In the wake of the global financial crisis, Asian economies have emerged as an engine of global growth. Without doubt that region's economic importance will only grow backed by sound economic fundamentals. The region's continued dynamism ascribes even greater role to China and India with Japan lagging somewhat behind. Asia has been growing in economic power, but there are some substantial problems that need to be overcome. Critics suspect the region's growth potential depends on significant long-term development needs, including infrastructure and education. To discuss the emerging trends in the world new order, The Analyst invited eminent experts to share their views on the subject.

William Gamble: The idea that the global financial crisis has given new impetus to the power shift from the West to the Asian economies is not correct. Any true shift takes decades not years. Obviously, Asia has been growing in economic power, but there are some substantial problems that need to be overcome. In some ways, the financial crisis has lessened the potential of Asia.

Both India and China are crippled with financial systems that are dominated by state controlled institutions. The state involvement guarantees that banks cannot act in their most important role as intermediaries to allocate capital from depositors to the most efficient enterprises. The financial crisis created the illusion that these institutions worked fairly well in preventing a meltdown, so they will most likely not only be maintained, but their reach will be expanded. This will ensure a continued inefficient allocation of capital and slow potential growth.

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