BA International Studies
Economy East Asia
Economics East Asia
Summary Lectures and Readings 1-12
BA International Studies
, BA International Studies
Economy East Asia
Readings lecture 01 3
Boyer, Uemura and Isogai 3
Lecture 01 4
Readings Lecture 02 7
Z. Suisheng: “The China Model” 7
Market transitions: Strategy and process 10
Readings Tutorial 01 13
Webpost 01 - Tutorial 01 14
Tutorial 01 15
Lecture 02 15
Readings Lecture 03 18
Uemura et. al. 18
D. Flath 19
Rosenbluth et. al. 21
Lecture 03 25
Breakout 26
The Bubble 28
Readings tutorial 02 29
Webpost 03 29
Readings lecture 04 31
H. Kim 31
Lecture 04 34
Readings lecture 05 36
K. Fields 36
R. Stubbs 36
Lecture 05 41
Readings lecture 06 44
Shibata 44
Lecture 06 45
Reading Lecture 07 50
The Financial System 50
Finance 56
G.W. Noble and J. Ravenhill: Causes and Consequences of the Asian Financial
Crisis 59
R0704 66
Lecture 07 68
Tutorial 03 71
Readings Lecture 08 71
, BA International Studies
Economy East Asia
M. Solis and J. Wilson: From ApEC to mego-regionals 71
Lecture 08 74
Readings Lecture 09 78
Soon-mee Kwon and Ijin Hong 81
Lecture 09 82
Readings Lecture 10 86
Lecture 10 86
Lecture 11 readings 88
Chapter 21 N. Barry 88
Jackson Ewing: Environmental Challenges in East and South-East Asia
92
Lecture 11: Environmental Problems and Governance in East Asia 93
Lecture 12: Transregionalism 98
Readings lecture 01
Boyer, Uemura and Isogai
● The view that ascribes to financial innovations and globalization positive
effects to the economy and its stability, alongside the suppossed need to
mimic the Anglo-American form of modern capitalism, is limited.
○ Soviet Union collapsed
■ Counter Argument A: A laissez-faire market would have
caused the emergence of markets and would have lead to
economic stability
● Argument A: This did not happen, despite numerous
attempts. Instead, more primitive mechanisms
prevailed that were not creational of wealth
● Argument B: negligence of social factors, overall
overestimation of universal application of
neoliberalism.
○ Asian Crisis of 1997
■ Argument A: Caused by laissez-faire attitude of domestic
financial systems and the financial liberalization of external
capital
● Subargument A1: Globalization and opening up of
(financial) markets may have dramatic consequences
○ Real-estate bubble
■ Argument A: Creative destruction as a part of capitalism
creating a short spike of demand, followed by a long-term
, BA International Studies
Economy East Asia
increase of supply (in prospects of long-term stable demand),
followed by crisis through excess demand
■ Argument B: Actors do not act utmost rationally
● Subargument B1: Impatience of financial markets in
reacting on phenomena (radical choice of BoJ to raise
interest rate)
○ 2008 Global Crisis
■ Argument A: Increased supply of capital due to foreign
capital increases due to globalization consequently force
financial sector to lower constraints on taking loans to
increase demand and meet an equilibrium → bursting of
subprime crisis (wherein risky loans are taken)
○ Washington Consensus
■ Argument A: A number of successful countries do not abide
by it, or merely selectively
■ Argument B: State interventionism actually can help in a
quick revival of the economy after crisis
○ Thus,
■ It is based on the idea of a pure-market economy, which is
non-existent and unrealistic
■ Rational actors are falsely believed to fully understand each
other
■ Neglection of historic innovation and their unintended
consequences
● Regulation theory
○ Viability of capitalism supported through 5 institutional forms
■ It’s insertion into the world economy
■ Nature of its labor organization
■ Its financial regime
■ Its degree of competition
■ Its society
Misses 2nd part of Uemura + Dent
Lecture 01
● Global pressures
○ Globalization
■ Capitalist expansion
■ Changing roles of states (how to cope with these pressures)
■ Labour flexibilization
● Changing structures of production
● Less security for unemployed
● Redistribution of risk, shifting it away from the state
