Economic Regionalization in the Asia-pacific
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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.
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Chapter 2: Historical Profiles of Economic Regionalization

M. Dutta


Page 11  2  Historical Profiles of Economic Regionalization  Economic regionalization has a history of its own. Pre­World War II economic regionalization was rooted into specific currency regimes, established under various  imperial orders. Historical events dictated economic ties of most Asia­Pacific economies to one or another currency regime: the British pound sterling, the French franc,  the Dutch guilder, the U.S. dollar and the Japanese yen—each played the role of an anchor currency in its respective regional sphere of dominance.  It was the colonial mold of economic regionalization, wherein monetary­fiscal policies, designed by home governments of the respective currency regimes, provided a  macroeconomic core for microeconomic agents in the respective “satellite” economies. Its agenda was not to establish a supranational macroeconomic core for a  specific economic region in a geographically common economic space. Rather, a supernational and superpower hegemony of monetary and fiscal discipline became  manifest.  Thus, the concept of economic regionalization, as known earlier in its pre­World War II manifestation, centered on currency regions, authoritatively established in a  given sphere/space of political domination. Indeed, this historically explained a strong economic tie­up, contributing to the growth of intraregional trade and investment  flows among distant lands in a given currency region in a superpower regime. This mode of intraregional economic bonds united the Netherlands and Indonesia, the  United Kingdom and a host of economies in Southeast and South Asia, plus Australia and New Zealand, France and Indochina, Japan and several East Asian  economies, the United States and...

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