Abstract
Launched in November 1989, Asia Pacific Economic Cooperation (APEC) has a great potential, as APEC countries have realized growth in the 1980s and 1990s. The purpose of this study is to assess the economic linkages among member countries and to project how these linkages can promote the trade and investment expansion associated with technology. During the Cold War, the U.S. provided the massive military presence that protected Asian nations, ensuring stability which fuelled the Asian economic miracle while protecting smaller Asian nations from their neighbours. The end of the Cold War, European Union (EU), North America Free Trade Agreement (NAFTA) and the World Trade Organization (WTO) demonstrate the changing economic order.
Regionalism is on the rise again in the world. In the 1990s, there was a surge of new regional agreements as well as adeepening and widening of existing agreements. Unlike any other regional integrations, APEC suggests an alternative way of open regionalism that is different from the existing regional arrangements, but fully compatible with multilateralism. APEC has evolved mainly into an economic institution compatible with multilateralism. The major thrust of this chapter is to discuss open regionalism that distinguishes APEC from other regional agreements. The study provides an overview of APEC that briefly sketches out its path from the beginning to the present, and it analyzes the functions and limitations of APEC as well. The chapter discusses determinant common characteristics of APEC economies which center on openness to the outside world for generating mutual growth.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Abegglen, James. Sea Change: Pacific Asia As the New World Industrial Center. New York: The Free Press, 1994.
Akamatsu, K. “A Theory of Unbalanced Growth in the World Economy,” Weltwirthaf iches Archives, Band 86, Heft 2, pp. 196–215.
Ariff, M. and Chye, T. E. “ASEAN-Pacific Trade Relations,” ASEAN Economic Bulletin, edited by Miff, M. and J. Tan, March 1992, pp. 258–281.
Bothwick, M. Pacific Century: Boulder: Westview Press, 1992.
Byun, Hyung Yoon and Kim, Youn-Suk. “An Overview of Korean Industrialization: Lessons in Adaptive Innovation Paradigm,” in Asian Economic Regimes: An Adaptive Innovation Paradigm, M. Dutta, ed., London: Jai Press, 1992, pp. 57–94.
The Economist, November 11, 1995, p. 33 and March 9, 1996, p. S-3.
Funabe, Yoich. Asia Pacific Fusion: Japan’s Role in APEC. Washington, D.C.: Institute for International Economics, October 1995.
Kim, Youn-Suk. “Managing Technological Transfer As Korea Being Catalyst.” Human Systems Management, 1989, pp. 217–223.
Kim, Youn-Suk and Oh, Kap-Soo. “APEC: The Association of Southeast Asia and Newly Industrialized Economies.” Multinational Business Review, Spring 1996, pp. 122–128.
Kojima, Kiyoshi. “The Allocation of Japanese Direct Foreign Investment and Its Evolution in Asia.” Hitosubashi Journal of Economics, 1985, pp. 1–35.
Machodo, Kit G. “Malaysian Cultural Relation with Japan and South Korea,” Asian Survey, June 1987.
Mukerjee, Dilip. Lessons from Korea’s Industrial Experience. Kuala Lumper, 1986.
Noland, Marcus. Implications of Asian Economic Growth. Washington, D.C.: Institute for International Economies, 1995.
Petri, Peter A. and Plummer, Michael G. “U.S. Interests Negotiations, Resolving Free-Rider Problem.” Presented at the Meeting of the American Economic association and Korea-America Economics Association (1995 ASSA Meeting), San Francisco, January 5–7, 1996.
Shariff, N. “Technological Leapfrogging: Implications for Developing countries.” Technological Forecasting and Social Change, 1989, pp. 201–208.
Wheeler, J. et al. The Future ofAPEC. Hudson Institute, December 1991.
World Trade Organization (WTO). “Regionalism and the World Trading System.” WTO Secretariat. 1995.
Yam, T.K. et al. “ASEAN and Pacific Economic Cooperation.” ASEAN Economic Bulletin, Ariff, M. and J. Tan, eds., March 1992, pp. 282–320.
Yoo, Jang-Hee and Lee, Jai-Seong. “The Principle of Open Regionalism: Unilaterism or Concerted Unilateralism?” Presented at the Meeting of the American Economic Association and Korea-America Economics Association (1995 ASSA Meeting), San Francisco, January 5–7, 1996.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1997 Springer Science+Business Media New York
About this chapter
Cite this chapter
Kim, YS. (1997). Asia Pacific Economic Cooperation in the Changing World Economy. In: Gupta, S.D., Choudhry, N.K. (eds) Globalization, Growth and Sustainability. Recent Economic Thought Series, vol 58. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6203-0_8
Download citation
DOI: https://doi.org/10.1007/978-1-4615-6203-0_8
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-7844-0
Online ISBN: 978-1-4615-6203-0
eBook Packages: Springer Book Archive