● Tensions
Economy East Asia
Economics East Asia
Summary Lectures and Readings 1-12
BA International Studies
, BA International Studies
Economy East Asia
Readings lecture 01 3
Boyer, Uemura and Isogai 3
Lecture 01 4
Readings Lecture 02 7
Z. Suisheng: “The China Model” 7
Market transitions: Strategy and process 10
Readings Tutorial 01 13
Webpost 01 - Tutorial 01 14
Tutorial 01 15
Lecture 02 15
Readings Lecture 03 18
Uemura et. al. 18
D. Flath 19
Rosenbluth et. al. 21
Lecture 03 25
Breakout 26
The Bubble 28
Readings tutorial 02 29
Webpost 03 29
Readings lecture 04 31
H. Kim 31
Lecture 04 34
Readings lecture 05 36
K. Fields 36
R. Stubbs 36
Lecture 05 41
Readings lecture 06 44
Shibata 44
Lecture 06 45
Reading Lecture 07 50
The Financial System 50
Finance 56
G.W. Noble and J. Ravenhill: Causes and Consequences of the Asian Financial
Crisis 59
R0704 66
Lecture 07 68
Tutorial 03 71
Readings Lecture 08 71
, BA International Studies
Economy East Asia
M. Solis and J. Wilson: From ApEC to mego-regionals 71
Lecture 08 74
Readings Lecture 09 78
Soon-mee Kwon and Ijin Hong 81
Lecture 09 82
Readings Lecture 10 86
Lecture 10 86
Lecture 11 readings 88
Chapter 21 N. Barry 88
Jackson Ewing: Environmental Challenges in East and South-East Asia
92
Lecture 11: Environmental Problems and Governance in East Asia 93
Lecture 12: Transregionalism 98
Readings lecture 01
Boyer, Uemura and Isogai
● The view that ascribes to financial innovations and globalization positive
effects to the economy and its stability, alongside the suppossed need to
mimic the Anglo-American form of modern capitalism, is limited.
○ Soviet Union collapsed
■ Counter Argument A: A laissez-faire market would have
caused the emergence of markets and would have lead to
economic stability
● Argument A: This did not happen, despite numerous
attempts. Instead, more primitive mechanisms
prevailed that were not creational of wealth
● Argument B: negligence of social factors, overall
overestimation of universal application of
neoliberalism.
○ Asian Crisis of 1997
■ Argument A: Caused by laissez-faire attitude of domestic
financial systems and the financial liberalization of external
capital
● Subargument A1: Globalization and opening up of
(financial) markets may have dramatic consequences
○ Real-estate bubble
■ Argument A: Creative destruction as a part of capitalism
creating a short spike of demand, followed by a long-term
, BA International Studies
Economy East Asia
increase of supply (in prospects of long-term stable demand),
followed by crisis through excess demand
■ Argument B: Actors do not act utmost rationally
● Subargument B1: Impatience of financial markets in
reacting on phenomena (radical choice of BoJ to raise
interest rate)
○ 2008 Global Crisis
■ Argument A: Increased supply of capital due to foreign
capital increases due to globalization consequently force
financial sector to lower constraints on taking loans to
increase demand and meet an equilibrium → bursting of
subprime crisis (wherein risky loans are taken)
○ Washington Consensus
■ Argument A: A number of successful countries do not abide
by it, or merely selectively
■ Argument B: State interventionism actually can help in a
quick revival of the economy after crisis
○ Thus,
■ It is based on the idea of a pure-market economy, which is
non-existent and unrealistic
■ Rational actors are falsely believed to fully understand each
other
■ Neglection of historic innovation and their unintended
consequences
● Regulation theory
○ Viability of capitalism supported through 5 institutional forms
■ It’s insertion into the world economy
■ Nature of its labor organization
■ Its financial regime
■ Its degree of competition
■ Its society
Misses 2nd part of Uemura + Dent
Lecture 01
● Global pressures
○ Globalization
■ Capitalist expansion
■ Changing roles of states (how to cope with these pressures)
■ Labour flexibilization
● Changing structures of production
● Less security for unemployed
● Redistribution of risk, shifting it away from the state
● Tensions
