Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization

Stephen Roach on the Next Asia: Opportunities and Challenges for a New Globalization

by Stephen S. Roach
     
 

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As the most dynamic and rapidly growing region in the world over the past decade, Asia has attained a new level of prosperity. Yet Developing Asia's newfound economic ascendancy remains precarious. As 2008 came to an end, every economy in the region had either slowed sharply or tumbled into outright recession. Far from having the autonomous capacity to "decouple"

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Overview

As the most dynamic and rapidly growing region in the world over the past decade, Asia has attained a new level of prosperity. Yet Developing Asia's newfound economic ascendancy remains precarious. As 2008 came to an end, every economy in the region had either slowed sharply or tumbled into outright recession. Far from having the autonomous capacity to "decouple" from weakness elsewhere in the world, export-led Developing Asia had become even more tightly tied to foreign markets than was the case a decade earlier. The once-bright future is now uncertain. Investors, business managers, policymakers, and political leaders all need to dig more deeply to uncover the challenges, opportunities, and risks that lurk in this critical region.

In Stephen Roach on the Next Asia, Morgan Stanley's Asia Chairman offers his views on where the Asian economy has been and where it is going. This collection of essays, written by Roach over the past three years—three of the most tumultuous years in modern economic history—tells how the Asia story has played out to this point and what that saga portends for the future. Roach looks at the global economic crisis and the debate over globalization. He details China's challenges in rebalancing its economy and examines U.S.-China tensions over trade policy. And he analyzes the additional challenges facing Japan, India, and Korea. Drawing insight from what went right and wrong, the author attempts, in a concluding chapter, to paint a picture of what it may take to realize the hopes and dreams of the Asia Century. Macro risk assessment, he reveals, is critical to understanding the forces that will shape the Next Asia.

And the Next Asia is already coming into focus. Consistent with the region's penchant for change, it looks to be very different from the Asia of the past thirty years. The transition from old to new will need to be driven by a major rebalancing of its economy—with export- and investment-led growth giving way to a more balanced macro structure, increasingly supported by internal private consumption. For all those who want to deepen their understanding and capitalize on these changes, Stephen Roach on the Next Asia provides an invaluable guide.

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Editorial Reviews

From the Publisher
"As Chairman of Morgan Stanley Asia and a renowned economist, Stephen Roach has a solid macroeconomics background, in-depth understanding of the region, rich knowledge of various industries, and an open mind. In this book, Steve vividly describes the changes of Asia — and the driving forces behind those changes。Furthermore, he brilliantly points out the challenges Asia is facing, as well as its impacts on the global economy. Asia is reshaping the global economy in this post-crisis world, and I believe this book provides us with unique insights as to how this reshaping is playing out."
Dr. Zhu Min, Group Executive Vice President, Bank of China

"Stephen Roach has for many years been a uniquely independent voice among international economic commentators. He was one of the few who warned that the debt-fuelled 'casino' economy was unsustainable. His prophetic warnings came to pass in 2008. In his latest book he issues another warning. Asia's explosive growth has been based on a 'bet' upon deep integration with the global economy. Stephen Roach argues that this growth is unsustainable in the face of the global recession. The region needs comprehensively to re-balance its economic model if it is to maintain its remarkable growth. He warns that this will not be easy. Stephen Roach's book is essential reading for those who hold the comfortable belief that Asia has 'de-coupled' from the world economy."
Prof Peter Nolan, CBE, Sinyi Professor, Judge Business School, and Chair, Development Studies, University of Cambridge, UK

Product Details

ISBN-13:
9780470564226
Publisher:
Wiley
Publication date:
09/24/2009
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
384
File size:
1 MB

What People are saying about this

From the Publisher
"Stephen Roach’s prescient collection of insights and analyses, from his many years in Asia as one of the most experienced decoders of China’s political and economic trends, are cogent, valuable, and immensely helpful."
—Henry A. Kissinger

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