This book examines the need for greater East Asian cooperation and the challenges to this grand endeavor. With differing national outlooks, how can East Asia preserve peace, prosperity and stability amidst geopolitical competition? To answer this question, the volume examines the political and economic relations between Beijing and its neighbors against the backdrop of two trends: the power shift from the West to the East in the aftermath of the American Financial Crisis and the ongoing eurozone crisis, as well as the rise of China.
This volume provides highly illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability, and proposes remedies. Rethinking the East Asian Miracle is an indispensable book for all those with an interest in East Asia's prospects in the early decades of the new century.
The prospect of a new, rapidly rising China poses both opportunities and challenges for regional community building in Asia Pacific. In this book, intellectual leaders from the region present their perspectives on China's development. Four chapters by Chinese authors analyze the domestic dynamics related to the country's political and economic development as well as its external economic and political/security relationships. Contributors from Japan, Korea, member-countries of the Association of Southeast Asian Nations, and Australia/New Zealand cover the growing political influence of China in the region, its influence on security in the region, and the implications of China's continuing economic growth. Five final chapters examine China's regional strategy toward Asia Pacific, Japan-China cooperation on regional community building, taking a greater role in regional security arrangements and the regional economic order, and the cultural implications for the region of the rise of China. Contributors include Yang Guangbin (Renmin University, Japan), Men Honghua (Central Party School, China), Wang Rongjun (Chinese Academy of Social Science), Ni Feng (Chinese Academy of Social Sciences), Takahara Akio (Rikkyo University, Japan), Ohashi Hideo (Senshu University, Japan), Lee Geun, (Seoul National University, Korea), Jwa Sung-Hee (Korea Economic Research Institute), Morada Noel (Institute for Strategic and Development Studies, Philippines), Mari Pangestu (former executive director, Center for Strategic and International Studies), Greg Austin, (European Institute for Asian Studies, Brussels, and Australian National University), Jusuf Wanandi (Center for Strategic and International Studies, Indonesia), Chia Siow Yue (Singapore Institute of International Affairs and EADN), and Wang Gungwu, (East Asian Institute, Singapore).
"Easily the most informed and comprehensive analysis to date on how and why East Asian countries have achieved sustained high economic growth rates, this book] substantially advances our understanding of the key interactions between the governors and governed in the development process. Students and practitioners alike will be referring to Campos and Root's series of excellent case studies for years to come." Richard L. Wilson, The Asia Foundation Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the "East Asian miracle" because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education. Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor. This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies.
East Asia is normally identified as a group of countries lying along the western edge of the Pacific Ocean, but in recent years scholars have begun thinking about a new East Asia that is a community rather than a set of sovereign states. This regional community is a theoretical notion variously defined on the basis of economic or political relations, philosophical orientations, language or other criteria, with each standard producing a different set of boundaries. This book looks at the new East Asia from a Northeast Asian perspective, considering it both as a theoretical construct and a practical reality.The authors are Asian Studies specialists, mainly from Japan but with contributions from Korea and the United States, and they consider the trade and economic interaction, diplomacy, and security arrangements of East Asia. Prepared as part of a five-year research program conducted by Waseda University's 21st Century Center of Excellence for the Creation of Contemporary Asian Studies, the essays are published here in English for the first time
East Asia enjoyed a role as a growth center of the world economy from the 1960s until the currency and economic crisis of 1997. In 1993, the World Bank issued a report entitled "The East Asian Miracle: Economic Growth and Public Policy," in which the bank expressed its admiration for the region 's rapid economic develop ment. However, within only four years the region had fallen prey to the currency and economic crisis that spread outward from Thailand. In the midst of the crisis, many East Asian countries began at long last to cooperate with one another in order to cope with these unprecedented difficulties and to prevent another crisis. In fact, the East Asian region was an exception throughout the 1990s with re spect to regionalism. A surge of regionalism, which began in Europe in the second half ofthe 1980s, spread to North America and Latin America. However, the North east Asian region in particular, consisting of Japan, China (People's Republic of China), and Korea (Republic of Korea), did not participate in any kind of regional economic arrangements. Regional cooperation frameworks were limited to coun tries belonging to the Association of Southeast Asian Nations (ASEAN) and did not spread to the Northeast Asian region.
Advancing the Regional Commons in the New East Asia highlights a number of interests which members of ASEAN and Plus Three countries collectively recognize. This set of common interests includes not only economic development but also social development. Written by nationals in their respective countries, the different chapters in this volume highlights the different foundations for such common interests and these reflect the different constructive ways in which ASEAN and Plus Three countries come to see a multi-strand cooperative partnership. The task of advancing the regional commons will involve efforts to recognise and nurture ASEAN’s and Plus Three’s common interests in terms of broad social development, managing regional security issues, the development of a regional infrastructure, and ensuring collective progress for all member countries. ASEAN becomes a community in 2015 and the idea of embracing, protecting, sustaining and advancing the regional commons become a vital process. Concurrently, APT has also realized that its contribution to the achieving goal of community and promoting regional commons is absolutely critical for both ASEAN and the Plus Three countries. Academics will find in this volume a clear analytical treatment of issues which regional groupings are currently facing and this can provide the basis for a comparative analysis. This volume will also be of interest to students and the general public looking for a systematic introduction to the successful implementation of cooperative ventures and also an assessment of the new collaborative energies which shape this dynamic region.
This text documents the economic development of East Asian countries in order to highlight the beneficial techniques used to increase growth. Socialist and capitalist structures are discussed, complete with an analysis of the future extent of interaction between East Asian countries.
Institutional activities have remarkably transformed East Asia, a region once known for the absence of regionalism and regime-building efforts. Yet the dynamics of this Asian institutionalization have remained an understudied area of research. This book offers one of the first scholarly attempts to clarify what constitutes institutionalization in East Asia and to systematically trace the origins, discern the features, and analyze the prospects of ongoing institutionalization processes in the world’s most dynamic region. Institutionalizing East Asia comprises eight essays, grouped thematically into three sections. Part I considers East and Southeast Asia as focal points of inter-state exchanges and traces the institutionalization of inter-state cooperation first among the Southeast Asian states and then among those of the wider East Asia. Part II examines the institutionalization of regional collaboration in four domains: economy, security, natural disaster relief, and ethnic conflict management. Part III discusses the institutionalization dynamics at the sub-regional and inter-regional levels. The essays in this book offer a useful source of reference for scholars and researchers specializing in East Asia, regional architecture, and institution-building in international relations. They will also be of interest to postgraduate and research students interested in ASEAN, the drivers and limits of international cooperation, as well as the role of regional multilateralism in the Asia-Pacific region.
Hyungkee Kim analyses the model of East Asian development as it existed during periods of high growth and how it was transformed by pressures from both the Washington consensus and its own internal contradictions. Many have discussed the successes and failures of the East Asian model, but Kim is concerned rather with the story of its transformation, and its long-term sustainability. He uses a Five Sector Model, which focuses on the, state, corporate, financial, labour, and foreign sectors to identify the core of East Asian model and examine the variants in Korea, Japan and China. He also outlines the distinctions between the East Asian model and Western development models including the Anglo-American, Rhine, and Nordic models. He analyses in detail the institutional changes such as marketization, privatization, liberalization, and flexibilization that have transformed the East Asian model. Highlighting the major problems that emerged from the transformation of the East Asian model, Kim assesses its prospects for economic, social and ecological sustainability and proposes an agenda for institutional reforms. An essential reading for scholars of East Asian political economy.
