Economics and Finance

Asia's Next Giant: South Korea and Late Industrialization

Alice H. Amsden

South Korea has been quietly growing into a major economic force that is even challenging some Japanese industries. This book examines South Korean economic growth as an example of “late ... More

South Korea has been quietly growing into a major economic force that is even challenging some Japanese industries. This book examines South Korean economic growth as an example of “late industrialization,” a process in which a nation's industries learn from earlier innovator nations rather than innovate themselves. Discussing state intervention, shop‐floor management, and big business groups, the reasons are explored for South Korea's phenomenal growth, paying special attention to the principle of reciprocity in which the government imposes strict performance standards on those industries and companies that it aids. It is shown thereby how South Korea, Japan, and Taiwan were able to grow faster than other emerging nations such as Brazil, Turkey, India, and Mexico. The book is arranged in three main parts: Part 1 surveys South Korean history and the origins of state policies that led to the successes of its late industrialization; Part 2 examines the ways in which the South Korean management and workforce were transformed into major factors in the growth of its industry; and Part 3 discusses the creation of comparative advantage in several industries and the reasons why only one kept pace with expansion while the others drove it. Less

China and Capitalism: A History of Business Enterprise in Modern China

This book provides an original, clear approach to the development of business in China from 1500 to the 1990s, and sheds new light on the strengths and weaknesses of Chinese business today. The book ... More

This book provides an original, clear approach to the development of business in China from 1500 to the 1990s, and sheds new light on the strengths and weaknesses of Chinese business today. The book assumes little background in China or Chinese business practice.Less

China Modernizes: Threat to the West or Model for the Rest?

Randall Peerenboom

Two sharply contrasting views of China exist today. On the one hand a rising superpower predicted to have the largest economy in the world by mid century, on the other hand a brutal, ... More

Two sharply contrasting views of China exist today. On the one hand a rising superpower predicted to have the largest economy in the world by mid century, on the other hand a brutal, anachronistic and authoritarian regime, a threat to geo-stability and to the economies of the industrial world. So which China is the real China? The author addresses this question by exploring China's economy, political and legal system, and most controversially, its record on civil, political, and personal rights in the context of the developing world. Avoiding polemic and relying on empirical evidence, he compares China's performance not with first world countries such as the US and UK, but with other middle income countries, and highlights the often hypocritical stance of an international community that demands standards from others that it does not match at home. He also critically evaluates the benefits of globalization and democratization, and the normative values of the West set against Beijing's determination to retain its cultural and political integrity. This book seeks to bridge the gap in understanding China and to create a firmer foundation for mutual trust, while recognizing that there are inevitable risks in a shift in global power of this magnitude that will require hard-headed pragmatism at times where interests collide. Less

China, Asia, and the New World Economy

Barry Eichengreen, Yung Chul Park, Charles Wyplosz (eds)

The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of ... More

The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO. This collection of chapters written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy. Less

China's Pan-Pearl River Delta: Regional Cooperation and Development

Cities and regions in Asia are facing problems that cannot be adequately managed by traditional urban planning. Competition and local protectionism have often hindered infrastructural development and ... More

Cities and regions in Asia are facing problems that cannot be adequately managed by traditional urban planning. Competition and local protectionism have often hindered infrastructural development and regional integration. In southern China, an area embracing one-fifth of China and one-third of its population, the economies and societies of nine provinces, together with Hong Kong and Macao, face many barriers to regional collaboration. Fiscal regulatory conflicts, land and housing reform, and bottlenecks in immigration and transport have stymied efforts to develop infrastructure that could spur economic growth and greater prosperity for the entire region. This book examines regional integration and its barriers in southern China in a comparative framework using perspectives on development and globalization from Europe and North America. Supported by maps and charts, this collection discusses the theory, challenges, and practice of development in an area comprising nearly a third of China's population.Less

China's Remarkable Economic Growth

John Knight, Sai Ding

How has the Chinese economy managed to grow at such a remarkable rate — no less than ten per cent per annum — for over three decades? This book combines economic theory, empirical ... More

