The Asian economy contemporary issues and challenges
"The book is a key reading which provides a comprehensive and systematic overview of the contemporary Asian economy. The book focuses on the structural changes that are rapidly transforming the regional economic landscape in the 21st century. It highlights the concomitant challenges that have a...
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London ; New York, NY
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2021
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| 245 | 1 | 0 | |a The Asian economy |b contemporary issues and challenges |c edited by Kenta Goto, Tamaki Endo, and Asei Ito |
| 250 | |a First published | ||
| 264 | 1 | |a London ; New York, NY |b Routledge |c 2021 | |
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| 520 | 3 | |a "The book is a key reading which provides a comprehensive and systematic overview of the contemporary Asian economy. The book focuses on the structural changes that are rapidly transforming the regional economic landscape in the 21st century. It highlights the concomitant challenges that have arisen, and further discusses prospects and potentialities of Asian economies given this new economic environment. The book also looks at broader social issues which are both the cause and result of these new and complex economic dynamism in Asia. Understanding the Asian economy cannot be achieved without understanding the new interrelationships and complexities that have evolved from this context, which continue to be driven by drastic changes in technological, demographic, and social structures, among others. Each of the chapters are titled based on "issues" and are framed in present continuous tense, intended to capture and emphasize the progressiveness of this new dynamism that are transforming the region in a fundamental way." | |
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| adam_text | Contents Map of Asia Book structure chart Preface and acknowledgements List of contributors List of figures List of tables Introduction: the Asian economy in the Asian century Tamaki Endo, Asei Ito, Keiichiro Oizumi, and Kenta Goto 1 Introduction 1.1 Key characteristics of the Asian economy 1.2 Key features of this book 1.3 The structure of the book 1 2 5 6 Part I New dimensions of the Asian economy 1 xiii xiv xvii xix xxi xxiii Transforming Asia: how the Asian economy has been discussed Asei Ito, Tamaki Endo, Keiichiro Oizumi, and Kenta Goto Introduction 1.1 From stagnation to development 1.1.1 The post-war reconstruction of Japan and Asia 1.1.2 Underdevelopment and stagnation in Asia 1.1.3 The emergence of a “growing Asia” 1.2 From the “East Asian Miracle” to the Asian Financial Crisis 1.2.1 The success story of East Asia 1.2.2 The Asian Financial Crisis and the neoclassical era 1.3 The rise of China, and towards an “emerging Asia” 1.3.1 China, production networks, and regional economic integration 1.3.2 Risks and opportunities in middle-income Asia 11 13 13 14 14 15 16 18 18 19 20 20 22
vi 2 3 Contents Conclusion 23 Box 1 Reviewing the Asian economy from a historical perspective Takeshi Nishimura 24 Asianizing Asia: the rise of intra-regional trade and economic integration Kenta Goto and Keiichiro Oizumi 28 Introduction: what is “Asianizing Asia”? 2.1 Breaking away from economic dependency 2.1.1 Evolving Asia in global trade 2.1.2 The rise of Asian NIEs 2.1.3 The Plaza Accordand the Asian Miracle 2.2 De-facto economic integrationand global value chains 2.2.1 The financial crisis and China’s accession to the WTO 2.2.2 China, regional division of labor in production, and horizontal trade 2.2.3 The deepening of the vertical international division of labor 2.2.4 Asia as a major regional market 2.3 De-jure economic integration, opportunities, and challenges 2.3.1 The centrality of ASEAN in Asian regional FTAs 2.3.2 Changes in the trade policies of Japan, China, and Korea 2.3.3 Diversified economic relationships and challenges for future growth Conclusion 42 44 Box 2 Trade-related databases Keiichiro Oizumi 45 China reshaping Asia: economic transition and the rise of an economic superpower Asei Ito 48 Introduction 3.1 Reform and opening-up policy, and China’s economic development: Asia changing China 3.1.1 Characteristics and limitations of the planned economy 3.1.2 Economic transition toward a market economy 3.1.3 Opening-up policy 3.2 China as the workshop of the world: China’s integration into the Asian economy 3.2.1 The Asian production network and China as the assembly factory 3.2.2 Industrial development based on the domestic market 3.2.3 The “Lewis
turning point” argument 28 30 30 31 32 35 35 37 39 40 41 41 42 48 50 50 52 53 54 54 56 56
