Gunder Frank also speculates that East Asia's present economic growth and potential will eventually help it regain economic hegemony in the not too distant future.
A couple points I'd like to add to Frank's thesis explained in other reviews.
1) I work for one of the major trans-Pacific ocean shipping companies. The company was founded in California in 1848 and sold to the Singapore government in 1997. (Shipping going East)
2) US-bound shipments are full of manufactured goods. Asia-bound ships are filled with wastepaper or are largely empty. The West continues to produce nothing that Asia really wants. Where in times past, most of the Asian-bound shipments from England and the Netherlands were boats filled with silver and gold, today we »ship silver« to Asia in the form of electronic fund transfers. Given the trade deficit the US alone has with China and the rest of Asia, it seems only a matter of time before the Chinese start buying Manhattan and US assets the way the Japanese did in the 1980s.
3) Frank's book adds an interesting background to the history of the Roman Empire. After subjugating Europe, Rome moved eastward under Constantine the Great. First, Constantinople provided a more defensible position for the New Rome (indeed where the western capital – Rome –- fell in the 5th century, the eastern capital – Constantinople –- continued until the 15th century, despite being »on the way« as it were for invading Huns and other invading armies). But perhaps more importantly, all the commercial action was centered in the East. Moving the capital eastward took it out of the backwater of Italy and moved it closer to the overland trade routes with the Asia).
4)That the East was far wealthier than the West can again be seen in microcosmic perspective during the 4th Crusade. Western soldiers had never imagined a city as wealthy as Constantinople. When they saw it they had to have it. The West, especially Venice, did to Constantinople in 1205 as the British did to Bengal in 1857 and the Americans have been doing to the Native Americans since they got here. They took by force, not by superior ethic, religion, tradition, or racial superiority.
The book itself, despite its »must read status« and historical importance, is very poorly written and highly repetitious. If you read the concluding few pages, you will have the main points of the argument. Read the rest of the book if you want the details. And Frank provides plenty of detail, footnotes, references, etc.
All in all, this book is important for understanding the world's past as well as the contours of the future. I wonder how long it will take for the pendulum to swing back to Asia. Chinese-US relations are getting interesting, aren't they?