Economic Integration, Democratization and National Security in East Asia Shifting Paradigms in US, China and Taiwan Relations
Shifting Paradigms in US, China and Taiwan Relations
Edited by Peter C.Y. Chow
Chapter 7: Growing East Asian Trade and Economic Integration: Implications for Economic Relations Across the Taiwan Straight
7. Growing East Asian trade and economic integration: implications for economic relations across the Taiwan Strait Dan Ciuriak* INTRODUCTION In the post-World War II period, East Asia did not evolve as an integrated economic region. In a context of near-continuous conﬂict within the region,1 and with Mainland China economically isolated, economic links throughout the region ran across the Paciﬁc. Currency relationships and trade were both aligned with the United States in a hub-and-spoke pattern. One beneﬁcial result was that East Asian economies aligned with global markets and tuned into global prices. At the same time, intra-regional trade was underdeveloped. A rich array of factors – geopolitics, geo-economics, crises, domestic policy choices and latterly international institutional developments – have combined to drive East Asian economic integration: 1. 2. 3. The opening up of China and the competitive pressure this exerted on the regional (as well as global) division of labor. The gradual building of Asia-Paciﬁc institutional links, including latterly through APEC. Outward investment from Japan and other higher-income economies in the region to take advantage of lower-cost production possibilities elsewhere in the region. An earlier version of this chapter was presented at the conference, ‘Challenges and Opportunities in the Triangular Relations Among the US, China and Taiwan: Prospects in the Second Bush Administration’, City University of New York, 21 May 2005. This chapter was prepared in a personal capacity. The views are those of the author and not to be attributed to institutions with which the author is...
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