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Asia's Turning Point: An Introduction to Asia's Dynamic Economies at the Dawn of the New Century

Book Description

Asia was probably the biggest economic sensation of the post-war decades. The breathtaking success of Japan was followed by a remarkable rise of "four tigers", then ASEAN founder states and then China. The Asian miracle became a commonly accepted definition of this success. In the late 1970s and especially 80s it became clear that the balance of power in the world had changed. Politicians, businessmen, scholars began to talk about "the new Asia Pacific age" and Asian economic model, different from and, maybe, even superior to Western capitalism. However, in 1997-98 the Asian economic crisis came and made the region a sick man. Six years before that Japan, the regional powerhouse entered more than a decade-long period of stagnation. The miracle was over. However, the crisis was overcome within a surprisingly short period of time. Naturally, the question arises: What now? What is going on in the region after the miracle and after the crisis? What is today's face of Asian capitalism and how should we view its performance?

Readers interested in regional developments will find a lot of literature about miracle decades and crisis years. However, few analysts have addressed the challenging questions addressed in this book.

The authors vividly show that Asian capitalism is undergoing a radical structural transformation. These changes are directly affecting its key institutions: governments, companies, labor relations, etc. As a result Asian economic systems are becoming much closer to the Western-style, especially Anglo-Saxon capitalism, though the region retains some important specific features, especially regarding business culture.

This book is a must for business people worldwide, for all those who study the region in colleges and business schools, for people engaged in various international activities and, finally, for all those who want learn more about our world at the dawn of the new century.

Table of Contents

  1. Cover
  2. Contents
  3. Title page
  4. Copyright
  5. Dedication
  6. Acknowledgments
  7. Prologue
  8. Part 1: Region
    1. 1: The East Asian Miracle in Retrospect
      1. Similarity in Diversity
      2. Why Rapid Growth?
      3. The East Asian Model of Capitalism: An Outline
      4. The East Asian Model of Capitalism: How It Worked for Growth
      5. The Asian Crisis: The Final Curtain
      6. Entering a New Stage
    2. 2: A New Wave of Growth
      1. East Asia in the World: Its Present Position
      2. Running Fast But Slowing Down
      3. Labor and Capital: Inputs and Productivity
      4. Growth Drivers on the Demand Side
      5. China-led Growth
      6. The Growth of Poor Quality: Energy Inefficiency and Environmental Unfriendliness
      7. The Impact of the Global Financial Turmoil
      8. Concluding Remarks
    3. 3: Structural Transformation: The State
      1. The Developmental State Is Yesterday
      2. “Less Government, More Market”
      3. Industrial Policy: Still There, But…
      4. An Emphasis on Upgrading and Innovation
      5. Modernizing Agriculture: A New Old Task
      6. SOEs and GLCs as Leaders in the Market Economy
      7. Concluding Remarks
    4. 4: Structural Transformation: Business
      1. Three Big Shifts
      2. Ownership Shift
      3. Corporate Governance Shift
      4. Dominant Shareholders: A New Mentality, a New Mode of Action
      5. Concluding Remarks
    5. 5: Structural Transformation: Labor Relations
      1. Overview: Directions of Change and New Challenges
      2. Evolving Practices and Way of Thinking
      3. The Signs of a New HRM System
      4. Building Sustainable Labor Relations
      5. Concluding Remarks
    6. 6: Regional Integration and Prospects for the East Asian Community
      1. The Interdependence of East Asian Economies
      2. East Asia’s FTAs
      3. Regional Institution Building: ASEAN Plus Three
      4. The Creation of the East Asian Community: Dilemmas
      5. East Asia’s Integration Pattern: A “Do-What-You-Can-Do” Community
  9. Part 2: Nations
    1. 7: China: A New Heavyweight
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Three Super-Challenges
      6. The Upgrading Game
      7. Foreign Trade
      8. FDI and the Business Environment
      9. Concluding Remarks
    2. 8: Hong Kong: Ten Years with China
      1. A Few Basics
      2. An Historical Perspective
      3. Postwar Development
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    3. 9: Taiwan: A Center of Advanced Manufacturing
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    4. 10: South Korea Reformed: Challenges for a Newly Developed Nation
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    5. 11: Singapore: Globalized, Entrepreneurial, Diversified
      1. A Few Basics
      2. Postwar Development
      3. Structural Features
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    6. 12: Malaysia: Developed by 2020?
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    7. 13: Thailand: Rice Bowl, Regional Factory, and Land of Smiles
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. Inward FDI and the Business Environment
      7. Concluding Remarks
    8. 14: Indonesia: The Start of the Post-Suharto Era
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    9. 15: Philippines: Speeding up at Last
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. Inward FDI and the Business Environment
      7. Concluding Remarks
    10. 16: Vietnam: A New Magnet for Investors?
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms (The 1990s and the 2000s)
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    11. 17: North Korea: Utter Orthodoxy or Attempts to Reform?
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Economic Relations with South Korea
      8. Concluding Remarks
    12. 18: The Russian Far East: Yes, It Is Also East Asia!
      1. A Few Basics
      2. The RFE in the Soviet Economy
      3. The Market Transition of the 1990s
      4. Present Performance
      5. Foreign Trade
      6. Inward FDI and the Business Environment
      7. Concluding Remarks
    13. 19: India: The Next-Door Neighbor Knocking at the Door
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
    14. 20: Japan: Forgotten Giant
      1. A Few Basics
      2. Postwar Development
      3. Structural Reforms
      4. Present Performance
      5. Foreign Trade
      6. FDI and the Business Environment
      7. Concluding Remarks
  10. Epilogue
  11. Reference
  12. Index