Economic and Strategic Rise of China and India: Asian Realignments after the 1997 Financial Crisis [NOOK Book]

Overview

Important economic and strategic realignments are taking place in Asia but are receiving relatively limited press and academic attention. Thailand, Indonesia, and South Korea were dealt well-publicized blows by the 1997 Asian financial crisis, and Japan's stagnation in the 1990s has also been widely analyzed. What has not been adequately explored is the impact of economic restructuring and slowing of growth rates in the other Pacific Rim economies, notably Taiwan, Hong Kong, Malaysia, and Singapore. Although ...
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Economic and Strategic Rise of China and India: Asian Realignments after the 1997 Financial Crisis

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Overview

Important economic and strategic realignments are taking place in Asia but are receiving relatively limited press and academic attention. Thailand, Indonesia, and South Korea were dealt well-publicized blows by the 1997 Asian financial crisis, and Japan's stagnation in the 1990s has also been widely analyzed. What has not been adequately explored is the impact of economic restructuring and slowing of growth rates in the other Pacific Rim economies, notably Taiwan, Hong Kong, Malaysia, and Singapore. Although China's rise to prominence has received extensive commentary from journalists, economists, and strategic analysts, much more limited attention has been given to the relative decline of the Pacific Rim states or the rapid rise of India's economic and strategic position. This volume attempts to explain why the 1997 financial crisis was such a critical turning point and, unexpectedly, ended up stimulating trade and investment within Asia.

About the Author:
David B.H. Denoon is Professor of Politics and Economics at New York University

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Editorial Reviews

From the Publisher
"A marvelously rich, important, original book on the rise of the 'mega-countries,' China and India, who are casting a long shadow on the rest of the world."— Paul Bracken, Professor of Management & Political Science, Yale University

"This both sweeping and detailed study contributes significantly to our understanding of the combination of economic and strategic developments in Asia since the financial crisis of 1997. The economic-growth driven, sustained, phenomenal rise of China and India is a dominant event of the 21st century. In his analysis, Professor Denoon considers how these new, evolving strategic realignments and balances in Asia will have significant, though not yet well appreciated, implications for U.S. foreign policy."
— Hugh T. Patrick, Co-Director, APEC Study Center, Columbia University and R.D. Calkins Professor Emeritus

"David Denoon has given us a major book which will help refocus our attention away from the post-9/11 preoccupation with the Middle East and Gulf to fundamental strategic realignments underway in South and East Asia. Denoon is a unique Asia specialist in his ability to assess the economic as well as the political trends that are transforming the Asia-Pacific region. He documents in detail how the continental powers of Asia - India and China - as well as Japan emerged unscathed from the financial crisis of 1997 to reshape the economic structure of the region, and how institutions like ASEAN and APEC have failed to give voice to the concerns of smaller regional states. This is an analysis much broader than the 'rise of China'. It will help us understand why Asia will be the world's power center of the 21st Century."
—Richard H. Solomon, President, U.S. Institute of Peace

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Product Details

  • ISBN-13: 9780230261488
  • Publisher: Palgrave Macmillan
  • Publication date: 9/4/2007
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition description: New Edition
  • File size: 2 MB

Meet the Author

David B.H. Denoon is Professor of Politics and Economics at New York University. He has a B.A. from Harvard, an M.P.A. from Princeton, and a Ph.D. from M.I.T.; and has served in the Federal Government in three positions: Program Economist for USAID in Jakarta, Vice President of the U.S. Export-Import Bank, and Deputy Assistant Secretary of Defense. Professor Denoon is a member of the Council on Foreign Relations, the International Institute for Strategic Studies (London), the Asia Society, the U.S.-Indonesia Society, and is Co-Chairman of the Columbia University Faculty Seminar on Southeast Asia. He is also Chairman of the Editorial Advisory Board of Great Decisions. He is the author and editor of six prior books, including Real Reciprocity - Balancing U.S. Economic and Security Policy in the Pacific Basin.

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Table of Contents

List of Figures

List of Tables

Preface

Acknowledgments

Abbreviations

1 Overview 1

The Context 1

The East Asian Financial Crisis: Passing Storm or Transforming Event? 4

The Economic Dilemma 6

The Central Argument: The Rise of the Continental Powers 15

Why Are China and India So Critical? 16

The Impact of the 1997 Financial Crisis on Regional and Global Institutions 18

The Strategic Impact of the 1997 Crisis 22

The Structure of This Book and Its Intellectual Roots 27

In Sum 32

2 Why Was the 1997 Crisis So Severe? 33

Introduction 33

Why Was the Recovery So Prolonged, and Why Was There a Double-Dip Recession Rather Than a "Normal Recovery"? 49

Why Is There No Satisfactory "Single Explanation" for the Difficulties That East Asia Faced in Recovering from the 1997 Events? 56

3 Is the Current Recovery Sustainable? 59

Introduction 59

The Current Macro Picture 59

The Major Economies 64

The Midsize Economies 73

Conclusion 78

4 The Mixed Record on Political and Economic Integration in East Asia 79

Introduction 79

East Asia's Record on Economic and Political Integration 80

What Are the Main Divisions within East Asia That Make Cooperation Difficult? 81

Why Has Economic Integration Made the Most Progress? 85

Why Has the Performance of Asian Regional Organizations Been So Limited? 87

Since World War II, Outside Powers Have Primarily Provided Major Asian Security Guarantees 97

Conclusion 97

5 Strategic Realignments in Asia 103

The Setting 103

Aspects of Asian Security 104

Recent Developments 109

Seeds of Realignment 115

New Patterns Emerging 125

6 U.S. Policy and Asian Realignments 129

The Debate over U.S. GlobalStrategy 129

Bush Administration Policy in Asia 137

Setting Priorities in Asia 142

Plausible Directions for Asian Players 151

Impact of the 2006 Congressional Elections 154

Conclusion 155

Notes 157

Bibliography 187

Index 205

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