ABSTRACT
Drawing on world systems theory and global capitalism school theories, this chapter examines the consequences of the rapid economic growth in China and India. Until the mid-2000s, China and India were ranked amongst the least prosperous nations in the world. The expansion of these two economies is linked to their transition from centrally planned economies to market economies and has resulted in a redistribution of wealth, both within the Asia/Oceania region and within several nations located in the region, creating a regional transnational capitalist class. Billionaires in Australia, India, China, and Hong Kong are becoming increasingly codependent, focusing on global rather than national circuits of accumulation.
