Asian Responses to the Global Financial Crisis

Asian Responses to the Global Financial Crisis

The Impact of Regionalism and the Role of the G20

Edited by Jehoon Park, T. J. Pempel and Geng Xiao

The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of ‘middle’ powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development.

Preface

Edited by Jehoon Park, T. J. Pempel and Geng Xiao

Subjects: asian studies, asian economics, economics and finance, asian economics, politics and public policy, international politics, international relations, urban and regional studies, regional studies

Extract

This book is the product of the second conference of the Asia Economic Community Forum which was held on 7−9 November 2010 at Songdo Convensia in Incheon, South Korea. The Asia Economic Community Foundation (AECF) was established in 2008 with the goal of eventually establishing an Asia Economic Community. The main activity of the foundation to date has been organizing the annual Asia Economic Community Forum (AEC Forum) with the eventual goal of transforming that forum into ‘Asia’s Davos Forum’. One of the co-editors of this volume, Professor Jehoon Park, is Secretary General of the AEC Forum. Even though the AEC Forum is benchmarking the Davos Forum as its model, the conference was initiated by academics with the participation of business and political leaders. The theme of the forum is ‘Creating One Asia Together’. In 2010, the theme of the second conference was ‘Post Crisis New World Order: Asia and G20’ considering the fact that the G20 Summit was to be held in Korea on 11–12 November right after the forum. In that sense we could say that the second AEC Forum became a pre-G20 forum. There were three plenary sessions: ‘Grand Debate About the 21st Century Capitalism’, ‘Grand Compromise among the US, China and the EU’ and ‘Grand Dialogue between Asia and the West’. More than 1300 official participants actively shared their interests and views concerning the future of Asia and the roles of the G20. There were 25 sessions where more than 80 papers were presented....