How to achieve the World's Golden Age or Global Renaissance?

Can it be done?

This is the topic of my book titled *The Book of One.* The book focuses on alleviating or even eradicating poverty. I believe it can be done if the world unites. However, given the current geopolitical situation, achieving this goal seems unlikely. The United States is attempting to isolate itself and is using its significant economy to dominate other countries. The current administration is more extreme and is hesitant to integrate with the rest of the world.

So, what should be done?

The rest of the world should unite. Europe, China, and other nations need to put aside their differences and work together to create a better planet. It may take some time for the United States to recognize its error, but we must move forward regardless. The rest of the world can thrive without the United States, even though it is the largest economy. Europe and China should step up as leaders to ensure that developing countries continue to progress.

So, how can we achieve the world's golden age or global renaissance? This question can be addressed if the world remains resilient. Currently, we are experiencing exponential GDP growth, which suggests that the Golden Age can be realized. However, it may take time for developing countries to achieve developed status—perhaps 50 years or more. Nevertheless, we are making progress, and the momentum continues to build.

How can we achieve the golden age in the face of widespread poverty?

It's straightforward. China managed to eradicate poverty by 2021 by investing significant funds into poverty alleviation, all while leveraging its strong economy. This success can be replicated globally if we focus on developing a larger middle class. A growing middle class will increase demand for consumer goods, leading to the creation of more businesses, improved logistics, and necessary manufacturing structures. This increased demand will also boost government revenues, create more jobs, and further expand the middle class, driving continued growth.

Asia, Africa, Latin America, and the rest of the Global South must take proactive steps to achieve developed world status. Currently, they are making progress, but further economic growth is needed to build a larger middle class. The encouraging news is that people in the Global South remain optimistic about their futures, which should motivate world leaders. This optimism can lead to increased hard work and productivity, generating profits for businesses. I hope that these businesses will reinvest their profits to pay workers more and hire additional staff.

It's worth noting that the United States itself experienced significant economic growth during the late 1990s due to the Internet boom, which created numerous jobs. At that time, obtaining a job was relatively easy, and many individuals, even those without college degrees, secured well-paying positions, sometimes even juggling multiple jobs. However, this period ended with the bursting of the tech bubble, resulting in layoffs. The final blow came in 2008 during the Great Recession, which led to significant job losses and many homeowners losing their properties due to the subprime mortgage crisis.

China is facing a housing crisis as well, but it has managed this issue effectively, so it hasn't severely impacted its economy. In fact, China's economy is growing robustly, and a 10% decline due to the housing crisis has not hindered its overall progress. Nonetheless, it is imperative for China to address this issue to ensure a healthier macroeconomy moving forward.

India is also performing exceptionally well. Its economy has reached $4.187 trillion, making it the fourth-largest in the world in terms of nominal GDP. In terms of purchasing power parity, India's GDP is approximately $17.4 trillion, ranking it as the third-largest economy globally. The middle class in India is expanding, and while the service sector is thriving, the manufacturing sector requires more attention. This is crucial, as the manufacturing sector tends to provide more jobs than the service sector, given that factories and related industries typically require a larger labor force.

Africa is experiencing significant economic growth, largely thanks to the Belt and Road Initiative. This initiative has enabled the construction of essential projects in the region, such as energy infrastructure, manufacturing facilities, schools, and businesses. Africa boasts the youngest demographic in the world, and there is a strong sense of optimism among its young people regarding improvements in their lives. As a result, the economy is growing faster than ever, which is leading to an expansion of the middle class. China, recognizing the wealth of resources available in Africa, has prioritized the region as a key partner for its economic needs.

Similarly, the ASEAN region is thriving, enjoying rapid economic growth fueled by substantial investments. By 2035, many ASEAN countries are projected to achieve GDPs ranging from $800 billion to $1 trillion, reflecting their exceptional economic progress. Indonesia, for instance, may see its GDP reach between $3 trillion to $4 trillion by 2035. Other nations in the region, such as the Philippines, Malaysia, Thailand, and Vietnam, are also on track to reach $1 trillion in GDP during this period. With a population of 700 million, ASEAN has a robust and expanding middle class.

These developments suggest that the world could be entering a Golden Age of economic prosperity. With patience and resilience, we can witness significant growth from developing countries. By 2030, it is expected that another 50% of the global middle class will emerge, with most of this growth occurring in developing regions, often referred to as the Global South. By 2050, major economies like India, China, and the ASEAN countries, among others, are predicted to achieve developed status, which will further contribute to the growth of the middle class.

For more insights into the World's Golden Age and global economics, check out my book titled “The Book of One.” For additional information, please visit my website at www.booksofone.com. If you have any questions or suggestions, feel free to comment or reach out to me via email at carlosrelanojr@booksofone.com.