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PACIFIC RIM AS ECONOMIC FORCE.
Term Paper ID:26028
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Essay Subject:
Definitions, relations with U.S., causes & impact of Asian financial crisis, trade deficits, future. Table. Outline.... More...
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Paper Abstract:
Definitions, relations with U.S., causes & impact of Asian financial crisis, trade deficits, future. Table. Outline.
Paper Introduction:
The Pacific Rim as an Economic Powerhouse: Outline
I. Introduction
A. Define the Pacific Rim
B. Economic conditions
C. Relationship with the United States
D. Conclusion
II. What is the Pacific Rim?
A. Countries
1. Focus: Association of South East Asian Nations (ASEAN)/Japan
B. Commonalities
1. Regional security
2. Democratization
III. Situation in the Pacific Rim Before the Asian Financial Cr
Text of the Paper:
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Thurow, L. Regional security 2. Saving Asia: It's time to get radical,introduction, parts I-VI, & conclusion. However, there are somegeneralizations about the countries in this region that can be made. There is a need to reconcile the developmental capitalism beingpracticed in most countries with the primarily Confucian tradition,compounded by the existence of a pop culture consisting of elite youthseducated abroad pushing the agenda forward. Countries 1. Forinstance, U.S. (1997). Trade among ASEAN members skyrocketed from$2 billion in 197 to more than $125 billion in 1996, with most of theincrease being recorded in the past few years" (International HeraldTribune 5).These countries have been going through a period of change that is going toimpact how global business is conducted forever. Relations with the U.S. A. And while some lessons can be learned from theexperiences of others who have successfully made the transition to marketeconomies and democracy, many lessons will be learned on a trial by firebasis. ConclusionII. Technically any country with a coastline that borders the PacificOcean is a Pacific Rim country, including China, East Asia, the U.S.,Australia, and countless islands. However, theycaused problems when banks called on the government to assist them withaccounts with loans that had defaulted. Relationship with the United States A. This can be attributed to a number of factors. References Country Information Maps. 1-14. Transformational, but with strong economic growthIV. (1998, September 7). International Herald Tribune. DemocratizationIII. Economic conditions C. One of the most prominent issues these countries are dealing with istrade liberalization. When these issuesarise, the U.S. MA:Massachusetts Institute of Technology. This is a blatant response to the development of the EuropeanCommunity and the NAFTA partnership. frequently has disputes with other Pacific Rim nations overthings like the government's influence over markets and private sectordecision-making, human rights and labor laws, and environmental controls aswell. Conclusion A. The East Asian countries have been some of the mostinteresting and dynamic of the past decade, so the Association of SouthEast Asian Nations (ASEAN) will be examined in particular (this includesBrunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and thePeople's Republic of China/Hong Kong/Taiwan). Situation in the Pacific Rim After the Asian Financial Crisis A. Clearly the verbal commitmentis not being backed by the much needed financial support. This growth was achieved at a high price, however. Governments thereby effectivelyremoved the risk element of investing, and shifted the burden of coveringlosses to the taxpayers. Situation in the Pacific Rim Before the Asian Financial Crisis A. These sectors are crucial forgrowth, the full potential for which is inhibited by this condition. To give this figure meaning, consider that the U.S. Introduction A. The East Asian countries were all saddled with substantial tradedeficits, which compounded the problem when Pangloss values were forsaken."The Asian countries whose economies have recently been collapsing were allrunning large trade deficits -- $8 billion in Indonesia, $4 billion inMalaysia, $1 billion in Thailand, $4 billion in the Phillipines, and $19billion in Korea" (Thurow, 1998, 22). The conclusion focuseson the outlook for the region.What is the Pacific Rim? "While the rest of the world recorded a 3.2 percent annualgrowth rate in the last decade, economic growth in the ASEAN countriesaveraged 7.5 percent per year. What is the Pacific Rim? Creating a pacificcommunity: A time to bolster economic institutions. These countries areexpected to be successful in recovering from the Asian flu that has plaguedthe world economy since 1997. New York, NY: The New York Review. Thecrisis is being felt still, not only in the Pacific Rim, but around theworld. Krugman, P. This encompasses such a vast and variedcollection of countries that discussing them all would exceed the scope ofthis paper. Davis, CA: University of California, Davis. Focus: Association of South East Asian Nations(ASEAN)/Japan B. These guarantees created a situation referred to as "moral hazard,"where all assets become greatly overvalued. It islikely this partnership will continue to provide opportunities on bothsides. Commonalities 1. Available: www.icg.fas.harvard.edu~wwwvl-ea/index.html. With nothing to lose, financial institutionsbegan to value assets at the Pangloss value, meaning they assign a worth toan investment option based on whatever the best-case-scenario would haveit. By theyear 2 trade and investment flows across the Pacific will be double thetransatlantic volume" (Gibney 2 ). Gibney, Frank. Asia: The collapse and the cure.The New York Review, XLV, 2. All of these countries, even within ASEAN, are unique. 