American 'Globalism' and Asian 'Regionalism'in the Age of Transformation of the WorldSystem

著者 Sugiura Katsumi出版者 Institute of Comparative Economic Studies,

Hosei Universityjournal orpublication title

Journal of International Economic Studies

volume 13page range 59-70year 1999-03URL http://hdl.handle.net/10114/352

JournalofIntemationaIEconomicStudies（1999),ＮＣ｣3,59-70 C1999TheInstituteofComparativeEconomicStudics,HoseiUnivemsitv

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AmericanGG1obalism，ａｎｄＡｓｉａｎＧＲｅｇｉｏｎａｌｉｓｍ， ｍｔｈｅＡｇｅｏｆＴｒａｎｓｆｂｒｍａｔｉｏｎ

ｏｆｔｌｌｅWorldSysteln

ＫａｔｓｕｍｉＳｕｇｉｕｒａ

Ｆｈｍノワq/Ebo"o加鰄Ｔｂｊｂ１０Ｕ>ziDe汀i妙

Thehistoryoftheinternationaleconomyisoneofswmgsbetweenglobalismand regionalism・Thetendencytowardglobalismcouldbeseenduringtheperiodofliberalismofthel9thcentury,therelativestabilityaftertheFirstWorldWar,andthe goldenyearsofthel950sand1960s,whereasthetendencytowardregionalismcanbe seenintheperiodsofme1℃antilismofthel7thandl8thcenturies,theageofclassical imperialism,ａｎｄthegreatdepressionofthel930s・Duringperiodsofstability，theworldsystemhasshownthetendencytowardglobalism，Butinperiodsdurmgwhich theworldｓｙｓｔｅｍｈａｓｂeenrocked,andtheprevailingeconomicorderincollapse，it hasshownatendencytowardregionalismHowever,ifwelookattheperiodfbllow‐ ingtheHrstOilShock,andespeciallytheperiodledbyneoliberalism,thereareissues thatcannotbeexplainedeasilyfmmtheaboveidea・

TheＷＴＯ（WorldTradeOrganization）wasfbrmedessentiallyasareincama‐ tionofthelTO（InternationalTradeOrganization),whichwasbomprematurely aftertheSecondWorldWar・Ｗｉｔｈｉｔ，theprmciplesofliberalismmultilateralism，andnon-discriminationwereachievedThisthusshowsatendencytowardglobalism、However,regionalgroupingssuchasNAFTA(NorthAtlanticFreeTradeArea)ａｎｄ ｔｈｅＥＵ（EuropeanUnion）havetakenongreatersigmficancetodaythaneverbefbre WecaninterprCtthisasahistoricalswingtowardregionalism、Ifweinterpretthedichotomybetweenglobalismandregionalismasonebetweenliberalismandprotec‐ tionism，wefindourselveswithoutanyansweｒｔｏｔｈｅｑｕｅｓｔｉonofwhetherhistory movestowardliberalismorprotectionism・Thesituationisverycomplicatedtoday・

Ininternationaleconomicrelations,therearethreetypesoftradeSystems：（１） multilateral,(2)regional,and（３）bilateraLFromthepointofviewoftheprinciples ofliberalism,multilateralismandnon-discrimination,thefirstsystemfitsintoasepa‐ ratecategorythanthesecondandthirdThelatteraredifYerentfi･omthefbrmer,in thattheymodifyitsgeneralrules、Thelattercontaindiscriminatoryelementwhichplacerestrictionsontheprinciplesofliberalism，multilateralismandnoL discrimination・

However,ｉｔｗｏｕｌｄｂｅｈａｓｔｙｔｏｃｏｎｃｌｕｄｅｔｈａｔｔｈｅｔｗｏｋｉｎｄｓｏｆｗｏｒｌｄｓｙｓｔｅｍｓａｒｅ ａｌｗａysinmutualconfrontation、Forinstance,afteritsfbundation,ＧＡＴＴ（GeneralAgreementonTarifISandTrade）recognizedacertamtypeofeconomicintegration・Thiswasthoughttobeacoul巴ethroughwhichitsconstituentsneededtopassinordertoattaintheprinciplesofliberalism,multilateralismandnon-discrimination、Infact，

