We are witnessing a transformation in the world economy as a result of the IT/e-business revolution. Modern logistics based on cheap communication and transportation are shifting the locus of production and the international division of labour between the West and the lower wage countries of East Asia and similar changes are occurring within East Asia itself. Looming over the entire picture is the colossus that is China and this transformation is making East Asia the manufacturing centre of the world economy. Written by a recognized expert in the area of business economics, this book analyzes these developments and evaluates their future impact on the development of East Asia and its role in the world economy. The book examines the effect of the IT revolution, globalization and the 'new economy' on the development of East Asia. The first book-length treatment of IT/e-business in the region, it questions whether the e-business revolution will renew and sustain the rapid economic development of East Asia.
East Asia's rapid economic growth and the crisis of 1997 have caught the world's attention. As the Asian miracle has turned to meltdown, the critical question has become whether growth will resume. Based on research and conferences at ICSEAD in Kitakyushu, Japan, this book brings together the work of Asian economic development experts. It considers the forces behind the East Asian growth miracle, the process of growth, the effect of saving, and the effect of foreign direct investment and multinationals. Taking an optimistic view, the authors conclude that rapid growth may resume in East Asia once the crisis has been resolved. The authors argue that a growth process links East Asian countries to each other and to the industrial world, and that growth reflects a process that combines capital formation and technical and institutional change. The 1997 crisis grew out of excessively rapid boom and must be handled before growth will resume. But, the authors conclude, once the crisis has been resolved, the linked process of growth supported by appropriate policies, high levels of savings and investment, and foreign investment will allow growth to resume, although perhaps with a different geographic center of gravity.
In recent years the world economy has been undergoing drastic changes, the East Asian miracle, the financial crisis, and today, globalization and the fundamental changes associated with the “new economy”. This book integrates these developments with macroeconomics for business managers and policymakers.Macroeconomics is essential background for the business manager and policymaker. Consequently macroeconomics is an integral part of the business curriculum in mature and developing countries alike. And well it should be. The economy affects decisions by investors, manufacturers, distributors, importers and exporters, etc. in all parts of the world. Often, it is the difference between growth and profitability on one hand, and stagnation or failure on the other. In recent years as the world economy has undergone overwhelming changes, especially in East Asia and now in the advanced countries, understanding what is going on in the local economy and “out there in the world” has become a particular challenge to managers. The new developments, of which the “new economy” is the most recent one, do not supercede the basic theoretical framework of macroeconomics. But they add greatly to the challenge of understanding the economic situation and to its uncertainty.This book was originally written to meet the needs of a business curriculum based on the program at the Sasin Graduate Institute of Business Administration of Chulalongkorn University in Bangkok in collaboration with the Wharton and Kellogg Business Schools in the United States. The book is intended for a broad audience — both domestic and international — that includes mature MBA business students, intermediate level undergraduates, and informed laypersons.
The Japanese economy is beginning to show signs of recovery after years of stagnation/deflation, but many Japanese policymakers warn that this economic growth may be sluggish: slower than in the United States and certainly slower than in other East Asian countries. Japan faces significant economic problems, including an aging population, a large fiscal deficit, and the need to adjust to the IT economy and to competition with the rest of East Asia. A slow growth scenario would greatly reduce opportunities for new productive investment and would make it increasingly difficult to provide for Japan's growing social needs. The authors of this book argue that Japan can and should grow more rapidly, and examine the reasons for the sluggish performance of the Japanese economy. For example, some Japanese economic sectors, particularly in distribution and finance, have failed to take advantage of new information and communications technology to accelerate the growth of productivity, as has happened in other countries, such as the US. Production function studies and econometric model simulations suggest that with appropriate policies the Japanese economy can grow more rapidly and deal with its future problems. The book posits a number of policy proposals which would help to accelerate Japan's economic growth This book will be of interest to students of the Japanese economy, macroeconomics and international economies, and also to policymakers and professionals interested in Japan’s economy.
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