Asian NIEs & the global economy

Industrial restructuring in the Asian newly industrialized economies (NIEs) has become very important. Existing strategies may no longer deliver employment or income growth in many of the Asian NIEs' labor-intensive industries. The complex process of restructuring will involve economic adjustment and political realignment among industrial sectors and between industry managers and state policy makers. Asian NIEs and the Global Economy explains how the Asian NIEs have responded to the costs of success, including escalating real wages and prices, slowing growth rates of productivity, and increasing competition in markets they once dominated. This integrated collection of ten essays, based on a long-term project sponsored by the East-West Center introduces the reader to this timely issue by examining industrial restructuring in the most industrialized economies of East Asia: Hong Kong, Singapore, Korea, and Taiwan. The contributors begin by describing the global context, theory, and practice of restructuring. Five case studies then examine important labor-intensive industries, including apparel, footwear, and electronics, all of which have had strong export markets. The final section draws out the broad implications of these studies and assesses the near-term future of the Asian NIEs as China undergoes rapid industrialization and enters the global marketplace.