The United States and East Asia in an age of financialization

Critical Asian Studies

Volumn 37, Issue 1, 2005, Pages 103-116

  Nordhaug, Kristen ^a  

^a ROSKILDE UNIVERSITY   (Denmark)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL FLOW; CAPITAL MARKET; FINANCIAL CRISIS;

ASIA; EASTERN HEMISPHERE; EURASIA; FAR EAST; NORTH AMERICA; UNITED STATES; WESTERN HEMISPHERE; WORLD;

RANUNCULUS BULBOSUS;

EID: 16344396457     PISSN: 14672715     EISSN: None     Source Type: Journal    
DOI: 10.1080/1467271052000305296     Document Type: Article

References (49)

1. Peter Gowan, "Triumphing toward International Disaster: The Impasse in American Grand Strategy," Critical Asian Studies 36, no. 1 (March 2004). In the present discussion I also draw on the following works by Gowan: The Global Gamble: Washington's Faustian Bid for World Dominance (London and New York: Verso, 1999);
2. "After America," New Left Review (2), no. 13 (2002);
3. and "The American Campaign for Global Sovereignty," Socialist Register, 2003.
4. These processes and the changing strategies of U.S. administrations are discussed in Gowan, Global Gamble, chapters 3 to 6.
5. Gowan, "After America," 141-42;
6. Gowan, "The American Campaign," 6-7.
7. Gowan, "After America," 144.
8. Giovanni Arrighi, "The African Crisis: World Systemic and Regional Aspects," New Left Review (2), no. 15 (2002): 22.
9. R. Taggart Murphy, The Weight of the Yen: How Denial Imperils America's Future and Ruins an Alliance (New York: W.W. Norton, 1996).
10. Ngai-Ling Sum, "The Material, Strategic and Discursive Dimensions of the 'Asian Crisis' and Subsequent Developments," in Rethinking Development in Asia: From Illusory Miracle to Economic Crisis, ed. Pietro Masina (London: Curzon Press, 2002), 58.
11. Richard Duncan, The Dollar Crisis: Causes, Consequences, Cures (Singapore: John Wiley, 2003).
12. Ibid., 23-24.
13. Ibid., 26-28.
14. Robert Brenner, "The Economics of Global Turbulence: A Special Report on the World Economy, 1950-98," New Left Review, no. 229 (1998): 215-16;
15. R. Taggart Murphy, The Weight of the Yen, 199, 204, 231;
16. Ron Bevacqua, "Whither the Japanese Model? The Asian Economic Crisis and the Continuation of Cold War Politics in the Pacific Rim," Review of International Political Economy 5, no. 3 (1998): 412-13.
17. Ron Bevacqua, "Whither the Japanese Model?" 414-15.
18. Steven Radelet and Jeffrey D. Sachs, The East Asian Financial Crisis: Diagnosis, Remedies, Prospects (Washington, D.C.: Brookings Institution, 1998). Brookings Papers on Economic Activity, no. 1, table 1.
19. Bevacqua, "Whither the Japanese Model?" 416;
20. Paul Krugman, The Return of Depression Economics (New York: W.W. Norton, 1999), 86;
21. Robert Wade, "Wheels within Wheels: Rethinking the Asian Crisis and the Asian Model," Annual Review of Political Science 3 (2000): 102.
22. Radelet and Sachs, The East Asian Financial Crisis appendix, table 3.
23. Gowan, Global Gamble, 93-95.
24. Murphy, The Weight of the Yen, 272.
25. John B. Judis, "Dollar Foolish," The New Republic, 9 December 1996, and "The Second Rubin Administration," The New Republic, 10 February 1997;
26. Klaus Engelen, "How Bill Clinton Really Won," The European, 14-20 November 1996;
27. Eisuke Sakakibara, "US-Japanese Economic Policy Conflicts and Coordination during the 1990s," in Japan's Financial Crisis and Its Parallels to U.S. Experience, ed. Ryoichi Mikitani and Adam S. Posen (Washington, D.C.: Institute for International Economics, 2000).
28. C.H. Kwan, Yen Bloc: Toward Economic Integration in Asia (Washington, D.C.: Brookings Institution Press, 2001), 41-43.
29. Radelet and Sachs, The East Asian Financial Crisis appendix, table 1.
30. Jennifer A. Amyx, "Japan and the Evolution of Regional Financial Arrangements in East Asia," in Beyond Bilateralism: U.S.-Japan Relations in the New Asia-Pacific, ed. Ellis Krauss and T.J. Pempel (Stanford: Stanford University Press, 2004), 202.
31. Radelet and Sachs, The East Asian Financial Crisis 34-37.
32. Paul Blustein, The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF (Oxford: Public Affairs, 2003), 165-66;
33. Amyx, "Japan and the Evolution," 202-04.
34. During the World Bank/IMF conference Japan's vice minister of finance, Eisuke Sakakibara, called a meeting of senior Asian officials to discuss the AMF proposal without informing the U.S. representatives. When Vice Secretary Larry Summers learned about this meeting he entered the room where the Asians were sitting, sat down at the table, and said, "Now, where were we?" See Robert Wade, "Gestalt Shift: From Miracle to 'Cronyism' in the Asian Crisis," IDS Bulletin 30, no. 1 (1999): 147, note 46. As a compromise U.S. Treasury officials were allowed to attend as observers.
35. Amyx, "Japan and the Evolution," 354, note 21;
36. Anthony Rowley, "Appetite for Asian Monetary Fund Grows," Emerging Markets, 6 May 2000, 23.
37. Paul Bowles, "Asia's Post-Crisis Regionalism: Bringing the State Back in, Keeping the [United] States out," Review of International Political Economy 9, no. 2 (2002): 255-57.
38. This was most clearly demonstrated during the negotiations over the Korean bailout in November and December 1997. See Gowan's discussion in Global Gamble, 107-11.
39. Michael Vatikiotis with Murray Hiebert, "Help Yourself," Far Eastern Economic Review, 31 December 1998/7 January 1999;
40. Marc Castellano, "Japan's Foreign Aid Program in the New Millennium: Rethinking 'Development,'" Japan Economic Institute Report, 6A, 11 February 2000. On-line at http://www.jei.org/Archive/ JEIRArchive99.html.
41. Amyx, "Japan and the Evolution," 210.
42. Ministry of Finance, The Japanese Government, Council on Foreign Exchange and Other Transactions, "Internationalization of the Yen (Interim Report)," 12 November 1998;
43. "Internationalization of the Yen for the Twenty-first Century: Japan's Response to Changes in Global Economic and Financial Environments," 20 April 1999. On-line at http://www.mof.go.jp/ english/yen/itiran.htm.
44. Rowley, "Appetite for Asian Monetary Fund Grows";
45. Anthony Rowley, "It's a Wrap: ASEAN Plus Three Sign Far-reaching Agreement," Emerging Markets, 7 May 2000;
46. AsiaInt.com, "Assessing the Viability of East Asian Monetary Union," AsiaInt Economic Intelligence Review, September 2003.
47. Bowles, "Asia's Post-Crisis Regionalism," 257-58.
48. Amyx, "Japan and the Evolution," 212-14.
49. Richard Duncan, "Asia, Its Reserves and the Coming Dollar Crisis," Prudent Bear, 22 May 2003.