5. For example, NAFTA is cited as an exclusive trade bloc, andthose countries not included resent the omission. gives $5 million annually to the European-based Organization for EconomicCooperation and Development (OECD), and $7 million to the Organization ofAmerican States (OAS) annually (Gibney 22). Enormous potential, but learning by doing.Introduction This analysis examines the general economic conditions in the PacificRim before and after the Asian financial crisis. However, if certain fundamental shortcomingsin the institutions and infrastructure are not corrected, recovery will beslow and painful. However, an attitude shift away from American favoritism hasoccurred. Outlook for future B. Foreign Affairs, 72,5. Also, a suspected powerhegemony is enjoyed by ASEAN countries, creating balance of power issues inthe region. tends to be a little self-righteous in its condemnation ofEastern practices and ideas, however, the people in these countries resentthe American standards being imposed on them. From itseconomic systems to its governmental institutions to its rates of change,each country has had an individual experience and, and as a result, eachholds its own set of existing conditions. The inability of the government to addressrestructuring issues is only delaying the inevitable hard choices.Relationship With the United States Recent history shows a strong, overall positive relationship betweenthe U.S. Thedistribution of energy and mineral wealth is also contentious, andinvestment regulations must be established somehow. The impact of the Asian financial upset, which still has notcompletely run its course, can be clearly and succinctly be depicted inannual GDP rates before and after the crisis. and other Pacific Rim countries. contributions toward the Asia Pacific Economic Council(APEC), the area's only major organizational body, were only $382, lastyear. First, there isa sense that a policy shift in favor of American protectionism hasoccurred. Due to its influence overthe above countries, Japan is also included in this analysis. Available: http://www.pacrim.ucdavis.edu. are expectedto remain strong. 1-15. This suggests that there will be mistakes made in the road ahead,and of course there will be, but these smaller countries are more flexibleand able to react to problems that arise along the way. In terms of trade policy, a preferential free trade area among ASEANmembers is hoped to be achieved by 2 3, although an all Asian trade blocis unlikely. exports-- both trade and investment -- as well as mutually profitableexchanges of technology, communications and education" (Gibney 2 ). Feenstra, Robert C. The inadequacy of institutions to deal with these issues is,among other things, creating shortcomings specifically in thetelecommunications and aviation industries. The Pacific Rim as an Economic Powerhouse: OutlineI. Serious cultural difference between western and eastern philosophiesoften creates conflict and tensions in the region. The notable exception to this rule is Japan, which in fact carries atrade surplus and an enviably high level of foreign exchange reserves.However, rather than being able to lead the region out of the crisis it wassinking in, the Japanese economy has gone down with it, most notably in thebanking sector. (1998, January). After a couple of bailouts, thegovernments ran out of the resources to cover more losses and removed theguarantees, thereby causing assets to once again be valued closer to theiractual risk-based worth and leading to a market collapse. Beginning in 1997, theEast Asian countries were rocked by "collapses in domestic asset markets,widespread bank failures, bankruptcies on the parts of many firms, and whatlooks likely to be a much more severe real downturn than even the mostnegative-minded anticipated" (Krugman, What happened to..., 1998, 1). 2 -25. (1998, February 5). Online. Program on Pacific Rim: Business anddevelopment. (1999). (1993, November/December). Relationship with the United States D. Crisis felt all over Pacific Rim, except ChinaV. "It turns out that Japan's bad bank debt is not $55 billion, as previously reported, but a whopping $1 trillion" (Krugman,Saving Asia..., 1998, 1).Situation in the Pacific Rim After the Asian Financial Crisis The Asian flu has been a much more dramatic event than anyone hadexpected, and the effects have been widespread. And finally, resurgent nationalism in both China and Japan isturning attitudes against western culture and influence. Define the Pacific Rim B. Fortune. East Asia Center on Population Resourcesand Welfare. One of thepremier factors leading to the crash in Asian markets was implicitgovernment guarantees to cover bad loans. What happened to Asia? Theanalysis also provides a brief look at what influences the relationship thePacific Rim countries have with the United States. Even though these countrieshave different traditions, they are all similarly affected by modernizationand the changes it brings. All these nations seek regional security and some degree ofdemocratization, which has been spurred by the growing middle class in theregion. The U.S. The questions surrounding technology transfer andintellectual property rights often associated with open trade are beingaddressed. The countries included inthe study are presented, and their commonalities are discussed. The table on the followingpage shows how GDP had been steadily rising in these countries since 1993,then in 1997 all countries except the China triad experienced a decline.Current Price GDP(in U.S.$ billion)|Country |1993 |1994 |1995 |1996 |1997 ||Brunei |4 |4 |5 |5 |5 ||Indonesia |158 |177 |2 2 |227 |215 ||Malaysia |64 |73 |87 |99 |98 ||Philippines |54 |64 |74 |83 |82 ||Singapore |54 |64 |74 |83 |82 ||Thailand |125 |144 |168 |181 |154 ||China |599 |547 |711 |834 |918 ||Hong Kong |116 |131 |139 |154 |172 ||Taiwan |223 |241 |26 |272 |283 |Source: Country Information Maps, East Asia Center.How China survived the crisis relatively unscathed could be the subject ofan entire thesis in its own right, but aside from that notable exception,the overriding negative impact of the Asian flu on the region is evident.Japan, for example, is expected to experience negative growth rates forseveral years still. government are thought to be particularly offensive.Conclusion What will the future hold for this region? Online.Available: www.iga.ucdavis.edu/pacbad.html. 22-26. "Throughout the 197 s and 198 sthe American consumer was the engine of growth that fueled various EastAsian 'miracles.' In the future, the big businesses and new middle-classconsumers of the region offer the best possible chance for an increase inU.S. How these issues areresolved will have enormous global impact in terms of world markets.Situation in the Pacific Rim Before the Asian Financial Crisis By and large, the transition in East Asia has been phenomenallysuccessful. Krugman, P. The public judgements openlydecreed by the U.S. consistently promises strong support forsecurity in the region, then fails to provide the needed infrastructure tokeep its word, fueling a feeling of mistrust and disappointment. Furthermore, the U.S. East Asian Countries. Pacific Rim Countries. World Wide Web Virtual Library (WWW VL).Online. World Wide Web Virtual Library (WWW VL).Online. (1999). "More than 4 percent of American trade is with thePacific region, and this figure shows every sign of increasing. This was fine for a shorttime, and the outlook was rosy for awhile in East Asia. Characterized by mutual cooperation and mistrustVI. Available: http://coombs.anu.edu.au/wwwvl-asianstudies.html.
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