5９

American`G1obalism,ａｎｄAsian`Regionalism,inthcAgeofTransIbrmationofthcWorldSystcm

EuropeancountriesneededtointegｒａｔｅｔｈｅｉｒｅｃｏｎｏｍｉｅｓｉｎｔｈｅｆａｃｅｏｆＡmerican

competitionfbllowingtheSecondWorldWar・Theyusedeconomicintegrationasameanstoachieveeconomicindependenceandtofbrmmultilateralrelationswith othercountries，ＷｈｉｌｅｔｈｅｔｗｏｋｍｄｓｏｆｗｏｒｌｄｓｙｓｔｅｍａｒｅｆｉｍｄａmentallydifTerent，

ａｎｄｏｐｐｏｓｅｄｔｏｏｎｅａｎｏｔｈｅｒｏｎｔｈｅｄｉｍensionofprinciples,ｔｈｅｙｃａｎｂｅｃｏｍｐｌｅｍｅｎ‐ taryinspecialsituationssuchasperiodsofrestorationfbllowingworldwars、

Ｎｏｗｗｅｎｅｅｄｔｏｅｘｐｌｏｒｅｔｈｅｑｕｅｓｔｉｏｎｏｆｗｈｅｔｈｅｒｔｈｅｔｗｏｋｉｎｄｓｏｆｓｙｓｔｅｍｓｈａve becomelockedintoacomplementaryrelationshipagainfbllowingthefirstOilSｈｏｃｋ ＵｎｌｅｓｓＮＡＦｒＡａｎｄｔｈｅＥＵａｒｅｈｉｓｔoricalaccidents,theremustbeareasonbehind

thisproblem、

Myassumptionregardingthisquestionisthatwearenowinahistoricalprocess ofthebreak-downoftheHｚｘｄｍｅｒｊｃｑ"αandthisisthekeyelementinanalyzingthe

question．TheUnitedStatestodayisnolongercapableofmaintainingtheworld orderindependently,ａｓａｎｕｎｉｑｕｅｈｅｇｅｍｏｎｉｎｔｈｅｗｏｒｌｄsystem・Inordertosolveimportantproblemsinthemidstofthetri-polarizationofworldeconomy（ｍｔｈｅ ＵＳ.,EuropeandJapan/Asia),itisnecessarytocombmethemultilateralsystem basedontheprinciplesofliberalism,multilateralismandnon-discrimination,andthe regionalandbilateralsystemswhichwereintroducedafterrestrictingandmodifying thegeneralrulesandrecognizmgthevalidityofdiscriminationinsomecases，Ameri‐ canleadershipintheperiodofneoliberalismmustbeunderstoodasaphenomenonof decliningAmericaneconomicpower．

1．ＴｈｅＬｉｍｉｔａｔｉｏｎｓｏｆｔｈｅＡｍｅｒｉｃａｎＥｃｏｎｏｍｙｉｎｔｈｅｌ９９０ｓ

America,seconomicdeclinecanonlybeunderstandafterexaminingthehistorical

meaningofitseconomicperfbrmanceinthel990s、Upuntill997,ｉｎfact,thegrowthratehasbeenveryhigh，ａｔａｌｍｏｓｔｔｈｅｓａｍｅｌｅｖｅｌａｓｔｈａｔｄｕｒｉngthegoldenyears・Increasesininvestmentshavebeenextraordinarilylarge,ｉｎｂｏｔｈｖａｌｕｅａｎｄｖｏｌｕｍｅ、Thisinvestmenthasbeenconcentratedintoinfbrmationprocessingandrelatedequip-

ment,especiallycomputersandperipheralequipment、Theincreaseintheproductionofdurablegoodshasbeenverylarge,andcorporateprofitshaveincreasedimmensely、MoreimportantstUlarethehighratiosofprofitstostockholders,equityandof profitstosales，ＦｒｏｍtheviewpointoftherateofproHts,thisdecadehasbeenone ofthebrightestsincetheSecondWorldWar・Oneofthemostimportantresourcesofcorporateprofitshasbeenthecountry,smonopolyoninfblmation，andworld standardization,asexemplifiedbytheMicrosoftWindowsseries，

