Handbook on the Northeast and Southeast Asian Economies

Edward Elgar Publishing
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Provides a broad overview of economic and social developments in the countries covered (Brunei Darussalam, Cambodia, China, Hong Kong, Indonesia, Japan, Lao, Malaysia, Myanmar, North Korea, The Philippines, Singapore, South Korea, Taiwan, Thailand, Viet N
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Additional Information

Publisher
Edward Elgar Publishing
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Published on
Jan 1, 2007
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Pages
352
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ISBN
9781847206909
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Language
English
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Genres
Business & Economics / Economic Conditions
Business & Economics / Forecasting
Political Science / World / Asian
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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"Easily the most informed and comprehensive analysis to date on how and why East Asian countries have achieved sustained high economic growth rates, [this book] substantially advances our understanding of the key interactions between the governors and governed in the development process. Students and practitioners alike will be referring to Campos and Root's series of excellent case studies for years to come." Richard L. Wilson, The Asia Foundation

Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the "East Asian miracle" because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens.

Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education.

Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor.

This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies.

Is This the Asian Century? comprises 25 articles which the author has published on the Project Syndicate website since 2012. These articles are grouped into four broad topics: (1) Growth and Structural Adjustment, (2) Economic Integration and Cooperation, (3) Business, Money, and Finance, and (4) Education and Society. Through these selected works, the author explores whether the Asian Century is coming to pass or not and how Asian economies prepare for such century. The author also presents his analyses of Asia's economic transformation as well as social and cultural changes, and suggests the ways that Asian economies can overcome major economic and social challenges to continue their path towards a more balanced and sustainable growth in the 21st century.

This book serves as a useful reference text for those who seek to understand the Asian economies, and contributes to ongoing policy debate on Asia's economic future.


Contents: IntroductionGrowth and Structural Adjustment: Safeguarding Asia's GrowthAbenomics and AsiaAsia's Rebalancing ActIndia's Chinese DreamStarting South Korea's New Growth EnginesContaining China's SlowdownIs South Korea Turning Japanese?Maintaining the Emerging-Economy Growth EngineHow Slow Will China Go?Economic Integration and Cooperation: Euro Lessons for East AsiaFinancial Safety Nets for AsiaIs North Korea Opening for Business?China's New World OrderUniting for an Asian CenturyThe Sino-Korean Trade War Must EndBusiness, Money, and Finance: The Irresistible Rise of the RenminbiAsia's View of the Greek CrisisClosing Asia's Emerging Skills GapThe Way Back for Monetary PolicyTaming the ChaebolsEducation and Society: South Korea's Feminine FutureChina's Education RevolutionEducation and OpportunityAsia's Almighty Middle ClassCan South Korea Make More Babies?
Readership: General readers interested in Asian economies and the policy debates on their future directions.
Growth;Finance;Asia;China;Regional Integration;EducationKey Features: Collection of articles by the former chief economist of the Asian Development Bank (ADB)Contribution to ongoing policy debates on the future of Asian economiesA useful reference material for students and general readers who do not have a substantial background on Asian economies
"One of the more momentous books of the decade."—The New York Times Book Review

Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair’s breadth, and became a national sensation as a blogger—all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder and editor in chief of the website FiveThirtyEight. 
 
Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty improves, our predictions can get better too. This is the “prediction paradox”: The more humility we have about our ability to make predictions, the more successful we can be in planning for the future.

In keeping with his own aim to seek truth from data, Silver visits the most successful forecasters in a range of areas, from hurricanes to baseball, from the poker table to the stock market, from Capitol Hill to the NBA. He explains and evaluates how these forecasters think and what bonds they share. What lies behind their success? Are they good—or just lucky? What patterns have they unraveled? And are their forecasts really right? He explores unanticipated commonalities and exposes unexpected juxtapositions. And sometimes, it is not so much how good a prediction is in an absolute sense that matters but how good it is relative to the competition. In other cases, prediction is still a very rudimentary—and dangerous—science.

Silver observes that the most accurate forecasters tend to have a superior command of probability, and they tend to be both humble and hardworking. They distinguish the predictable from the unpredictable, and they notice a thousand little details that lead them closer to the truth. Because of their appreciation of probability, they can distinguish the signal from the noise.

With everything from the health of the global economy to our ability to fight terrorism dependent on the quality of our predictions, Nate Silver’s insights are an essential read.
In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

 

Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.

Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.

While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

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