Asia's Turning Point : An Introduction to Asia's Dynamic Economies at the Dawn of the New Century

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-03-03
  • Publisher: Wiley
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Asia was probably the biggest economic sensation of the post-war decades. The breathtaking success of Japan was followed by a remarkable rise of "four tigers", then ASEAN founder states and then China. The Asian miracle became a commonly accepted definition of this success. In the late 1970s and especially 80s it became clear that the balance of power in the world had changed. Politicians, businessmen, scholars began to talk about "the new Asia Pacific age" and Asian economic model, different from and, maybe, even superior to Western capitalism. However, in 1997-98 the Asian economic crisis came and made the region a sick man. Six years before that Japan, the regional powerhouse entered more than a decade-long period of stagnation. The miracle was over. However, the crisis was overcome within a surprisingly short period of time. Naturally, the question arises: What now? What is going on in the region after the miracle and after the crisis? What is today's face of Asian capitalism and how should we view its performance? Readers interested in regional developments will find a lot of literature about miracle decades and crisis years. However, few analysts have addressed the challenging questions addressed in this book. The authors vividly show that Asian capitalism is undergoing a radical structural transformation. These changes are directly affecting its key institutions: governments, companies, labor relations, etc. As a result Asian economic systems are becoming much closer to the Western-style, especially Anglo-Saxon capitalism, though the region retains some important specific features, especially regarding business culture. This book is a must for business people worldwide, for all those who study the region in colleges and business schools, for people engaged in various international activities and, finally, for all those who want learn more about our world at the dawn of the new century.

Author Biography

Ivan Tselichtchev is professor at the Niigata University of Management in Japan since 1994. He graduated from Moscow University in 1979 and joined Russia’s leading think tank, the Institute of World Economy and International Relations. He got his Ph.D. in 1983 and became Senior Researcher in 1984. Tselichtchev is the author of four books and co-author of many others. He has written more than 200 articles on the Asian, Japanese, Russian and international economy as well as on international politics, in English, Japanese and Russian. In 2005, the Committee of the Cabinet Office of the Government of Japan named Tselichtchev Seikatsu Tatsujin (A Master of Life) which means a person with outstanding achievements and lifestyle.

Philippe Debroux is a Belgian national and for over 30 years resident in Japan. He holds an MBA from INSEAD and a Ph.D. from Brussels University. He began his career in a Japanese company before entering academic life in the mid-1980s. He has since developed a successful career as a professor of business in Japan, Vietnam, Belgium and France while continuing in-depth field research focused on developments in human resource management, innovation and entrepreneurship in Japan and other Asian countries. His substantial experience in both business life and academic research give his work a particular cachet. Effectively combining theory and practice, his books and articles make a valuable contribution to our understanding of Asia.

