East Asian Politics

For example, the economic and trade development between the United States and ASEAN will first boost the economic development of ASEAN. With the continuous strengthening of economic and trade cooperation between China and ASEAN, China's economy will also develop continuously. Chinese enterprises are now actively participating in the process of economic globalization through outward FDI. In these countries that have signed free trade agreements with the United States, Chinese enterprises can make good use of favorable local resources and other factors of production to make investments and continuously upgrade their businesses. Own capital and competitiveness, and improve the position of Chinese enterprises in the world.

After the end of the World War II the world faced the challenges of economic and social recovery. The majority of developing countries based their economies on Import Substitution Industrialization (ISI), the state-oriented approach to a trade and economic policy. ISI supports the replacement of import with domestic production in order to reduce foreign dependency. This protectionist policy dominated in developing countries, especially in Latin America and sub-Saharan Africa, during the first 30 years after the World War II. By 1980s, when the main gains of ISI were exhausted and it demonstrated its inefficiency, the countries of East Asia adopted a new development strategy. Consequently, this new export-oriented and market-friendly strategy, so-called East Asian model, has determined the successful economic and trade policy of East Asian countries during the next several decades. To understand the reasons of the shift from ISI to the East Asian model, it is needed to carefully examine and contrast these two approaches and their supporting theories.

China, South Korea and Japan are three countries which represent successful policies in reversing their economy from central to advanced in a short period of time. These countries are smaller pieces of a puzzle and they compete with the rest of Asia by forming a strong picture. After participating in wars like WWII and the Korean War, China, South Korea, and Japan make a very powerful triangular force that stands for change and the development of a new policy in economy, society and governments. The transformation of these countries to the open world context has several reasons that consist to: transform the financial system to an open economy, shut down a very large number of loss making state enterprises, and strengthen the weak position of government.

In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).

The so-called East Asian Development Model was devised as a reaction to sustainably high growth rates in many East Asian countries in the post-World War II period and particularly in the last 40 to 50 years. Generally, there are two competing models of economic developments for developing countries: On the one hand import-substitution industrialisation (ISI) and on the other hand export-led industrialisation (ELI). Many Latin American and African countries favoured the former after the Second World War and erected trade barriers, introduced tariffs and tried to promote local industries. In the first couple of decade particularly South Asian (India) and Southeast Asian countries (Indonesia, Malaysia, Vietnam) also applied this model to a certain extent.

For about twenty years, East-Asian countries were held up as economic idols. They were hailed as the ideal models for strong economic growth of developing countries because of their high savings and investment rates, autocratic political systems, export-oriented business, restricted domestic markets, government capital allocation, and controlled financial systems.

Since the last century, each country had begun to understand the importance of the cooperation. Consequently, The European Union [EU] was established in November 1, 1993. After that, other European countries became the member of the EU to promote the development of the whole Europe. Currently, the US, the only superpower country in this planet, is still looking for the assistance with the EU and Japan, South Korea and etc. The establishment of the World Bank, the World Trade Organization verifies the significance of the cooperation as well. Hence, for the future of globalization in East Asia, East Asia countries should set up an East Asian Union to guarantee the growth of all East Asia countries as well as to counteract

In the economic history of contemporary Asia, governments in many countries have played very important role to lead economic developments of their nations. The rapid economic growth of Japan after the Second World War has been widely acknowledged and is dubbed as “the Economic Miracle.” Some theorists attempt to explain this economic phenomenon with Japan’s geography, international involvement, historical experiences and contemporary experiences. Some theorists focus on the role of the state as the major actor to drive and direct economic success. Recently, many studies and concepts have been

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In the 1950’s when most of the countries were in a conflict of choosing between a capitalist or a socialist system, East Asia opted to go for the capitalist system and were hence able to witness growth in the coming years. In 1980’s most of the East Asia enjoyed great investment rates and a higher amount of savings as compared to the other countries (Moreno, 2015). After having witnessed continuous growth the mid 1990’s period came as shock to everyone, the currency had started to devaluate which further lead to reduction in export prices and hence slowing the economic growth. The crisis had first started from Thailand where the foreign exchange market had crashed and Thai baht had pegged down, starting from Thailand the crisis went on to hit other countries like Malaysia, Indonesia and Philippines with the stock market of each country collapsing (Moreno, 2015). It had become evident that the benefits of the capitalist system had faded and investors had started regretting their decision of investing large sums of money in the East Asian market. However within a short of span of time the crisis had ended and by the end of 1999, most of the Asian countries had come back on track and had started witness growth again. This was possible primarily by structural changes which are discussed below in detail.

