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Chen Gang

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Pui-yin Ho

In 1843, the British colonial government in Hong Kong designated the northern coast of Hong Kong Island as the City of Victoria. Hindered by natural resource shortages and a poor natural environment, the government had to make use of new construction techniques and infrastructure to solve daily life problems, which included housing, transport facilities, water supply, law and order and public hygiene. The city was managed with two completely differently strategies. The Central District was mainly modelled on what was practised in the West. Commercial activities and trade were conducted in a systematic manner, and the enactment and strict enforcement of laws were key to the implementation of policies. However, the densely populated area of Sheung Wan, located in the western part of the city and inhabited by the Chinese community, was blighted by poor housing and hygiene conditions as well as high crime rates.

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Ling Kar-kan

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Andrew T.H. Tan

The centre of the global economy today resides in Asia, not Europe or North America. According to the International Monetary Fund, Asia in 2016 accounted for 40 per cent of global GDP (Lagarde 2016). As Asia also accounts for much of global economic growth in recent years, developments in the region are therefore central to the global economic outlook and for formulating policies around the world (IMF 2015: 1). Asia’s remarkable economic rise is led by China, which had a GDP of around US$11.4 trillion in 2016, making it the second largest economy in the world after the United States. Despite economic stagnation since the 1990s, Japan in 2016 remained the world’s third largest economy, with a GDP of about US$4.7 trillion. Other significant economic powerhouses in Asia include India and South Korea (IMF 2016). The trend is quite clear: Asia is on course to regain the dominant economic position it held before the Industrial Revolution in Europe (ADB n.d.). The maintenance of stability in Asia has therefore become pivotal to global stability; conversely, regional instability will have deep, global consequences. Since the surrender of Japan in 1945 at the end of the Second World War, the United States has been deeply engaged in Asia, and has maintained a form of hegemony over the region, though its failure in the Vietnam War demonstrated the limits of its dominance. The US role has been mostly seen as positive, at least to its allies and the non-communist states in Asia, as it has, through its hubs and spokes system of alliances and military presence, exercised sufficient power to maintain general stability in the region. In turn, this has facilitated Asia’s economic rise (Beeson 2011).

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Fan Zhang

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Ju-Ho Lee, Hyeok Jeong and Song Chang Hong

Over the last half century, Korea successfully escaped from poverty and socio-economic instability to achieve remarkable economic growth and democracy. An average Korean lived on 2.3 dollars per day in the 1950s; she now earns about 60 dollars per day. Since 1960, the Korean economy has maintained a 6 percent annual growth rate of real GDP per capita, becoming the 13th largest economy in the world (Maddison Project, 2013). This achievement is regarded as a historic case of sustainable growth. While several factors contributed to this outstanding growth, there is emerging consensus that Korea’s achievement of both sustained economic development and democracy is mainly due to its investment in people. At its initial stage of development, Korea faced problems similar to most other developing countries. To escape from a vicious cycle of poverty, Korea had to overcome a legacy of antiquated traditions in education and training. Koreans had traditionally neglected vocational and technical training, owing partly to Confucianism, which praises scholars of the humanities and farmers while disregards professions in manufacturing and trade. Because parents encouraged their children to pursue academic education in colleges and hold white-collar jobs, industries lagged behind with few technicians, skilled workers, and blue-collar workers. To make matters worse, Japanese colonial rule prohibited Koreans from accumulating both physical and human capital for entrepreneurship in industrial sectors. The three years of the Korean War with the division of the Korean peninsula also devastated the economic and social infrastructure and fundamentals for economic growth.

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Gordon C.K. Cheung

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Gordon C.K. Cheung

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Gordon C.K. Cheung

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Ju-Ho Lee, Hyeok Jeong and Song Chang Hong