Two centuries of European and US dominance of the global economy have come to an end as the drivers of growth return to Asia, according to Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University. "We have a fundamental rebalancing of the world economy underway, which is the deepest, most profound rebalancing that is happening in our time. And it's a rebalancing, if you will, between the West and Asia," Sachs said at the Hongqiao International Economic Forum in Shanghai. "Basically, we live in a time when the Western dominance of global politics and the Western dominance of the world economy has come to an end after about 200 years of Western dominance," he added.

Two centuries of European and US dominance of the global economy have come to an end as the drivers of growth return to Asia, according to Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University. "We have a fundamental rebalancing of the world economy underway, which is the deepest, most profound rebalancing that is happening in our time. And it's a rebalancing, if you will, between the West and Asia," Sachs said at the Hongqiao International Economic Forum in Shanghai. "Basically, we live in a time when the Western dominance of global politics and the Western dominance of the world economy has come to an end after about 200 years of Western dominance," he added.