Asia's turning point : an introduction to Asia's dynamic economies at the dawn of the new century

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Bibliographic Information

Asia's turning point : an introduction to Asia's dynamic economies at the dawn of the new century

Ivan Tselichtchev and Philippe Debroux

John Wiley & Sons (Asia) Pte. Ltd., 2009

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Note

Includes bibliographical references (p. 355-370) and index

Description and Table of Contents

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

Acknowledgments xiii Prologue 1 Part 1: Region 5 Chapter 1: The East Asian Miracle in Retrospect 7 Similarity in Diversity 7 Why Rapid Growth? 10 The East Asian Model of Capitalism: An Outline 10 The East Asian Model of Capitalism: How It Worked for Growth 14 The Asian Crisis: The Final Curtain 16 Entering a New Stage 20 Chapter 2: A New Wave of Growth 23 East Asia in the World: Its Present Position 24 Running Fast But Slowing Down 28 Labor and Capital: Inputs and Productivity 29 Growth Drivers on the Demand Side 36 China-led Growth 36 The Growth of Poor Quality: Energy Inefficiency and Environmental Unfriendliness 38 The Impact of the Global Financial Turmoil 40 Concluding Remarks 44 Chapter 3: Structural Transformation: The State 47 The Developmental State is Yesterday 47 "Less Government, More Market" 49 Industrial Policy: Still There, But... 51 An Emphasis on Upgrading and Innovation 56 Modernizing Agriculture: A New Old Task 57 SOEs and GLCs as Leaders in the Market Economy 60 Concluding Remarks 63 Chapter 4: Structural Transformation: Business 65 Three Big Shifts 65 Ownership Shift 66 Corporate Governance Shift 77 Dominant Shareholders: A New Mentality, a New Mode of Action 81 Concluding Remarks 85 Chapter 5: Structural Transformation: Labor Relations 87 Overview: Directions of Change and New Challenges 87 Evolving Practices and Way of Thinking 88 The Signs of a New HRM System 90 Building Sustainable Labor Relations 92 Concluding Remarks 96 Chapter 6: Regional Integration and Prospects for the East Asian Community 97 The Interdependence of East Asian Economies 98 East Asia's FTAs 103 Regional Institution Building: ASEAN Plus Three 108 The Creation of the East Asian Community: Dilemmas 111 East Asia's Integration Pattern: A"Do-What-You-Can-Do" Community 113 Part 2: Nations 115 Chapter 7: China: A New Heavyweight 117 A Few Basics 117 Postwar Development 118 Structural Reforms 122 Present Performance 123 Three Super-Challenges 127 The Upgrading Game 129 Foreign Trade 132 FDI and the Business Environment 135 Concluding Remarks 138 Chapter 8: Hong Kong: Ten Years with China 143 A Few Basics 143 An Historical Perspective 145 Postwar Development 146 Present Performance 146 Foreign Trade 151 FDI and the Business Environment 152 Concluding Remarks 153 Chapter 9: Taiwan: A Center of Advanced Manufacturing 155 A Few Basics 155 Postwar Development 156 Structural Reforms 159 Present Performance 159 Foreign Trade 164 FDI and the Business Environment 165 Concluding Remarks 167 Chapter 10: South Korea Reformed: Challenges for a Newly Developed Nation 169 A Few Basics 169 Postwar Development 170 Structural Reforms 173 Present Performance 175 Foreign Trade 179 FDI and the Business Environment 180 Concluding Remarks 183 Chapter 11: Singapore: Globalized, Entrepreneurial, Diversified 185 A Few Basics 185 Postwar Development 187 Structural Features 190 Present Performance 191 Foreign Trade 196 FDI and the Business Environment 197 Concluding Remarks 198 Chapter 12: Malaysia: Developed by 2020? 201 A Few Basics 201 Postwar Development 203 Structural Reforms 206 Present Performance 207 Foreign Trade 211 FDI and the Business Environment 211 Concluding Remarks 214 Chapter 13: Thailand: Rice Bowl, Regional Factory, and Land of Smiles 215 A Few Basics 215 Postwar Development 216 Structural Reforms 220 Present Performance 221 Foreign Trade 227 Inward FDI and the Business Environment 228 Concluding Remarks 232 Chapter 14: Indonesia: The Start of the Post-Suharto Era 235 A Few Basics 235 Postwar Development 238 Structural Reforms 242 Present Performance 244 Foreign Trade 248 FDI and the Business Environment 250 Concluding Remarks 252 Chapter 15: Philippines: Speeding up at Last 255 A Few Basics 255 Postwar Development 256 Structural Reforms 260 x Asia's Turning Point Present Performance 261 Foreign Trade 266 Inward FDI and the Business Environment 266 Concluding Remarks 269 Chapter 16: Vietnam: A New Magnet for Investors? 271 A Few Basics 271 Postwar Development 271 Structural Reforms (The 1990s and the 2000s) 273 Present Performance 275 Foreign Trade 279 FDI and the Business Environment 280 Concluding Remarks 283 Chapter 17: North Korea: Utter Orthodoxy or Attempts to Reform? 285 A Few Basics 285 Postwar Development 286 Structural Reforms 287 Present Performance 290 Foreign Trade 291 FDI and the Business Environment 292 Economic Relations with South Korea 293 Concluding Remarks 294 Chapter 18: The Russian Far East: Yes, It is Also East Asia! 297 A Few Basics 297 The RFE in the Soviet Economy 298 The Market Transition of the 1990s 299 Present Performance 300 Foreign Trade 303 Inward FDI and the Business Environment 304 Concluding Remarks 307 Chapter 19: India: The Next-Door Neighbor Knocking at the Door 309 A Few Basics 309 Postwar Development 311 Structural Reforms 313 Present Performance 314 Foreign Trade 321 FDI and the Business Environment 322 Concluding Remarks 325 Chapter 20: Japan: Forgotten Giant 327 A Few Basics 327 Postwar Development 329 Structural Reforms 334 Present Performance 336 Foreign Trade 343 FDI and the Business Environment 345 Concluding Remarks 348 Epilogue 351 References 355 Index 371

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