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 16: Conclusion: From the Asian Community to the World Economy Government

Jehoon Park

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


Jehoon Park Since the global financial crisis originating in the US in 2008, the global economy has been suffering from recession and a worldwide slump. More recently the European fiscal crisis has emerged as the most dangerous factor driving the global economy towards a double-dip crisis. This book deals with various issues related to Asian responses to the global financial crisis. It focuses on two aspects. One is regionalism in Asia. The other is the G20. Many Asian countries actively participate in the G20 as member countries, so the G20 is becoming a global institution reflecting the increasing powers and roles of Asian countries in global issues. The book starts by dealing with the so-called multipolar world-system. Wallerstein (Chapter 1) argues that we are now living in a world-system in which there are emerging eight to ten centres of relative geopolitical autonomy. Among them, the four strongest such centres are located in what is sometimes called the global North. They are the United States, Western Europe and Russia. The fourth such centre is Northeast Asia, by which he means China, Korea and Japan. He concludes by emphasizing why he does not think that our existing historical system will be able to persist for much longer. He argues that the chaotic fluctuations we see today will grow stronger, not weaker, in the 21st century. He believes that our historical system has entered into a bifurcation that will culminate in a new worldsystem (or perhaps multiple world-systems) that will be different from...

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