Contents 3.3 China as an economic superpower: China changing Asia 3.3.1 China in the Asian and global economy 3.3.2 State capitalism and mass capitalism in China 3.3.3 Quality of growth and the challenge of “getting old before getting rich” Conclusion Box 3 The Belt and Road Initiative (BRI] Asei Ito Part II Borderless Asía 4 5 vii 57 57 59 60 62 63 67 Factory Asia: global value chains and local firm development Momoko Kawakami and Kenta Goto 69 Introduction 4.1 Industrialization in Asia and the shifting engines of growth of the global economy 4.1.1 The era of international trade: to the 1970s 4.1.2 The era of foreign direct investment and diffusion of industrialization: from the 1980s 4.1.3 The era of global production networks: from the 2000s 4.2 The global value chains perspective 4.3 Local industries and firms in GVCs 4.3.1 The Vietnamese apparel industry: integration into GVCs and upgrading 4.3.2 The Taiwanese Notebook PC Industry: upgrading by subcontracting 4.3.3 The implications from the GVC framework Conclusion 69 Box 4 GVCs and corporate social responsibility Kenta Goto 84 Capital Asia: growth and capital flows Fumiharu Mieno and Kenta Goto 87 Introduction 5.1 International capital flows 5.1.1 Capital and growth 5.1.2 Capital flows and the balance of payments 5.1.3 Post-war monetary and financial order and capital mobility 5.2 The Asian economy and capital: from the Asian financial crisis to the 21st century 5.2.1 The Asian financial crisis 5.2.2 Structural change in the 2000s 87 88 88 89 91 70 70 71 72 73 74 74 78 81 83 95 95 97
viii Contents 5.2.3 The drastic change in the global capital and financial environment and Asia 5.2.4 New challenges 5.3 Policy challenges for Asia and its financial sector 5.3.1 Financial system reform after the Asianfinancial crisis 5.3.2 Asian financial cooperation: Asian monetary cooperation and bond market development Conclusion 6 103 104 Box 5 Emerging issues in the micro-organizational finance systems and the Asian economy Fumiharu Mieno 105 Migrating Asia: labor mobility in an interdependent and connected world Tomohiro Machikita 109 Introduction 6.1 Background and framework 6.1.1 Trends in international migration in Asia 6.1.2 Demand and supply of foreign labor in Asia 6.1.3 Theoretical framework: the benefits and costs of migration 6.2 Stylized facts on international migration in Asia 6.2.1 An overview in the trends of foreign population in Asia 6.2.2 The roles of distance and income disparity in migration in Asia 6.2.3 Changes in labor demand: the feminization of international migration 6.3 The roles of policy and institutional change 6.3.1 Demand-driven status-quo policy: the case of Thailand 6.3.2 Government as an intermediary: the case of South Korea 6.3.3 Free movement of high-skilled workers: the case of ASEAN Conclusion 109 111 111 112 113 115 115 Box 6 Brain circulation and Asian entrepreneurs in Silicon Valley Momoko Kawakami 124 Part III Dynamic Asia 7 100 101 102 102 117 117 120 120 121 122 123 127 Innovating Asia: growth pattern changes in post-middle-income economies Asei Ito 129 Introduction 7.1 The success of “catching-up” and the “middle-income
trap” 7.1.1 Asian NIEs and catch-up industrialization 7.1.2 Growth accounting approach 129 130 130 131
Contents 8 9 ix 7.1.3 Can Asia sustain its growth? 7.2 Innovation and sources of growth 7.2.1 Human capital and research and development (R D) 7.2.2 Investments in IT capital and digitalization 7.2.3 Industrial dusters and networks 7.3 Innovation policies in Asia 7.3.1 Theoretical foundations of innovation policy 7.3.2 China: “Made in China 2025” and the US-China trade dispute 7.3.3 Thailand: from “Thailand-ness to promoting emerging industries? Conclusion 133 134 134 136 138 140 140 Box 7 Unicorns in Asia Asei Ito and Keiichiro Oizumi 145 Urbanizing Asia: cities transforming into mega-regions Tamaki Endo and Keiichiro Oizumi 147 Introduction 8.1 The evolution of cities from “over-urbanization” to production centers 8.1.1 Urbanization trends in Asia 8.1.2 The focus on over-urbanization and primate cities 8.1.3 Policies to address Asian over-urbanization 8.1.4 Industrialization and cities as production centers 8.2 Asian urbanization in the globalization era: nodes in global value chains 8.2.1 Mega-cities’ function as global cities 8.2.2 Industrial clusters and mega-cities as nodes in global value chains 8.2.3 Urbanization in Asia and the evolving mega-regions 8.3 Challenges and prospects for Asian cities 8.3.1 Mega-regions and inter-regional inequalities 8.3.2 The challenges of Asian mega-cities 8.3.3 The socio-political risks and policy dilemmas in the era of the mega-regions Conclusion 147 141 142 144 149 149 150 153 154 155 155 156 157 158 158 161 162 163 Box 8 Consuming Asia Keiichiro Oizumi 164 Informalizing Asia: the other dynamics of the Asian economy Tamaki Endo and
