The Great Convergence: Asia, the West, and the Logic of One World

The greatest improvements in human living standards in history have occurred in the last fifty years. They began with the creation of large middle classes in Europe and America. Now Asia is joining in, creating large middle classes. Today, Asia accounts for less than one-quarter of the global middle class. But by 2020, more than half the world's middle class could be in Asia. As a result, Asian consumers could account for over 40 percent of global middle class consumption.