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 7: Economic Regionalization and Geo-economics

M. Dutta


Page 77  7  Economic Regionalization and Geo­economics  GEO­ECONOMICS—A CHALLENGING CONCEPT  Geo­economics, we argue, is the core concept that provides the foundation of an economic regionalization model in the post­Cold War era. Let us recall that geo­ politics was at the core of the Cold War regime of strategic regionalization. Indeed, it was so, even for the imperial model of economic regionalization.  Geo­politics anchored itself to a superpower hegemony which assumed the responsibility of providing free ‘‘international public goods”, a defense and security umbrella  as well as monetary and fiscal stability. The nation­state­based economies of the world, excepting only a few in the Non­aligned Bloc, elected to join one or another of  the two superpower regimes and drew upon their supplies of “international public goods”. The cost of providing the two­fold public goods—political and economic  services—eventually proved to be too real. The end result was the liquidiation of the geo­politics­based Cold War regimes. It can be argued that in the pre­World War  II imperial economic regionalization models, the superpower hegemony worked, very much with its authoritarian imperial enforcement. The monetary­fiscal stability in  the respective regimes, anchored to related imperial currencies—the French franc, the British pound sterling, the Dutch guilder, the Japanese yen or the U.S. dollar— was enforced and secured by the political might of the ruling powers in historical circumstances.  Geo­economics must be appreciated as the post­Cold War revolutionary concept. It...

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