Asia's Turning Point

Asia's Turning Point : An Introduction to Asia's Dynamic Economies at the Dawn of the New Century

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Asia was probably the biggest economic sensation of the post-war decades. The breathtaking success of Japan was followed by a remarkable rise of "four tigers", then ASEAN founder states and then China. The Asian miracle became a commonly accepted definition of this success. In the late 1970s and especially 80s it became clear that the balance of power in the world had changed. Politicians, businessmen, scholars began to talk about "the new Asia Pacific age" and Asian economic model, different from and, maybe, even superior to Western capitalism. However, in 1997-98 the Asian economic crisis came and made the region a sick man. Six years before that Japan, the regional powerhouse entered more than a decade-long period of stagnation. The miracle was over. However, the crisis was overcome within a surprisingly short period of time. Naturally, the question arises: What now? What is going on in the region after the miracle and after the crisis? What is today's face of Asian capitalism and how should we view its performance? Readers interested in regional developments will find a lot of literature about miracle decades and crisis years.
However, few analysts have addressed the challenging questions addressed in this book. The authors vividly show that Asian capitalism is undergoing a radical structural transformation. These changes are directly affecting its key institutions: governments, companies, labor relations, etc. As a result Asian economic systems are becoming much closer to the Western-style, especially Anglo-Saxon capitalism, though the region retains some important specific features, especially regarding business culture. This book is a must for business people worldwide, for all those who study the region in colleges and business schools, for people engaged in various international activities and, finally, for all those who want learn more about our world at the dawn of the new century.
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Product details

  • Hardback | 392 pages
  • 160 x 230 x 30mm | 636g
  • New York, United States
  • English
  • 0470823607
  • 9780470823606
  • 1,031,928

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Asia's Turning Point is a comprehensive, one-stop introduction to the economies of Asia. Its coverage extends from Japan, China, and the "Four Tigers" to ASEAN 4, as well as Vietnam, North Korea, India, and the Far Eastern provinces of Russia. The author's offer detailed information about each country's economic and trade status along with a description of its business environment, including legal and cultural issues.

Asia's Turning Point uses a multi-disciplinary approach, mixing economic analysis and business concepts. It covers topics that are important in all countries in the region such as labor markets, employment issues, entrepreneurship, innovation and financial problems, as well as a number of specific sub-regional issues.

Asia's Turning Point is focused on Asia's structural transformation at the beginning of the new century. The authors investigate far-reaching changes in government-business relations, corporate ownership, governance, management, labor relations, as well as the phenomena of new East Asian regionalism and prospects for the creation of the regional community. They argue that the dawn of the 21st century marks Asia's turning point: the rise of a peculiar Asian model of capitalism inspired by the rise of Japan appears to be no longer feasible. Asia's economic and business systems are Westernizing. More and more East and West are speaking the same business language. However, the Westernization is systemic, not cultural. The intrigue is that it is taking place within Asia-specific cultural and social contexts.

Asia's Turning Point combines innovative concepts with lively descriptions of Asia's economic, business and everyday life. Readers not only deepen their knowledge about the region, but also feel its flavor and pulse. It is a must for everyone engaged in international economy, business or Asian studies, and for all those who want to learn more about today's world.
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Back cover copy

Asia's Turning Point provides a wealth of invaluable insights for anyone wishing to understand where Asia's growth miracle has come from, and where it is going in the future. It deftly highlights both the opportunities and the pitfalls on the road ahead. The authors systematically examine all of the critical forces that are shaping the Asian business and economic environment including the economic and political role of the apparatus of the state, ownership and governance, the management of local Asian companies, and Asian-style labor relations. This book is a treasure trove of information for business people, policymakers, researchers or students alike.

Prof. Peter Williamson
Professor of International Management
University of Cambridge
Judge Business School


Asia's Turning Point is a landmark for scholars, researchers, and businessmen. It explains why the fastest growing area of the world is Asia and why it will continue to be in the future. A large market--from Mumbai to Sydney--is taking shape with a strong determination to grow and modernize. Tselichtchev and Debroux have put together an incredibly interesting book that brilliantly captures the essence of very complex diversified socio-economic realities.

Vittorio Volpi
Chairman, Parallels Consulting




Asia's Turning Point is a very timely volume. A unique cluster of highly performing Asian economies has retained growth dynamics in spite of recent global financial turmoil. Its future prospects crucially depend on how we understand the three major aspects of the systemic transformation of major Asian countries: (1) the economic role and policies of the state, (2) ownership, governance, and management of companies, and (3) Asian style of labor relations.

A great deal of literature covers many aspects of Asian capitalism but what sets this book apart is that it deals not only with the NIEs and ASEAN 4 but also with the "Four Heroes" (in authors' terms) of Vietnam, North Korea, Russian Far East, and India. This wide selection will provide a precious gift for researchers who are struggling to find a new worldwide perspective including genuine emerging economies.

