 |
|
Paddyfield.com
More reviews by Kaishi Lee
Readers may purchase reviewed books from Paddyfield.com, Asia's online bookseller.North American readers may prefer to buy US editions from Powells.com.
|
|
|
Strategic Asia 2009-10: Economic Meltdown and Geopolitical Stability by Ashley J. Tellis / Andrew Marble / Travis Tanner (eds.)
In his overview to this thought-provoking collection of essays, Ashley J. Tellis, writes: "the long-term future of U.S. hegemony, both economic and political, is extraordinarily bright."
Yet the collection of 10 articles by experts on a range of topics focusing on how the global financial crisis is affecting China, Japan, Korea, India, Southeast Asia, and Russia in STRATEGIC ASIA 2009-10: ECONOMIC MELTDOWN AND GEOPOLITICAL STABILITY (the ninth volume in the series of annual assessments produced by the Seattle-based Strategic Asia Program of The National Bureau of Research) edited by Tellis, a Senior Associate at the Carnegie Endowment for International Peace, contradict his view.
The major theme in all articles is the emergence of China as a global power and the rest of Asia's economic and strategic relations. The articles note the shift of regional leadership power from the U.S. to China. The authors choose not to analyze China as a threat, but instead as an essential ally crucial for overall growth, for example the increasing economic integration of China and Korea since the 1970s due to China's rapid economic expansion.
In the short-term, the damaged financial credibility of the U.S. post-crisis has also caused key Asian countries -- China and Japan -- to reduce their dependence on the U.S. China has extended lines of credit in renminbi to a number of countries and local currency swap agreements have been concluded with South Korea, Malaysia, Indonesia, Belarus, Argentina, and Hong Kong. Japan has resurrected long-standing hopes of shaping East Asia's financial architecture, reducing Asia's and its vulnerability to international capital flows.
Post-crisis, Asia still faces significant challenges. Fragile financial institutions, weak financial regulations, and corruption in Southeast Asia pose a threat to future economic growth. As Asia continues its open-economy development strategy, such as Southeast Asia's closer political and economic relations with China and Japan, and continuing trade and investment relations with the U.S., Asia's economic futures are in tandem with the rest of the world.
Will the U.S. hegemony prevail in Asia? Unlike Tellis, the authors do not believe so. In fact, post-crisis, the concept of hegemony may become defunct, given no country having the will or capabilities to lead global efforts to repair the damage. Looking forward, interdependent economic development of Asia and a more balanced global power sharing between G-2 and the rest of the world may be the new world order.
Pieter Bottelier, author of the article on China, predicts the stability of the Chinese government in the future. He emphasizes the capability and adaptability of the Chinese government, and also explains its legitimacy is not based on China's high economic growth. Bottelier is also hopeful that mutual strategic distrust between the G-2 will be in the development of a new economic order. Sanjaya Baru, author of the article on India, however cautions that "China's rise also portends important implications for the future of liberal and plural democracy in the developing world."
The articles also acknowledge intra-regional tensions, such as competition between Japan and China over international leadership and trade agreements evidenced in the bilateral FTAs in East Asia.
The book, which also includes a special study on nonproliferation, and a chapter of key Asian indicators, is useful reading for policymakers, students, and those interested in the dynamic financial development in Asia as the authors provide a comprehensive country briefing, explaining the historical economic growth pre-crisis, and the economics, politics, and foreign policy implications of the crisis.
Kaishi Lee
11/02/2010
|
Kaishi Lee is a Princeton in Asia Fellow at the Asia Business Council. |
| |
|
