Table of Contents

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 25: Challenges for APEC

M. Dutta

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

Extract

Page 225  25  Challenges for APEC  In the absence of a supranational macroeconomic core for an intraregional economic community, especially for APEC, challenges will be overwhelming. We refer to  five key issues.  First, we must draw upon the specific Asia­Pacific economic experience. A thorough appreciation of the paradigm of adaptive innovation, as discussed earlier (see Part  I), is in order. These APEC member­economies became successful by importing alien technology and paying for them by exporting their end­products to the world  market. Thus, the intraregional trade and investment flows have grown, as was expected. It follows that the CAB becomes a key parameter. APEC member­ economies watch it all too carefully.  Can APEC maintain a policy of rational vigil for intraregional welfare? If not, mutual bashing of APEC membership will result. On the other hand, any form of unilateral  punitive action, such as the U.S. Super­301, to correct a situation of perceived unfair competition, can only be counterproductive (Lipsey, 1992).  Second, complex issues, such as human rights and nuclear proliferation, can and must be discussed and that can be done best at the regional forum before they are  taken to the global forum. Binational diplomatic confrontations cannot be helpful for multilateral economic cooperation. If human rights is an issue for sustained  economic cooperation, it should be so for member­economies in APEC, until, of course, the one global macro core is effectively operational. The intraregional  consensus can help as a building block for the global agenda. Broadening...

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