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. Deepak Nayyar is Emeritus Professor of Economics at Jawaharlal Nehru University, New Delhi, and an Honorary Fellow of Balliol College, Oxford.