Abstract
As a result of Japan’s defeat in World War II, the prewar regional political economy of East Asia within the framework of the Japanese empire was substantially transformed. The postwar political economy of East Asia was initially structured under the aegis of the United States, reflecting the political and economic conditions in the region at the time. As part of its postwar strategy in East Asia, Washington encouraged regional economic integration centered on Japan with noncommunist East and Southeast Asia functioning as a market and source of raw materials for the Japanese economy. The development of postwar economic relations between Japan and other capitalist economies in the region basically proceeded along this line. By the mid-1960s, with the normalization of relations between Japan and South Korea, the East Asian political economy had been solidly resumed. Thereafter, the major market economies in East Asia successively achieved economic miracles with Japan emerging as a new economic superpower and South Korea, Taiwan, and Hong Kong becoming newly industrializing economies. In this process, these economies became increasingly interdependent through growing trade and FDI among them. In the late 1970s,China moved away fromMao’s policy of self-reliance and began to participate in the regional and international economy.
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Notes
OECD, Foreign Direct Investment Relations between the OECD and the Dynamic Asian Economies (Paris: Organization for Economic Cooperation and Development, 1993), p. 135.
J. C. Abegglen, Sea Change: Pacific Asia as the New World Industrial Center (New York: The Free Press, 1994), p. 83.
E. J. Lincoln, “Japanese Trade and Investment Issues,” in D. Unger and P. Blackburn (eds), Japan’s Emerging Global Role (Boulder and London: Lynne Rienner Publishers, Inc., 1993), pp. 134–5.
K. G. Cai, “Is a Free Trade Zone Emerging in East Asia in the Wake of the Asian Financial Crisis?” Pacific Affairs, vol. 74, no. 1 (Spring 2001) 10.
World Bank, East Asia: The Road to Recovery (Washington, D.C.: The World Bank, 1998), p. 11.
For a thorough discussion of China’s changing attitude and policy toward regional free trade arrangements in East Asia in general and East Asia in particular, see K. G. Cai, “Chinese Changing Perspective on the Development of an East Asian Free Trade Area,” The Review of International Affairs, vol. 3, no. 4 (Summer 2004) 584–99. This article is reprinted in
R. C. Keith (ed.), China as a Rising World Power and its Response to ‘Globalization’ (London and New York: Routledge, 2005), ch. 5, pp. 78–93.
For a more detailed discussion on the issue of AMF, see R. Higgott, “The Asian Economic Crisis: A Study in the Politics of Resentment,” New Political Economy, vol. 3, no. 3 (November 1998) 340–6.
ADB, Asian Development Outlook 2002 (New York: Oxford University Press, 2002), p. 164.
See, for example, N. V. Long, “The East Asian Crisis: Some Historical Roots,” New Political Science, vol. 21, no. 3 (1999) 395–404.
K. G. Cai, “The Political Economy of Economic Regionalism in East Asia: A Unique and Dynamic Pattern,” East Asia: An International Quarterly, vol. 17, no. 2 (Summer 1999) 42–3.
J. Ravenhill, “Institutional Evolution at the Trans-Regional Level: APEC and the Promotion of Liberalisation,” in M. Beeson (ed.), Reconfiguring East Asia: Regional Institutions and Organisations After the Crisis (London and New York: RoutledgeCurzon, 2002), p. 227.
D. Webber, “Two Funerals and a Wedding? The Ups and Downs of Regionalism in East Asia and Asia-Pacific after the Asian Crisis,” The Pacific Review, vol. 14, no. 3 (2001) 356.
For a discussion of ASEM, see C. M. Dent, “ASEM and the ‘Cinderella Complex’ of EU-East Asia Economic Relations,” Pacific Affairs, vol. 74, no. 1 (2001) 25–52.
For more discussion on APT and APO, see K. G. Cai, “The ASEAN-China Free Trade Agreement and East Asian Regional Grouping,” Contemporary Southeast Asia, vol. 25, no. 3 (2003) 392–5.
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Cai, K.G. (2008). The Political Economy of Regional Integration in East Asia. In: The Political Economy of East Asia. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-0-230-30522-9_8
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DOI: https://doi.org/10.1007/978-0-230-30522-9_8
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