The Dynamics of Asian Economic Development: Understanding Asia and Its Ways Forward

One feature of this book is the clarification of the development mechanism of Asia as a regional economy for over half a century, based on an "Asian Economy Within the Global Economy" approach that goes beyond the single-country analytical framework. The development of emerging economies has caught the world's attention: from the Newly Industrializing Countries or Newly Industrializing Economies of the 1980s to the BRICs entering this century. General economics cannot clarify the internal mechanism of the changing of newly industrialized economies led by Asia. This book clarifies such regional development structure by focusing on the direct investments of multinational firms and the importance of gradual changes of specific policies adopted by newly industrialized economies. Moreover, the book concretely deals with the US–China trade war and China's Belt and Road Initiative (BRI) as a problem of Asian economies. In so doing, the book not only perceives the structural change of the global economy as a structural change from a US-centric global economy of the twentieth century to a China-centric one, but also focuses on the birthing of a new growth frontier in the world economy, under a crisis brought about by a war for hegemony between the US and China. The investment initiative through China's BRI has prompted the investment competition between Japan and the US, which has made even stronger the possibility of giving birth to a new economic frontier in Afro-Eurasia. Another feature is the consideration of various issues that confront Asian countries in their search for economic development, using the Philippines as a case study. The analysis of the study points to the importance of a “shared growth” perspective, which is based on an Asian development model, and discusses the challenge of overcoming the issues of the economic development model within the region. At the same time, this book studies the significance and new issues, as a region, of the economy and overseas policies of attention-drawer China.  

Table of Contents:
Introduction.- Part I: The Asian Economy and Transformation of the World Economy in the Early 21st Century.- Chapter 1. The China-US Trade War and Trump-Driven Expansion of the Asian Economy.- Chapter 2. China’s BRI ( Belt Road Initiative) and its Prospect.- Chapter 3. Asia’s Changing Mechanism of Development in the World Economy.- Chapter  4. Another Way of Development through ICT: from India to Philippine,  and  to Vietnam.- Chapter 5.  Decentralization in the Philippines: From Inclusive to Shared Growth. Part II: Rise of Asia’s Economy in the Last Century or so.- Chapter  6. East Asia’s Economic Rise in the World Economy.- Chapter 7. East Asia’s Currency and Financial Crisis and a New Financial Order.- Chapter 8. Advancing Regional Collaboration in East Asia.- Chapter 9. The Historical Roots of Unshared Growth: The Case of the Philippines.- Part III: Toward a Better Balanced Economic Development.- Chapter 10. Would Akamatsu’s Flying Geese Model of Development still be relevant in Asia?.- Chapter 11. A New Structure of the Asian Economy.

About the Author :
Hitoshi Hirakawa, Zhejiang Yuexiu University of Foreign Languages.   Ferdinand C. Maquito, University of the Philippines Los Baños.