East Asian Economic Regionalism 1st Edition by Edward Lincoln ISBN 978-0815752172 0815752172
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Product details:
ISBN 10: 0815752172
ISBN 13: 978-0815752172
Author: Edward J. Lincoln
A Brookings Institution Press and the Council on Foreign Relations publication
Something new is happening across East Asia. A region notable for its lack of internal economic links is discussing regional cooperation on trade, investment, and exchange rates. Because of negotiations elsewhere around the globe on regional tradesuch as those that led to the consolidation of the European Union, the formation of the North American Free Trade Area, and the rapid proliferation of bilateral free trade areasthe talk is not surprising. Nevertheless, East Asia’s past inertia with regard to forming a regional partnership raises many questions about its emerging regionalism. Why has the region suddenly shifted from taking a global approach to economic issues to discussing a regional bloc? How fast and how far will the new regionalism progress? Will the region become a version of the European Union, or something far less? What is the probable impact on American economic and strategic interestsare the likely developments something that the U.S. government should encourage or discourage? Edward Lincoln takes up these questions, exploring what is happening to regional trade and investment flows and what sort of regional arrangements are the most sensible.
Lincoln argues that an exclusive grouping is unlikely. Free trade negotiations have brought some economies in the region together, but they also have led to links with nations outside the region. Some regional governments most notably Japan, continue to have difficulty embracing the concept of free trade, even with favored regional partners. In the wake of the Asian financial crisis, governments also have looked at cooperating on exchange rates, but they have done little to move forward.
The U.S. government must decide how to respond to these developments in East Asia. An exclusively Asian form of regionalism could run counter to American economic interests, and the U.S. government has reacted negatively to some of these proposals in the past. Because trade and investment links between the co
Table of contents:
1. Introduction
Something was stirring across East Asia in the opening years of the twenty-first century…
2. Characteristics of the East Asian Region
Geographic proximity alone is not enough to foster integration—economic, cultural, and historical commonalities matter too.
3. Trade Links
Has intra-East Asian trade grown relative to global trade? A moderate increase, but not at the expense of U.S. or European ties.
4. Investment Links
Explores the role of FDI, aid, and financial flows in regional integration, with Japan as a key actor.
5. Broad Regional Institutions
Regional forums have grown with the belief that regional problems require regional dialogue.
6. The East Asian Alternatives
The idea of a narrower East Asian bloc is resurging, competing with broader Asia-Pacific visions.
7. More Exclusive Trade Alternatives
East Asia reacts to the global rise of regional blocs by considering deeper trade arrangements of its own.
8. East Asian Monetary Cooperation
In the wake of the 1997 crisis, monetary cooperation gained attention—but remains more talk than action.
9. Regional Leadership
True integration requires leadership, and only China or Japan could realistically lead East Asia.
10. Conclusion and U.S. Policy Recommendations
Summarizes findings and offers policy advice for U.S. engagement with East Asian regionalism.
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