Kenta Goto 169 Introduction 9.1 The informal economy and its theoretical perspectives 169 170
x Contents 9.1.1 What is the informal economy? 9.1.2 The birth of the concept, and the shift in views from negative to positive 9.1.3 Beyond the dichotomy view 9.2 The informal economy in Asia and its roles in the 21st century 9.2.1 Redefining the informal economy under globalization 9.2.2 The informal economy in Asia: its size and trends 9.2.3 Globalization, urbanization, and the dynamism of the informal economy 9.2.4 The roles and functions of the informal economy 9.3 The future outlook for the informal economy and its dilemmas 9.3.1 Informality and institutions: taxes, risks, and social protection 9.3.2 The new dynamics in the 21st century (1) - the internationalization of the informal economy 9.3.3 The new dynamics in the 21st century (2) ֊ from formal to informal Conclusion Box 9 Informal residential areas: the functions of “slum” communities from the urban lower-class perspective Tamaki Endo Part IV Asia at a crossroads 10 170 171 172 174 174 175 177 178 180 180 181 182 183 184 189 Ageing Asia: from demographic dividend to demographic tax Keiichiro Oizumi and Asei Ito 191 Introduction 10.1 Population growth and economic growth 10.1.1 Rapid population growth 10.1.2 The poverty trap and birth control policies 10.1.3 Declining birth rates in Asia 10.2 Demographic dividend and demographic tax 10.2.1 What is a demographic dividend? 10.2.2 The effects of the demographic dividend 10.2.3 Economic policies that are consistent with the demographic transition 10.2.4 From demographic dividend to demographic tax 10.3 Ageing and social security 10.3.1 The rapid increase of the
ageing rate 10.3.2 The current status of social security policies in Asia 10.3.3 The agendas of promoting social security policies in Asia 191 192 192 193 194 194 194 195 197 199 199 199 202 204
Contents 11 12 xi Conclusion 205 Box 10 Who are the “elderly people”? Keiichiro Oizumi 206 Unequalizing Asia: from poverty to inequality Kunio Urakawa and Tamaki Endo 209 Introduction 11.1 From poverty to inequality 11.1.1 “The East Asian Miracle and poverty reduction in Asia up to the early 1990s 11.1.2 Rising inequality in Asia 11.1.3 The Kuznets hypothesis and Asia 11.2 Background and causes of increased income inequality: cases from Asian countries 11.2.1 Why is income inequality increasing in Asia? 11.2.2 The case of Japan 11.2.3 The case of China 11.2.4 The case of ASE AN 11.3 Policy responses of Asian countries and future outlook 11.3.1 Growing public concern about Asian income inequality, and countermeasures 11.3.2 Policy responses and prospects for middle-income countries 11.3.3 Policy responses and prospects in a high-income country: case of Japan Conclusion 210 210 Box 11 Inequality and democracy Wataru Kusaka 228 Environmentally challenged Asia: in the context of backwardness and diversity Fumikazu Ubukata Introduction 12.1 Environmental problems in Asia and their characteristics 12.1.1 The duality of backwardness and the diversity of environmental issues 12.1.2 Environmental pollution and destruction: some examples 12.2 Economic development and environmental problems 12.2.1 The environmental Kuznets curve 12.2.2 The environmental Kuznets curve in Asia 12.2.3 The environmental Kuznets curve andissues of focus 210 212 212 217 217 217 220 221 224 224 225 226 227 233 233 234 234 235 237 237 238 240
xii Contents 12.3 The key arguments and the processes of change 12.3.1 The pulp and paper industry in Southeast Asia 12.3.2 Cross-borderization and the increasing complexity of the issue: haze pollution around Singapore Conclusion Box 12 The ambitious attempts of Asian governments to “internalize” externalities Fumikazu Ubukata 242 242 245 247 248 Conclusion: competing Asia, co-existing Asia Kenta Goto, Tamaki Endo, Asei Ito, and Keiichiro Oizumi 250 Introduction: is the 21st century an “Asian century?” C.l The Asian economy in an era of international connectivity C.2 Compressed development and regional challenges C.3 The future outlook for the Asian economy - competing and co-existing Conclusion: Japan in the 21st century Asia 250 251 252 Index 257 253 255
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| title | The Asian economy contemporary issues and challenges |
| title_auth | The Asian economy contemporary issues and challenges |
| title_exact_search | The Asian economy contemporary issues and challenges |
| title_full | The Asian economy contemporary issues and challenges edited by Kenta Goto, Tamaki Endo, and Asei Ito |
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| title_short | The Asian economy |
| title_sort | the asian economy contemporary issues and challenges |
| title_sub | contemporary issues and challenges |
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