The Enduring Legacies of the Global Financial Crisis in East Asia: A Quiet Transformation

— —

Iain Pirie (University of Warwick, UK)

The Enduring Legacies of the Global Financial Crisis in East Asia

A Quiet Transformation

Iain Pirie (University of Warwick, UK)

$273

Hardback

Not in-store but you can order this
How long will it take?

Availability Information

We source books from suppliers in Australia and overseas. For books we don't currently have in stock, the time it takes to get them from our suppliers can vary widely - from a few days to a few months - so we check each book with each supplier to determine the expected time it will take to be supplied to us.

We then advise you accordingly. If the time taken to get any book is too long for you, you can let us know and we will cancel or adjust your order, and refund as required.

To find out the anticipated arrival time for specific items prior to ordering, please contact us by phone or email:

Phone +61 2 9264 3111, or 1800 4 BOOKS (1800 4 26657) if outside Sydney:
option 1 Abbey's Bookshop (Crime, History, Science, Kids & more) • info@abbeys.com.au
option 2 Language Book Centre (ESL & Foreign Languages) • language@abbeys.com.au
option 3 Galaxy Bookshop (Sci-fi, Fantasy, Romance, Graphic Novels) • sf@galaxybooks.com.au

QTY:

English

Routledge
25 July 2024

Politics & government; Political economy; Financial crises & disasters

Series: Routledge Advances in International Relations and Global Politics

The Enduring Legacies of the Global Financial Crisis in East Asia challenges the assumption that the global financial crisis had a limited structural impact on East Asian political economies, arguing that the crisis has led to a significant, if uneven, reorganization of major national political economies within the region where, in response to the crisis, states have promoted domestic processes of financialization as a means of stimulating their economies.

The major East Asian economies, bar Japan, enjoyed strong recoveries from the 2008–2009 financial crisis. However, this success has been achieved by promoting domestic processes of financialization to maintain demand – more precisely, the rapid build-up of household debt (Malaysia, Korea, Taiwan, China) and asset price bubbles (China, Japan). In short, East Asia has employed precisely those practices that the global financial crisis itself illustrated the unsustainability of, to maintain growth. Using a post-Keynesian framework, the book argues that the dependency on these forms of financialization to support demand is a direct product of a failure to address the issue of inequality. High levels of inequality slow the growth of non-debt-based domestic consumption. An alternative approach to supporting demand in the post-crisis period would need to focus on progressive redistribution through strengthening of labour rights and systems of social support, which would directly challenge the interests of economic and political elites. The structural vulnerabilities that accelerated financialization is creating in East Asia demonstrate the necessity of a post-Keynesian growth strategy based on redistribution and curbing financialization. The book also argues that in certain Northeast Asian economies the crisis has led to a consolidation of systems of industrial activism/state control, which could have occurred without accelerated financialization, and vice versa.

This book will be of great interest to students and scholars of political economy and Asian studies.

By: Iain Pirie (University of Warwick UK)
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 480g
ISBN: 9781032645896
ISBN 10: 103264589X
Series: Routledge Advances in International Relations and Global Politics
Pages: 164
Publication Date: 25 July 2024
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active

1. East Asia and the Global Financial Crisis 2. The Global Economic Crisis 3.The Consequences of Global Economic Crisis: The Crisis that Changed Nothing? 4. East Asia and the Global Crisis 5. China and the Global Economic Crisis 6. Japan: The Thirty-Year Crisis 7. Korea and Taiwan: The Post-Developmental State and the Global Crisis 8.Malaysia: The Open Economy and the Global Crisis 9. Conclusion: East Asia Between Two Crises References

Iain Pirie is an associate professor of politics and international studies at the University of Warwick, UK. His research is focused on the political economy of Northeast Asia, financialization, and how structural changes in the global economy have impacted on everyday life.