The rapid rise of economies in Asia over the past few decades has been phenomenal. According to (Steven, Jeffrey and Jong-Wha, 1997), Asian countries such as Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand and Indonesia grew at an average of over 5.5% per year in per capita terms between 1965 and 1990. The mentioned 08 Asian countries are also known as the eight high-performing Asian economies (HPAEs). With exception to some post-war European countries, such growth rates at this magnitude and duration are unprecedented in human history. During the mentioned timeline, 23 economies in East Asia grew faster than those of all other regions (Page, 1994). According to (David, 2014), over the past decade, Asia accounted for

In the 21st century, the rise of china has become the most remarkable event in the international relations. China is one of the fastest growing economy in the world. Many researchers used factionalism as a means to define Chinese foreign policy because of the conflict among the top leaders during the revolutionary period. Chinese foreign policy has become more pragmatic and sophisticated. By joining the World Trade Organization, the country increased its participation in the global economy (Hao, Y., & Hou, Y, 2009).My research topic is on the Chinese foreign policy towards North East Asian countries. This paper concentrates on the Chinese foreign relations with North East Asian countries like Japan, Korea, Taiwan and Russia (Zhao, Q, 1997)

Nevertheless, in the past two decades, Japan didn’t experience the rapid economic growth unlike Taiwan and Korea. The major findings on economic growth roadblocks and catalysts in these three countries could be concluded as following: (1) High investment to GDP ratio augmented economic growth in Japan while did not drive the growth in Korea and Taiwan due to inefficient allocation. (2) Korea and Taiwan economic growth derived from real export growth. (3) The finance-aggregate had negative impact on Japan and Korea while had

The democratic process of Southeast Asian countries, such as Malaysia and Singapore, has seen very little significant changes from civil society action. While each of these countries have claimed to be democratic nations, there has been little change in terms of government rule since their independence. These civil society groups are ones that reflect the ideas and values of a group of people, in pursuit of a common goal. The changes that have resulted are in Malaysia and Singapore’s governments, have been to restructure or assert their power to maintain control over these civil societies. This has been accomplished through media reform and regulations. Opposition to these ruling systems have been met with great friction, but nonetheless have seen some success in changing the state of its operation in small ways, yet not significantly due to the scope of their power.

It has assumed a leadership role among developing nations in global trade negotiations, and played a critical part in the Doha negotiations.Regional and Bilateral Trade AgreementsIndia has recently signed trade agreements with its neighbors and is seeking new ones with the East Asian countries and the United States. Its regional and bilateral trade agreements - or variants of them - are at different stages of development:  * India-Sri Lanka Free Trade Agreement, * Trade Agreements with Bangladesh, Bhutan, Sri Lanka, Maldives, China, and South Korea. * India-Nepal Trade Treaty, * Comprehensive Economic Cooperation Agreement (CECA) with Singapore.  * Framework Agreements with the Association of Southeast Asian Nations (ASEAN), Thailand and Chile.  Preferential Trade Agreements with  Afghanista, Chile, and Mercosur (the latter is a trading zone between Brazil, Argentina, Uruguay, and Paraguay).World Bank InvolvementAs a number of research institutions in the country provide the Government with good, just-in-time, and low-cost analytical advice on trade-related issues, the World Bank has focused on providing analysis on specialized subjects at the Government’s request.In the last three years, the Bank has been working with the Ministry of Commerce in a participatory manner to help the country develop an informed strategy for domestic reform and international negotiations.Given the sensitivity of trade policy and negotiation issues, the