The Impact of Regionalism and the Role of the G20
Edited by Jehoon Park, T. J. Pempel and Geng Xiao
Chapter 16: Conclusion: From the Asian Community to the World Economy Government
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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