Asia Rising

The economic success of East and Southeast Asia over the last 40 years, and the likelihood that this success will continue during the next 25 years and expand to India, is one of the great events of the second half of the 20th century. This volume argues that the wealth generated by Asia's resurrection will create tides of business and financial opportunities for Western companies and their workers. The recent burgeoning economic growth of such countries as South Korea, Indonesia, Singapore and Taiwan is the product of an unusual combination of circumstances, including extremely high rates of savings and investment, and a young and well-educated workforce. Most important, however, are the disciplines imposed on individuals and businesses alike by the refusal of Asian governments to become the first line of defence against personal adversity or the challenges of domestic and foreign competition. Drawing on examples from throughout the region, the book shows how governments that combine free-market economic policies and very limited welfare benefits have unleashed the creative and adaptive abilities of their citizens, in the process creating huge new middle classes of consumers. China has already begun to follow in it's neighbours' footsteps, and India is poised to do the same - together these two giants, whose fate will sway that of all Asia, will be the engines that drive Asia's economic expansion into the 21st century. How will Western, and in particular American, firms fare in the competition for Asia's booming business? Assessing the relative strengths and weaknesses of American, European, Japanese and South Korean multinationals, the book finds that many Western firms hold some critical advantages, including an ability to adapt to the cultures of Asia and to the diverse methods by which business is conducted in that part of the world. Overall, Western companies appear well situated for financial, construction and other services. An important point Jim Rohwer demonstrates is that Asia's societies offer the West something more than the promise of prosperity. The moral is a re-vitalized Asia is not an occasion for alarm, but a chance for the West to prosper and learn.