By Kanishka Jayasuriya
Jayasuriya looks on the altering worldwide and family political economies shaping the hot regionalism in Asia, and examines the connection among local household, political and financial constructions and sorts of local governance. Well-known contributors within the field focus at the effect of globalization on Asian regionalism, new defense demanding situations, financial cooperation, sovereignty, democratization, coverage and China's engagement with southeast Asia. supplying an in depth evaluation of the conceptual foundations of neighborhood governance, this article is an integral source for all who are looking to comprehend the rising dynamics of regionalism within the Asia Pacific.
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Additional info for Asian Regional Governance: Crisis and Change (RoutledgeCurzon City University of Hong Kong Southeast Asia Studies)
Robison et al. (eds), Politics and Markets in the Wake of the Asian Crisis, London: Routledge, 262–82. Higgott, R. and Phillips, N. (2000) ‘Challenging triumphalism and convergence: the limits of global liberalisation in Asia and Latin America’, Review of International Studies 26 (3): 359–79. Jayasuriya, K. (1994a) ‘Political economy of democratisation in East Asia’, Asian Perspective 18 (2): 141–80. —— (1994b) ‘Singapore – the politics of regional definition’, Pacific Review 7 (4): 412–20. —— (2000) ‘Authoritarian liberalism, governance and the emergence of the regulatory state in post-crisis East Asia’, in R.
In short, there has been a diffusion of power within the state as key domestic cartels managed to influence and even capture sections of the policymaking apparatus of the state. In this context, economic liberalization within a system of nomenklatura capitalism inevitably weakened the capacity of policy makers to respond to crises. Indonesia provides a clear illustration of this argument. First, deregulation in Indonesia led to the consolidation of powerful politically connected conglomerates (Robison and Rosser 1998; Pincus and Ramali 1998).
However, these policies cannot be simply dismissed as policy failures just because the benefits of an overvalued currency accrue to the non-tradable sector; they must be seen as a reflection of the relative political dominance of the non-tradable over the tradable sector (Friedan 1991). More significantly, however, the distinctive character of embedded mercantilism in Southeast Asia is reflected in the growth of a type of nomenklatura capitalism in Southeast Asia. The term ‘nomenklatura capitalism’ is used to highlight the close connection between political elites and insulated domestic cartels.