New centres of capital
As of 2014, “developing Asia” — China, Singapore, South Korea, Malaysia, Taiwan, and other countries — became a bigger exporter of foreign direct investment than North America (the US and Canada) or the whole of Europe. The United Nations agency which monitors such things, UNCTAD, reports that “developing economies” produced 36% of all foreign direct investment in 2014, up from less than 10% as recently as 2003 (UNCTAD World Investment Report 2015). The shift is not a blip, or a sudden and temporary development due to economic difficulties in the USA and Europe. It is the latest step in a...