The lecture analyzes the phenomenal transformation of Asia, which would have been difficult to imagine, let alone predict, fifty years ago. In doing so, it provides an analytical narrative of this remarkable story of economic development, situated in the wider context of historical, political and social factors, and an economic analysis of the underlying factors, with a focus on critical issues in the process of, and outcomes in, development. The analytical conclusions drawn contribute to contemporary debates on development, and highlight some lessons from the Asian experience for countries elsewhere. This transformation has been uneven across countries and unequal among people. Yet, Asia’s economic progress in this short timespan has been remarkable and almost unprecedented in history. It is beginning to shift the balance of economic power in the world. At this juncture, however, the world is also confronted with mounting economic problems and political challenges, so that the uncertain future is a challenge.