The East Asian Crisis of 1997 and the following economic meltdown has raised new questions about the role of public policy in Asian economic growth and the best mix of policies to insure the survival of economic growth. Although economists agree that macroeconomic stability, the encouragement of exports and FDI inflows, and the development of human resources have been important in East Asian growth, they do not agree on whether industry specific policies have been useful. The policy experiences of the countries are diverse and do not show a strong relationship between policies and success....

We are witnessing a transformation in the world economy as a result of the IT/e-business revolution. Modern logistics based on cheap communication and transportation are shifting the locus of production and the international division of labour between the West and the lower wage countries of East Asia and similar changes are occurring within East Asia itself. Looming over the entire picture is the colossus that is China and this transformation is making East Asia the manufacturing centre of the world economy.

Written by a recognized expert in the area of business economics, this...