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Economic Regionalization in the Asia-pacific

Economic Regionalization in the Asia-pacific

Challenges to Economic Cooperation

M. Dutta

This original and comprehensive book provides a unique insight into the development of economic regionalization, with special reference to the Asia-Pacific. It presents international globalization strategies from a historical perspective and then analyses the effects on the development of Asia-Pacific Economic Cooperation (APEC). Focusing on APEC itself, the author provides a detailed investigation into its organization and agenda, and thorough personal interviews with some of the most influential people who have worked for APEC.

Chapter 1: Toward a Supranational Regional Macroeconomic Core

M. Dutta

Subjects: asian studies, asian economics, economics and finance, asian economics, international economics


Page 3  1  Toward a Supranational Regional Macroeconomic Core  People only accept change when they are faced with necessity, and only recognize necessity when a crisis is upon them. (Monnet 1978, p. 109.)  THE PERSPECTIVE  In the 1990s and beyond, the search for an optimum framework for studies in international economics is very much in order. The dynamics of two sets of economic  events—one in Europe, especially in Western Europe, the emergence of a single economic region, the European Union (EU); and the other in Asia, especially East  Asia, Japan’s economic achievement plus the industrialization and economic growth of a select group of Asia­Pacific economies—suggests that a new multipolar world  economy has emerged. In the post­Cold War global order, the EU is a unique paradigm of economic regionalization, providing a macroeconomic core for  microeconomic optimization—consumer satisfaction for households and profit for business corporations in all member­economies and it very much warrants our  attention. The progression of the European Economic Community (EEC) to the European Community (EC), and then to the EU in 1992 is a notable event in the  emerging new international order.  The historic liquidation of hostilities between the East and the West presents yet another challenge. The Cold War that plagued the world ever since World War II  concluded has now come to an end. In the process, the two international arrangements that dominated the political and economic dialogues over the past several  decades have come to outlive their usefulness.  The two...

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