What is it about?
The paper addresses the prospects and problems of Asia playing a stronger role in global economic governance in the 21st century. While economists in general are more optimistic about Asia playing a much bigger role in global governance, political scientists and international relations experts are somewhat circumscribed about it. This paper synthesizes these somewhat opposing views and identifies five key areas that Asia needs to take concerted actions to realize its potentially much larger role in global governance in the 21st century than in the 20th century.
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Why is it important?
Global governance is at crossroads today. The old system of global governance that began with the Bretton Woods conference in the mid-1940s - being still dominated by the declining western economies - is increasingly being challenged by the Asian countries that have shown remarkable socioeconomic progress since the postwar years; yet, Asia needs to put its own house in order in several areas for it to play a much greater role in reshaping that increasingly defunct system. This paper highlights these issues.
Perspectives
Many things have changes in the global governance system since the paper was published in July 2012, but some of the core issues identified by the paper still holds good - the rivalry between Japan and China on the one hand and between China and India on the other, not to speak of Indonesia's lackluster performance in leading the ASEAN - that the paper highlights are all still important, as does the need to strengthen Asia's national governance systems, not to speak of the challenge of Asia adopting the global language - English.
Dr srinivasa madhur
Ministry of Economy and Finance
Read the Original
This page is a summary of: Asia's role in twenty-first-century global economic governance, International Affairs, July 2012, Oxford University Press (OUP),
DOI: 10.1111/j.1468-2346.2012.01103.x.
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