North America and Europe combined produced half of the global GDP. A 2011 study by the Asian Development Bank stated that: "By nearly doubling its share of global gross domestic product (GDP) to 52 percent by 2050, Asia would regain the dominant economic position it held some 300 years ago. The notion of the Asian Century assumes that Asian economies can maintain their momentum for another 40 years, adapt to shifting global economic and technological environment, and continually recreate comparative advantages. In this scenario, according to 2011 modelling by the Asian Development Bank Asia's GDP would increase from $17 trillion in 2010 to $174 trillion in 2050, or half of global GDP. In the same study, the Asian Development Bank estimates that seven economies (China, India, Indonesia, Japan, South Korea, Thailand, Malaysia) would lead Asia's powerhouse growth; under the Asian Century scenario, the region would have no poor countries, compared with eight in 2011. Since China's economic reforms in the late 1970s (in farm privatisation) and early 1990s (in most cities), the Chinese economy has enjoyed three decades of economic growth rates between 8 and 10%. The Indian economy began a similar albeit slower ascent at the end of the 1980s and early 1990s, and has averaged around 4% during this period, though growing slightly over 8% in 2005, and hitting 9.2% in 2006 before slowing to 6% in 2009, then reaching 8.9% in 2010. Both of these developments involved policy of a degree of managed liberalisation of the economy as well as a turning outwards of the economy towards globalisation (both exports and attracting inward investment). The magnitude of this liberalisation and globalisation is still subject to debate. They were part of conscious decisions by key political leaders, especially in India and the PRC. Also, the populations of the two countries offer a potential market of over two and a quarter billion. The development of the internal consumer market in these two countries has been a major basis for economic development. This has enabled much higher national growth rates for China and India in comparison to Japan, the EU and even the US. The international cost advantage on goods and services, based on cheaper labor costs, has enabled these two countries to exert a global competitive pressure. The term Easternization has been used to refer to the spread of oriental (mainly Japanese) management techniques to the West.Kaplinsky, Raphael, Easternization: