My generation was born into an era when the world was divided intohaves and have-nots, the former taking for granted their continuing andincreasing prosperity, and the latter not entertaining much hope of catchingup. In the last few years we have experienced a basic shake-up in our beliefsand analyses. The economic supremacy of the West is being challenged notonly by Japan but also by the ASEAN NICs - South Korea, Taiwan, HongKong, Singapore, Thailand and Malaysia. If the dynamism of Chinacontinues at the rate it has been during the past decade, it will be a majörcontender by the beginning of the 21st century. The optimism has becomecontagious. Many countries like Indonesia, Mexico, Brazil, Chile and Turkeyare also feeling more confıdent that they have a good chance of cathing upwith the West.This optimism about the reduction of the gap between the livingstandards of the rich and the poor countries does not emanate merely fromimproved prospects in some developing countries but also from the lacklusterprospects in industrialized countries