This collection of papers challenges the conventional view of East Asian development driven by open and efficient markets and suggests that considerable diversity both at the institutional level and in policy approaches lies behind the region's rapid economic growth.

In the early 1960s, fewer than five percent of Japanese owned automobiles, China’s per capita income was among the lowest in Asia, and living standards in South Korea’s rural areas were on par with some of the world’s poorest countries. Today, these are three of the most powerful economies on earth. Dwight Perkins grapples with both the contemporary and historical causes and consequences of the turnaround, drawing on firsthand experience in the region to explain how Asian countries sustained such rapid economic growth in the second half of the twentieth century. East Asian Development offers a comprehensive view of the region, from Japan and the “Asian Tigers” (Hong Kong, Singapore, Taiwan, South Korea) to Indonesia, Vietnam, Thailand, Malaysia, and China—a behemoth larger than all the other economies combined. While the overall picture of Asian growth is positive, no single economic policy has been effective regionwide. Interventionist policies that worked well in some countries failed elsewhere. Perkins analyzes income distribution, to uncover why initially egalitarian societies have ended up in very different places, with Japan, for example, maintaining a modest gap between rich and poor while China has become one of Asia’s most unequal economies. Today, the once-dynamic Japanese and Korean economies are sluggish, and even China shows signs of losing steam. Perkins investigates whether this is a regional phenomenon or typical of all economies at this stage of development. His inquiry reminds us that the uncharted waters of China’s vast economy make predictions of its future performance speculative at best.

East Asia's development experience, at least until its crisis in 1997, has been a source of hope for other countries in the South. And in modern economic theory, it has been at the centre of the debate about how the role of the state relates to processes of intentional economic progress.

Given the impressive growth in East Asia after World War II, initially led by Japan, the region's development models have been scrutinized since the 1980s. The shared Confucian cultural heritage, strong government guidance, and export led economies were often cited as contributors to the impressive growth. However, major changes have taken place in Asia on and around the turn of the century: Japan experienced two decades of economic slow-down, while World Bank figures reveal that China is poised to become the largest economy in the world in 2014, overtaking the United States. Bearing this in mind, is it even possible to formulate an East Asian development model in the context of a shifting twenty-first century? And if so, what is it? This book addresses this issue by looking at the economic, political and cultural perspectives of China, Japan and South Korea, focusing on dynamism and potential consensus regarding an East Asian development model. The chapters offer a historical background to the East Asian development model, as well as in-depth case studies of each of the countries concerned to show that whilst the East Asian development model does have distinct characteristics as compared with other areas, and other countries may draw some insights from the East Asian experience, it is not a panacea that fits all circumstances and fits all times. This book will be welcomed by students and scholars of Asian economics, Asian politics, international political economy and development studies.

This comprehensive Handbook provides an in-depth analysis of the nature of East Asian economic integration alongside thoughtful insights into contemporary issues, such as agricultural development, structural transformation and East Asian trade, alongside skills and human capital development policies of ASEAN. Contributors also provide detailed explanations on trade, poverty and Aid for Trade, institutional reforms, regulatory reform and measuring integration.

Regional cooperation in East Asia on various issue areas, such as emergency liquidity mechanisms in finance, the exponential growth of free trade agreements and policy coordination on the environment and public health, developed rapidly after the Asian Financial Crisis. A decade later, the global financial crisis offered a new opportunity for the nascent regional cooperation mechanisms to acquire new depth and meaning - this time, however, in a very different context due to the unfaltering rise of China. How have inter-state cooperation mechanisms, which were devised originally to deal with the problems of the past crisis, fared in the recent global economic turbulence? Can regional integration effectively insulate East Asia from the vagaries of the international market? Should East Asian nations heed the call for regionalism or globalism? This volume not only offers one of the first assessments of how the global economic crisis has affected the prospects for regional integration in East Asia, but it also addresses a number of long-standing debates of interest to East Asian specialists, economists and policymakers: Are crises catalysts for revamping developmental models? Do they provide solid foundations for regional solidarity and integration? Can they help catapult countries into the global limelight? This book was originally published as a special issue of The Pacific Review.

The relevance of East Asian development experience to the less developed world crucially depends on whether an identifiable economic model underlies & largely explains the unquestionable economic success of the five nations of East Asia-Japan, Korea, Taiwan, Hong Kong, & Singapore-which are the subject of extensive analysis in this volume. If there is a model, is it transferable? There are two schools of thought on this question. Some believe that the explanation for East Asian economic success lies largely in the cultural realm: in values, institutional structures & social relations. Others maintain that economic success can largely be explained by the economic strategy these countries have adopted.

East Asia is one of the world's most dynamic and diverse regions and is also becoming an increasingly coherent region through the inter-play of various integrative economic, political and socio-cultural processes. Fully updated and revised throughout, this new edition explores the various ways in which East Asian regionalism continues to deepen. The second edition has been expanded to incorporate coverage of significant issues that have emerged in recent years including: Growing tensions in the region over maritime territory and historical issues Competing regional free trade agreement negotiations The impact of the global financial crisis on financial co-operation and engagement with global governance Obama’s ‘pivot to Asia’ and developments in US relations with East Asia The influence of new technology and social media on micro-level regional relations The growing importance of ‘new diplomacy’ issues such as energy security, climate change, food security and international migration. Key pedagogical features include: end of chapter 'study questions' case studies that discuss topical issues with study questions also provided useful tables and figures which illustrate key regional trends in East Asia Extensive summary conclusions covering the chapter's main findings from different international political economy perspectives. East Asian Regionalism is an essential text for courses on East Asian regionalism, Asian politics and Asian economics.

The New Industrializing Countries (NICs) of the Pacific Basin--Taiwan, South Korea, Hong Kong, and Singapore--differ in many ways such as their languages, cultures, political and economic systems. What is interesting is what economic characteristic they hold in common. Each has succeeded in defying in what Chow and Kellman define as a "vicious circle of poverty" following World War II. They provide a comprehensive analysis of the economic factors which fueled the "engine of growth." The authors combine a detailed body of empirical data with an unusually broad theoretical framework to highlight the factors in each industry and market which contributed to the success of these countries. The work examines and forecasts potential competition from the surrounding geographic area in specific markets. It contrasts the development of the NICs with Japan, with "next tier NICs," and with each other in markets, including those of the United States and the forthcoming united Europe. Using modern economic theory and sophisticated quantitative techniques, Trade - The Engine of Growth in East Asia will clearly help scholars, students, policymakers, and professionals in understanding these East Asian models of growth.

This book is a compilation of joint papers written by the staff and students of the Nanyang Business School in Singapore. It encompasses a broad range of interesting microeconomic and macroeconomic topics. The four sections of the book cover Singaporean microeconomic and macroeconomic issues, interdependence among Asia-Pacific economies, and other Asia-Pacific economic issues. The book embodies the highest level of technical rigor and commitment to excellence.The general public should find this book a handy, useful and informative tool for understanding the economics of East Asia. In particular, analysts and researchers in banks, securities houses, multinational corporations, government ministries and agencies, and universities will find the book indispensable for enhancing their understanding of the region's economies.