Ken-ichi Imai
Senior Fellow Emeritus, Stanford University
Professor of Economics, Emeritus, Hitotsubashi University




Ivan Tselichtchev and Philippe Debroux provide a highly readable, up-to-date account of the economic development and outlook for East and Southeast Asia. Asia's Turning Point is both broad and deep. It gives a comprehensive treatment on a region-wide basis to relevant issues such as the transformation of the Asian development model, Asian business corporations, and Asian business-labor relationships. The studies of individual key economies add depth. The volume will be valuable in classrooms and for policymakers. A tour de force, it fills a needed gap and comes at a time of history when it is even more critical to understand Asia's growth trajectory.

Charles Morrison
President, East-West Center
University of Hawaii
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Table of contents

Acknowledgments. Prologue. PART 1: REGION. Chapter 1: The East Asian Miracle in Retrospect. Similarity in Diversity. Why Rapid Growth? The East Asian Model of Capitalism: An Outline. The East Asian Model of Capitalism: How It. Worked for Growth. The Asian Crisis: The Final Curtain. Entering a New Stage. Chapter 2: A New Wave of Growth. East Asia in the World: Its Present Position. Running Fast But Slowing Down. Labor and Capital: Inputs and Productivity. Growth Drivers on the Demand Side. China-led Growth. The Growth of Poor Quality: Energy Inefficiency and Environmental Unfriendliness. The Impact of the Global Financial Turmoil. Concluding Remarks. Chapter 3: Structural Transformation: The State. The Developmental State Is Yesterday. "Less Government, More Market". Industrial Policy: Still There, But... An Emphasis on Upgrading and Innovation. Modernizing Agriculture: A New Old Task. SOEs and GLCs as Leaders in the Market Economy. Concluding Remarks. Chapter 4: Structural Transformation: Business. Three Big Shifts. Ownership Shift. Corporate Governance Shift. Dominant Shareholders: A New Mentality, a New Mode of Action. Concluding Remarks. Chapter 5: Structural Transformation: Labor Relations. Overview: Directions of Change and New Challenges. Evolving Practices and Way of Thinking. The Signs of a New HRM System. Building Sustainable Labor Relations. Concluding Remarks. Chapter 6: Regional Integration and Prospects for the East Asian Community. The Interdependence of East Asian Economies. East Asia's FTAs. Regional Institution Building: ASEAN Plus Three. The Creation of the East Asian Community: Dilemmas. East Asia's Integration Pattern: A"Do-What-You-Can-Do" Community. PART 2: NATIONS. Chapter 7: China: A New Heavyweight. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Three Super-Challenges. The Upgrading Game. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 8: Hong Kong: Ten Years with China. A Few Basics. An Historical Perspective. Postwar Development. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 9: Taiwan: A Center of Advanced Manufacturing. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 10: South Korea Reformed: Challenges for a Newly Developed Nation. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 11: Singapore: Globalized, Entrepreneurial, Diversified. A Few Basics. Postwar Development. Structural Features. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 12: Malaysia: Developed by 2020? A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 13: Thailand: Rice Bowl, Regional Factory, and Land of Smiles. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. Inward FDI and the Business Environment. Concluding Remarks. Chapter 14: Indonesia: The Start of the Post-Suharto Era. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 15: Philippines: Speeding up at Last. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. Inward FDI and the Business Environment. Concluding Remarks. Chapter 16: Vietnam: A New Magnet for Investors? A Few Basics. Postwar Development. Structural Reforms (The 1990s and the 2000s). Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 17: North Korea: Utter Orthodoxy or Attempts to Reform? A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Economic Relations with South Korea. Concluding Remarks. Chapter 18: The Russian Far East: Yes, It Is Also East Asia! A Few Basics. The RFE in the Soviet Economy. The Market Transition of the 1990s. Present Performance. Foreign Trade. Inward FDI and the Business Environment. Concluding Remarks. Chapter 19: India: The Next-Door Neighbor Knocking at the Door. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Chapter 20: Japan: Forgotten Giant. A Few Basics. Postwar Development. Structural Reforms. Present Performance. Foreign Trade. FDI and the Business Environment. Concluding Remarks. Epilogue. References. Index.
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About Ivan Tselichtchev

Ivan Tselichtchev is professor at the Niigata University of Management in Japan since 1994. He graduated from Moscow University in 1979 and joined Russia's leading think tank, the Institute of World Economy and International Relations. He got his Ph.D. in 1983 and became Senior Researcher in 1984. Tselichtchev is the author of four books and co-author of many others. He has written more than 200 articles on the Asian, Japanese, Russian and international economy as well as on international politics, in English, Japanese and Russian. In 2005, the Committee of the Cabinet Office of the Government of Japan named Tselichtchev Seikatsu Tatsujin (A Master of Life) which means a person with outstanding achievements and lifestyle. Philippe Debroux is a Belgian national and for over 30 years resident in Japan. He holds an MBA from INSEAD and a Ph.D. from Brussels University. He began his career in a Japanese company before entering academic life in the mid-1980s. He has since developed a successful career as a professor of business in Japan, Vietnam, Belgium and France while continuing in-depth field research focused on developments in human resource management, innovation and entrepreneurship in Japan and other Asian countries. His substantial experience in both business life and academic research give his work a particular cachet. Effectively combining theory and practice, his books and articles make a valuable contribution to our understanding of Asia.
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