By Christopher M. Dent (eds.)
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Extra info for Asia-Pacific Economic and Security Co-operation: New Regional Agendas
Subsequent events in the United States, notably at Enron 24 Simon Lee (Cruver 2002, Fox 2003), have demonstrated that cronyism and corruption are endemic to many capitalist economies. At the same time, an extensive critique has emerged of both the ‘poor institutional performance’ of the IMF and the neo-liberal political economy underpinning its actions. From his close scrutiny of the IMF, Joseph Stiglitz (former Chief Economist at the World Bank) has asserted that the actions of the IMF in the East Asian financial crisis were anti-democratic, hypocritical, lacking transparency and based upon ‘what seemed a curious blend of ideology and bad economics, dogma that sometimes seemed to be thinly veiled special interests’ (Stiglitz 2002: xiii).
M. ), Asia-Pacific Economic and Security Co-operation © Palgrave Macmillan, a division of Macmillan Publishers Limited 2003 20 Simon Lee order to identify the principal constraints and opportunities acting upon the process of regional co-operation. First, the chapter traces how the relationship between global governance and Asia-Pacific regionalism remains as yet unconsummated. Indeed, the potential of regionalism in general, let alone Asia-Pacific regionalism in particular, to contribute to effective global governance of finance, trade and development remains largely unacknowledged and marginalized in recent debates.
As the chequered history of the APEC has shown, this constraint may appear insurmountable given that, as the largest single regional economic and military power, the United States itself has defined its foreign economic policies on principles that have departed substantially from those particularly of its Asian regional partners. The greatest opportunities for Asia-Pacific regionalism arise from the potential to use regional co-operation as a platform for the development of an alternative political economy more attuned to the region’s values and goals.