For the world taken together, the ratio of foreign assets and foreign liabilities to GDP rose from 133 per cent in 1994 to over 300 per cent in 2008.3 The impact of globalization of labour was by far more striking.
Emerging Asia added nearly three billion to the world’s pool of labour as it integrated with the rest of the world over the last two decades thus hugely improving its comparative advantage. Together, the three dimensions of globalization – trade, finance and labour – helped emerging Asia multiply by a factor its exports to the advanced economies.