Economic Regionalization in the Asia-pacific
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Economic Regionalization in the Asia-pacific Challenges to Economic Cooperation

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.
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Preface

M. Dutta

Extract

Page xiv  Preface  The textbook paradigm of a perfectly competitive market of n sovereign nations engaged in international economic relations by way of exchange of m final products,  given the comparative taste patterns and production maps of member­economies, continues to elude us. I argue that economic regionalization becomes an option, of  course, with a firm commitment to globalism. Regionalism and globalism have become ways to maximize the welfare of all microeconomic units—households and  business corporations—in all economies of the world.  The pre­World War II model of economic regionalization brought distant economies under an umbrella wherein the home governments of respective regions provided  the stability of the macroeconomic core with monetary and fiscal policy formulation and effective coordination. The satellite economies soon rebelled against the  authoritarian home governments. The post­World War II model of economic regionalization grouped the sovereign national economies into two major groups—the  North and the South, with the United States dollar, given its fixed gold value, being the anchor of the free world’s macroeconomic stability. The rich nations in the  North and the poor nations in the South often became hostile bargainers and ended up by establishing a duopoly­duopsony market pattern, contributing to the failure of  welfare maximization of the world economies. Neither of the two above models survived. On August 15, 1971, the U.S. dollar ceased to be the anchor of the global  macroeconomic stability. Needless to add that the hostilities of the Cold War caused much havoc to the...

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