How has the Chinese economy managed to grow at such a remarkable rate — no less than ten per cent per annum — for over three decades? This book combines economic theory, empirical estimation, and institutional analysis to address one of the most important questions facing contemporary economists. A common thread that runs throughout the book is the underlying political economy: why China became a ‘developmental state’, and how it has maintained itself as a ‘developmental state’. The book examines the causal processes at work in the evolution of China's institutions and policies. It estimates cross-country and cross-province growth equations to shed light on the proximate, and some of the underlying, determinants of the growth rate. It explores important consequences of China's growth, posing a series of key questions, such as: Is the economy running out of unskilled labour? Why and how has inequality risen; has economic growth raised happiness? What are the social costs of the overriding priority accorded to growth objectives? Can China continue to grow rapidly, or will the maturing economy, or the macroeconomic imbalances, or financial crisis, or social instability, bring it to an end? Less

China's Telecommunications Revolution

Eric Harwit

China's telecommunications industry has seen revolutionary transformation and growth over the past three decades. Chinese Internet users number more than 150 million, and the PRC expects ... More

China's telecommunications industry has seen revolutionary transformation and growth over the past three decades. Chinese Internet users number more than 150 million, and the PRC expects to quickly pass the US in total numbers of connected citizens. The number of mobile and fixed-line telephone users soared from a mere 2 million in 1980 to a total of more than 800 million in 2007 — the country took the number one rank in the world in the number of telephones. China has been the most successful developing nation in history for spreading telecommunications access at an unparalleled rapid pace. This book tells how China conducted its remarkable ‘telecommunications revolution’. It examines both corporate and government policy to get citizens connected to both voice and data networks. It looks at the potential challenges to the one-party government when citizens get this access. And it considers the new opportunities for networking now offered the people of one of the world's fastest growing economies. The book is based on the author's fieldwork conducted in several Chinese cities, as well as extensive archival research. It focuses on key issues such as building and running the country's Internet, mobile phone company rivalry, foreign investment in the sector, and telecommunications in China's vibrant city of Shanghai. It also considers the country's internal ‘digital divide’, and questions how equitable the telecommunications revolution has been. Finally, it examines the ways the PRC's entry to the World Trade Organization will shape the future course of telecommunications growth. Less

Clinton and Japan: The Impact of Revisionism on US Trade Policy

Robert M. Uriu

This book chronicles how a controversial set of policy assumptions about the Japanese economy, known as revisionism, rose to become the basis of the trade policy approach of the Clinton ... More

This book chronicles how a controversial set of policy assumptions about the Japanese economy, known as revisionism, rose to become the basis of the trade policy approach of the Clinton administration. In the context of deep-rooted fears over Japan's increasing economic strength, revisionists argued that Japan represented a distinctive form of capitalism that was inherently closed to imports and that posed a threat to U.S. high-tech industries. Revisionists advocated a “managed trade” solution in which the Japanese government would be forced to set aside a share of the market for foreign goods. The author describes the role that various American academics, government officials, and business leaders played in developing revisionist thought. The revisionist drumbeat grew loudest just as the Clinton administration came into office. The author uses extensive interviews with policy makers to trace the internal discussions inside the Clinton White House, which culminated in the adoption of revisionist assumptions and then to demands for “results-oriented” trade agreements during the Framework negotiations. Japan, however, refused to accept these managed trade solutions, and fought to discredit revisionism and to rally global support against American unilateralism. Despite a history of caving in to U.S. pressures, this time the Japanese held firm even in the face of an historic failure of a bilateral summit in 1994 and the threat of sanctions against Japanese autos in 1995. In the end, it was the U.S. that folded; for the first time ever, Japan said “no,” and in the process beat back America's demands for managed trade once and for all. Less

Commodity Prices and Markets

Takatoshi Ito, Andrew K. Rose (eds)

Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic ... More

Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim. The book addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments. Less

Communities and Markets in Economic Development

Masahiko Aoki, Yujiro Hayami (eds)

This book analyses the role of communities and markets in economic development. It is divided into three parts. Part I presents four chapters on historical and theoretical perspectives ... More

This book analyses the role of communities and markets in economic development. It is divided into three parts. Part I presents four chapters on historical and theoretical perspectives on the community and market. Part II contains four chapters focusing on the role of the community in the process of market development in contemporary developing and transitional economics. Part III focuses on communal control over public goods. Less