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The crisis of modernity in the West has problematized the notion of culture. Sweeping changes in mass communications, emergence of new social movements, intensification of cultural experiences, and strident voices of minority groups have contributed to altered perceptions of self and collective identities. Furthermore, the failure of the West to maintain structural dominance in the economic sphere has opened the way for increased debates about the power of culture. These emerging issues in the West may have a significant impact on Asian societies that are experiencing economic growth, since they are struggling to acquire a modern identity without losing their traditional referents. A growing recognition of multiculturalism and cultural resources in the West may in the long run influence the formation of an Asian modernity in which cultural assertiveness dictates the terms of socio-economic development. The aims of this article are to delineate some reasons for the rediscovery of culture, its ideological and practical consequences, and their implications for the future of Asian and Western development.