|A publication of the Asian Development Bank||No. 1 June 2008|
Cover stories •
new publications •
in focus •
from the field •
Asia's Increasing Interdependence
In an increasingly globalized world, Asian regionalism could—and should—be a partnership for regionally and globally shared prosperity
The challenge for a more prosperous and interdependent Asia is how to strengthen and spread the benefits of regional cooperation and integration while playing a substantial and constructive role in global economic leadership, says a new publication from the Asian Development Bank (ADB), Emerging Asian Regionalism: A Partnership for Shared Prosperity.
As Asia’s economies have grown larger and more complex, they also have become more integrated—through trade, financial flows, direct investment, and other forms of economic and social exchange. Today, Asia trades about as much with itself as Europe and North America do with themselves.
This landmark study, led by a team of ADB staff, scholars, and advisers to regional policy makers, analyzes the nature of Asia’s emerging regionalism as well as the opportunities and challenges that it poses. The study found that six measures of interdependence tracked for 16 major Asian economies have increased markedly since the 1997/98 Asian financial crisis. And a survey conducted for the study found that the region’s opinion leaders welcome this interdependence and place a high priority on regional cooperation and integration.
“The dynamic and outward-looking style of Asian regionalism can have a significant impact in an increasingly globalized world. Regionalism can be a stabilizing factor when shocks arise, whether region-based or externally imposed,” said ADB President Haruhiko Kuroda in the book’s foreword. “Being pragmatic and flexible does not mean taking a laissez faire outlook. Regionalism carries the responsibility of proper management, effective communication, and (when required) policy coordination or the creation of common regional institutions. Regionalism can also be an effective policy tool to help markets adjust and adapt when a crisis looms.”
The study highlights what is at stake and lays the ground for further discussion on how to move forward. The study’s key message is that in an increasingly globalized world, Asian regionalism could—and should—be a partnership for regionally and globally shared prosperity. •
Common Wealth: Economics for a Crowded Planet
Jeffrey Sachs, author of The New York Times bestseller The End of Poverty, argues in this new book that the global economic system now faces a sustainability crisis—one that will overturn many of our basic assumptions about economic life. Sachs says that the world needs a new economic paradigm—global, inclusive, cooperative, environmentally aware, and science-based—because we are running up against the realities of a crowded planet. The alternative is a worldwide economic collapse of unprecedented severity.
Rivals: How the Power Struggle Between China, India and Japan Will Shape Our Next Decade
Bill Emmott, former editor-in-chief of The Economist, returns to the territory of his bestselling book The Sun Also Sets to lay out an entirely fresh analysis of the growing rivalry between the People's Republic of China, India, and Japan and what it will mean for the US, the global economy, and the 21st-century world. He argues that these three political and economic giants are closely intertwined by their fierce competition for influence, markets, resources, and strategic advantage. The book explores the ways in which this sometimes bitter rivalry will play out over the next decade, identifies the biggest risks born of these struggles, and outlines the ways these risks can and should be managed by all of us.
Stitching Identities in a Free Trade Zone: Gender and Politics in Sri Lanka
After spending several months in a Sri Lankan Free Trade Zone, working and living among the workers, anthropologist Sandya Hewamanne challenges conventional notions about marginalized women at the bottom of the global economy in this new book. She deftly weaves theories of identity, globalization, and cultural politics throughout her detailed accounts of the workers' efforts to negotiate ever shifting roles and expectations of gender, class, and sexuality.
|© 2013 Asian Development Bank|