Politics and Markets in the Wake of the Asian Crisis (Asian Capitalisms)

This book is a challenging volume by distinguished, leading scholars of East Asian political economy; it provides a distinct alternative to simplistic accounts of the Asian crisis which generally swing between an emphasis on convergence imposed by global economic forces, and the resurrection of the special patterns of East Asian economic governance. The authors argue that global forces and domestic structures are engendering new forms of economic and political regulation in East Asia. While these signal the death knell of the developmental state, this in itself does not presuppose a convergence towards a standard model of global capitalism. The arguments in this book will contribute significantly to the construction of a new research agenda for comparative political economy at the dawn of a new century. Politics and Markets in the Wake of the Asian Crisis covers a range of East Asian countries including the People's Republic of China, South Korea, Indonesia, Thailand and Malaysia. All the studies are linked together by a common endeavour to explore the dynamic interaction between global economic forces and domestic structures. The book is at the cutting edge of the study of East Asian political economy, and is distinguished by the attention it pays to the regional and international context of the crisis. It also contains theoretically sophisticated analyses of organisations such as APEC and the IMF. Introduction: interpreting the crisis / Mark Beeson and Richard Robison Comment: crisis and the developmental state in East Asia / K.S. Jomo The financial crisis in Southeast Asia / Jeffrey A. Winters State power and economic strength revisited: what's so special about the Asian crisis? / Linda Weiss and John M. Hobson The state, structural rigidity, and the end of Asian capitalism: a comparative study of Japan and South Korea / Chung In Moon and Sang-Young Rhyu Fragility or continuity? economic governance of East Asian capitalism / Hyuk-Rae Kim The dilemma of market liberalization: the financial crisis and the transformation of capitalism / Yeon-Ho Lee and Hyuk-Rae Kim A meltdown with 'Chinese characteristics'? / Lance L.P. Gore The Asian crisis and the perils of enterprise association: explaining the different outcomes in Singapore, Taiwan and Korea / James Cotton Surviving the meltdown: liberal reform and political oligarchy in Indonesia / Richard Robison and Andrew Rosser Thailand's capitalism before and after the economic crisis / Kevin Hewison Economic nationalism and its discontents: Malaysian political economy after July 1997 / Khoo Boo Teik The Philippines: the making of a neo-classical tragedy / Walden Bello The international relations of the Asian economic crisis: a study in the politics of resentment / Richard Higgott Moral (and other) hazards: the IMF and the systemic Asian crisis / Richard Leaver Australia in the shadow of the Asian crisis / Mark Beeson and Stephen Bell Authoritarian liberalism, governance and the emergence of the regulatory state in post-crisis East Asia / Kanishka Jayasuriya. BOOK COVER......Page 1 TITLE......Page 4 COPYRIGHT......Page 5 CONTENTS......Page 6 1 Introduction: interpreting the crisis......Page 20 2 Comment: crisis and the developmental state in East Asia......Page 42 3 The financial crisis in Southeast Asia......Page 51 4 State power and economic strength revisited......Page 70 5 The state, structural rigidity, and the end of Asian capitalism......Page 94 6 Fragility or continuity?......Page 116 7 The dilemma of market liberalization......Page 133 8 A meltdown with ‘Chinese characteristics’?......Page 147 9 The Asian crisis and the perils of enterprise association......Page 168 10 Surviving the meltdown......Page 188 11 Thailand’s capitalism before and after the economic crisis......Page 209 12 Economic nationalism and its discontents......Page 229 13 The Philippines: the making of a neo-classical tragedy......Page 255 14 The international relations of the Asian economic crisis......Page 278 15 Moral (and other) hazards: the IMF and the systemic Asian crisis......Page 300 16 Australia in the shadow of the Asian crisis......Page 314 17 Authoritarian liberalism, governance and the emergence of the regulatory state in post-crisis East Asia......Page 332 Bibliography......Page 348 Index......Page 380 The fallout from the crisis in Asia has been immense. Asia's position as the global economy's growth engine is no longer tenable. Politics and Markets in the Wake of the Asian Crisis puts the crisis in its global context, reassessing its impact on governments and economies around the world. The contributors to this text argue that globalization processes are driven by political forces and it is not enough to look at economic factors in isolation. Chapters focus on the political and market institutions forged in the wake of the Asian crisis In the middle of 1997 East Asia was gripped by a major financial crisis that continues to affect the region.