East Asian Studies: Economics

This article provides a comparative analysis of the dynamics and challenges of East Asian economies. These economies have undergone a radical transformation since the early 1970s that have shifted the balance of power both within the region and in the global economy more broadly. The first major change that characterizes this period is the rise of the newly industrial economies of Taiwan, South Korea, Singapore, and Hong Kong. The second major change has been the transformation of China's planned economy. The successes in various development projects in these economies have been tempered by economic challenges in the region, namely that of Japan in the 1990s, the Asian financial crisis of 1997, and the considerable challenges still facing the Chinese reform effort, all of which have shown the vulnerabilities of this regional economy.