, who said that prudence is “of all virtues that which is most useful to the individual”. It may also be helpful to nations.