Table of Contents

Acknowledgmentsp. xiii
Prologuep. 1
Regionp. 5
The East Asian Miracle in Retrospectp. 7
Similarity in Diversityp. 7
Why Rapid Growth?p. 10
The East Asian Model of Capitalism: An Outlinep. 10
The East Asian Model of Capitalism: How It Worked for Growthp. 14
The Asian Crisis: The Final Curtainp. 16
Entering a New Stagep. 20
A New Wave of Growthp. 23
East Asia in the World: Its Present Positionp. 24
Running Fast But Slowing Downp. 28
Labor and Capital: Inputs and Productivityp. 29
Growth Drivers on the Demand Sidep. 36
China-led Growthp. 36
The Growth of Poor Quality: Energy Inefficiency and Environmental Unfriendlinessp. 38
The Impact of the Global Financial Turmoilp. 40
Concluding Remarksp. 44
Structural Transformation: The Statep. 47
The Developmental State Is Yesterdayp. 47
"Less Government, More Market"p. 49
Industrial Policy: Still There, But...p. 51
An Emphasis on Upgrading and Innovationp. 56
Modernizing Agriculture: A New Old Taskp. 57
SOEs and GLCs as Leaders in the Market Economyp. 60
Concluding Remarksp. 63
Structural Transformation: Businessp. 65
Three Big Shiftsp. 65
Ownership Shiftp. 66
Corporate Governance Shiftp. 77
Dominant Shareholders: A New Mentality, a New Mode of Actionp. 81
Concluding Remarksp. 85
Structural Transformation: Labor Relationsp. 87
Overview: Directions of Change and New Challengesp. 87
Evolving Practices and Way of Thinkingp. 88
The Signs of a New HRM Systemp. 90
Building Sustainable Labor Relationsp. 92
Concluding Remarksp. 96
Regional Integration and Prospects for the East Asian Communityp. 97
The Interdependence of East Asian Economiesp. 98
East Asia's FTAsp. 103
Regional Institution Building: ASEAN Plus Threep. 108
The Creation of the East Asian Community: Dilemmasp. 111
East Asia's Integration Pattern: A "Do-What-You-Can-Do" Communityp. 113
Nationsp. 115
China: A New Heavyweightp. 117
A Few Basicsp. 117
Postwar Developmentp. 118
Structural Reformsp. 122
Present Performancep. 123
Three Super-Challengesp. 127
The Upgrading Gamep. 129
Foreign Tradep. 132
FDI and the Business Environmentp. 135
Concluding Remarksp. 138
Hong Kong: Ten Years with Chinap. 143
A Few Basicsp. 143
An Historical Perspectivep. 145
Postwar Developmentp. 146
Present Performancep. 146
Foreign Tradep. 151
FDI and the Business Environmentp. 152
Concluding Remarksp. 153
Taiwan: A Center of Advanced Manufacturingp. 155
A Few Basicsp. 155
Postwar Developmentp. 156
Structural Reformsp. 159
Present Performancep. 159
Foreign Tradep. 164
FDI and the Business Environmentp. 165
Concluding Remarksp. 167
South Korea Reformed: Challenges for a Newly Developed Nationp. 169
A Few Basicsp. 169
Postwar Developmentp. 170
Structural Reformsp. 173
Present Performancep. 175
Foreign Tradep. 179
FDI and the Business Environmentp. 180
Concluding Remarksp. 183
Singapore: Globalized, Entrepreneurial, Diversifiedp. 185
A Few Basicsp. 185
Postwar Developmentp. 187
Structural Featuresp. 190
Present Performancep. 191
Foreign Tradep. 196
FDI and the Business Environmentp. 197
Concluding Remarksp. 198
Malaysia: Developed by 2020?p. 201
A Few Basicsp. 201
Postwar Developmentp. 203
Structural Reformsp. 206
Present Performancep. 207
Foreign Tradep. 211
FDI and the Business Environmentp. 211
Concluding Remarksp. 214
Thailand: Rice Bowl, Regional Factory, and Land of Smilesp. 215
A Few Basicsp. 215
Postwar Developmentp. 216
Structural Reformsp. 220
Present Performancep. 221
Foreign Tradep. 227
Inward FDI and the Business Environmentp. 228
Concluding Remarksp. 232
Indonesia: The Start of the Post-Suharto Erap. 235
A Few Basicsp. 235
Postwar Developmentp. 238
Structural Reformsp. 242
Present Performancep. 244
Foreign Tradep. 248
FDI and the Business Environmentp. 250
Concluding Remarksp. 252
Philippines: Speeding up at Lastp. 255
A Few Basicsp. 255
Postwar Developmentp. 256
Structural Reformsp. 260
Present Performancep. 261
Foreign Tradep. 266
Inward FDI and the Business Environmentp. 266
Concluding Remarksp. 269
Vietnam: A New Magnet for Investors?p. 271
A Few Basicsp. 271
Postwar Developmentp. 271
Structural Reforms (The 1990s and the 2000s)p. 273
Present Performancep. 275
Foreign Tradep. 279
FDI and the Business Environmentp. 280
Concluding Remarksp. 283
North Korea: Utter Orthodoxy or Attempts to Reform?p. 285
A Few Basicsp. 285
Postwar Developmentp. 286
Structural Reformsp. 287
Present Performancep. 290
Foreign Tradep. 291
FDI and the Business Environmentp. 292
Economic Relations with South Koreap. 293
Concluding Remarksp. 294
The Russian Far East: Yes, It Is Also East Asia!p. 297
A Few Basicsp. 297
The RFE in the Soviet Economyp. 298
The Market Transition of the 1990sp. 299
Present Performancep. 300
Foreign Tradep. 303
Inward FDI and the Business Environmentp. 304
Concluding Remarksp. 307
India: The Next-Door Neighbor Knocking at the Doorp. 309
A Few Basicsp. 309
Postwar Developmentp. 311
Structural Reformsp. 313
Present Performancep. 314
Foreign Tradep. 321
FDI and the Business Environmentp. 322
Concluding Remarksp. 325
Japan: Forgotten Giantp. 327
A Few Basicsp. 327
Postwar Developmentp. 329
Structural Reformsp. 334
Present Performancep. 336
Foreign Tradep. 343
FDI and the Business Environmentp. 345
Concluding Remarksp. 348
Epiloguep. 351
Referencesp. 355
Indexp. 371
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