The Asian regional response to its economic crisis and the global implications

Abstract

This paper looks at regionalism through the lens of multilateralism in Asia–Pacific. Some of the substantial criticism from outside the region of Asia's multilateral institutions is warranted. That criticism is generally overdone, however, for two reasons: an inadequate understanding of the achievements of regional multilateralism over the past two or so decades; and an inadequate understanding of how the region responded to the economic crisis. The major achievements of regional multilateralism - normative frameworks for economic and security relations—have come through largely unaffected by the crisis. The prime objective of regional policies—internal security—has ensured a continued priority for economic growth and open liberal economic development; and the priority to settling disputes by peaceful means has not changed. Some weaknesses will continue—ASEAN enlargement for example— but these are largely not related to the crisis. Regionalist impulses have been strengthened by the crisis, but are likely to continue to remain supportive of the global institutional framework. A heightened sense of a need for increased regional representation in the unrepresentative nature of global institutions has emerged. Show more