World is undergoing profound transformations in the recent decades on economic and social ground. In 1900, Europe’s population is almost a quarter (against 60% of Asia). Now, the entire West contains not more than 12% of the world’s population but still dominates the world. In 1900 it could be said that the West was “superior” in many fields, including institutions, industrial systems, education, and technological innovations. Now, this superiority is now under challenge from the emerging East.
Economic crisis in western countries is because of materialistic nature of social life(consumerism) which is pushing people to buy (borrow) based on tomorrow’s effort(debt). Debt in most of the western countries is so high and deficit could be managed only by acquiring more and more debt. In order to get out of this economic crisis, western countries started adopting eastern philosophies and spiritualism to get away from materialistic attachment.
In the following TED talk, Hans Rosling (Swedish statistician on public health) talks about Asia regaining its dominance in the world with amazing statistics