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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 6: Asia-Pacific Economic Regimes

M. Dutta

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


Page 52  6  Asia­Pacific Economic Regimes  Historical events, as we have reviewed earlier, once dictated economic ties of many Asia­Pacific economies: Korea and Taiwan to Japan, the Philippines to the United  States, Indonesia to the Netherlands, Vietnam (Cambodia and Laos) to France, Singapore, Malaysia, Burma, Australia­New Zealand, and India and South Asia to the  British Raj. World War II signalled the liquidation of the old imperial model of economic regionalization, anchored to a paradigm of colonial economic regimes.  The post­World War II new economic era that followed was centered on the U.S. dollar, and then the demand pull of the post­World War II U.S. economy sustained  the new economic regime of export­led growth that progressed during the 1960s through 1980s. Stability of this economic regime was made possible because the  United States provided what Kindleberger (1986) calls ‘‘international public goods” in the form of monetary stability and international liquidity (in addition to a defense  and security umbrella, of course).  On August 15, 1971, the freely flexible exchange rate, defined by the fixed gold value of the U.S. dollar, ceased to be in operation. Automaticity of the operation of the  international free market failed to correct the imbalances that continued to plague the stability of the global economic order. In September, 1985 an ad hoc international  regime of currency management by the G­5, then the G­7, was put in place.  A new international economic order appears to be emerging and is likely to...

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