How Asia got rich : Japan, China and the Asian miracle / Edith Terry ; foreword by Chalmers Johnson.

Format:

Book

Author/Creator:

Terry, Edith.

Series:

Pacific Basin Institute book

A Pacific Basin Institute book

Language:

English

Subjects (All):

Wealth--Asia.

Wealth.

Japan--Economic conditions--1989-.

Japan.

Economic conditions.

China--Economic conditions--1976-2000.

China.

China--Economic conditions--2000-.

Asia.

Physical Description:

xxix, 688 pages ; 24 cm.

Place of Publication:

Armonk, N.Y. : M.E. Sharpe, [2002]

Summary:

Within a few short months in 1997, Asian economies that had been considered not only healthy but "miraculous" suddenly fell off a precipice as investors withdrew massively first from Asian currencies and, in rapid order, from equity markets across the region. On October 27, 1997, the turmoil in Asian markets spooked Wall in the largest single-day decline in history, a drop of 550 points, and threatened to drive the U.S. trade deficit from $191 billion to $300 billion, creating huge new tensions in relations with some of the largest U.S. trading partners. These wrenching changes, following a generation of success, raise numerous questions about the steps that led to the crisis, its likely outcome, and the limits and constraints of "Asian capitalism."

In this timely and compelling book, drawing on more than five years of concentrated research in Asia, including a trip there in the spring of 1998, Edith Terry presents a blow-by-blow account of the crisis, beginning with the 1996 collapse of the Bangkok Bank of Commerce. In her overview, she links the fall of the Asian miracle with the theme of globalization, arguing that the crisis demonstrates the urgency of dismantling restraints to trade, investment, and financial services, and that the United States should take leadership in pushing for new and sweeping reform through the World Trade Organization and in bilateral negotiations with its trading partners. The final section of the book deals with the rise of the "Asian miracle" -- how the myth was created, who created it, why it succeeded for so long -- and is informed by thoughtful analysis of the Japanese prototype.

Lively and provocative, The Rise and Fall of the Asian Miracle willbe of great interest to businesspeople, policy-makers, students of Asian economies, and anyone curious about the origin and consequences of the tumultuous events of 1997 that are changing the face of the world economy.

Contents:

1. Coming Home 3

2. Flying Geese 46

3. Second Invasion 102

4. Tsunami 134

5. Crisis? What Crisis? 218

6. Miracle Makers 238

Part 2 Japan's Lost Decade

7. Legacy 337

8. Sphere of the Sun 370

9. Japan Adrift 419

10. Vortex 504

11. Paradigm Lost 543.

Notes:

"An East Gate book."

Includes bibliographical references (pages 635-668) and index.

ISBN:

0765603551

076560356X

OCLC:

46935931