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.

Chapter 12: East Asian Community Building

Wei Pan

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


Wei Pan1 12.1 INTRODUCTION In this chapter I intend to address three related issues: (1) explaining obstacles to the progress of building the East Asian community; (2) presenting a new theory of international relations in the 21st century; (3) following the new theory, suggesting solutions to overcome the obstacles. 12.2 OBSTACLES TO BUILDING THE EAST ASIAN COMMUNITY At a time of globalization, to build an East Asian ‘economic’ community is not difficult. In the first decade of the 21st century, East Asia has already become a closely linked community in the economic sense. China, Japan, Korea and the Association of Southeast Asian Nations (ASEAN) countries have already built and institutionalized close economic linkages. Bilateral free trade agreements (FTAs) in the region are expanding; and the East Asian countries have become major trading partners with each other. We should be quite satisfied with this economic community. Furthermore, East Asia is a major economic partner with the United States (US) and the European Union (EU), and China has become the number one trading partner with Africa and South Asia, and the number two trading partner with Latin America. A four-engined picture of the world economy is foreseeable. The engines might be the US, EU, East Asia and China. I exclude China from East Asia, however. China is certainly part of East Asia, and it is the engine for the East Asian economic community. Yet, China is also a problem for community building. I exclude China from East Asia for the following reasons:...

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