However,theAmericaneconomytodayalsoholdsgreatweaknesses・TheUnitedStatesisrunninggreatdeficitsinitsbalanceongoodsandservicesandoncurrent accounts,anditsinternationalinvestmentspositionshowsthatAmericaistheworld，s largestdebtorcountry,saddledwitheverlargerliabilities、Ｔｈｅcountry，sprosperityduringthisdecadehasbeenachievedthankstoinvestmentsfiPomabroad,whichhave madeupfbrthedeficienciesinitsfinancialposition，

Ｂｕｔtoday，wagesarerisingandproHtsdecliningThehedgefimdcrisishas shakenthegeneralconfIdenceofthefinancialsystem・ThefkhllofsharepricesontheNewYorkStockExchangewillbringgreatflnancialdifTicultiestotheentireecon-omy．

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KatSumiSugiura

Atpresent,theAmericaneconomyiscertainlyofTeringnewsuggestionsfbrthe future,butithasnotbeenabletoestablishaneweconomicstructureuponwhichthe economicsystemcanworkwithsubstantialstability・AmericanprosperityhasbeensupportedbyahugevolumeofJapanesefilndswhichhavemovedasaresultofthe

Japaneserecession・Americaneconomicleadershiphasnotbroughtmtemationalprosperity，America，seconomicdeclineisclearlyshownｂｙｔｈｅｆａｃｔｔｈａｔｉｔｉｓａｎ ａｃｃｕｍｕｌａｔｉｏnoffbreignliabilitiesthathasenabledAmericaneconomicgrowthand theintemationalleadershipofAmericancorporations，However，inspiteofthe country,seconomicdecline,Americancorporationsareleadingthereorganizationof internationalmdustrialstructures,andworldmarketsarebeingopenedasaresultof Americantradepolicyinitiatives、Thisisthemainsubjectofthefbllowingsection．

2．ＴｈｅＡｍｅｒｉｃａｎＩｎｉｔｉａｔｉｖｅｆｂｒＥｃｏｎｏｍｉｃＯｐｅｎｉｎｇｉｎｔｈｅＡｇｅ ｏｆＮｅｏｌｉｂｅｒａ１i二ｍ

Neoliberalismputstoomuchstressonthemarket・ItappearstoholdhostilefeelingsagainstSovietsocialismandKeynesianism，andthesefbelingssupportits ideology・Theideologyofneoliberalismispresentedasanoppositepolicytosocial‐ismandKeynesianism，Therefbreitlackssovereigntyanduniversalityasapositive thought・

TraditionalliberalismgrewoutofBritishsociety，wherethemarketwasnot

everything・NeoliberalismhasadvancedinAmerica，smarketsociety,anearlypurelaboratoryfbrindividualismwherepeopleareseparatedfromtraditionalsocietiesand ethnicgroups，

ＡｍｅｎｃａｎｌｉｂｅｒａｌｉｓｍｗａｓｕｓｅｄａｓａｎｉｄeologytocounterRussiansocialism duringAmerica，sgoldenage，ｉｎｔｈｅｌ９５０ｓａｎｄｌ９６０ｓ、Itgavepositivesupporttoeconomicplanninginordertodemonstratethatthemarketwasgood、Americanliberalismcanrightlycalledaconstructedratherthanspontaneousdoctrine，while Britishliberalismwasthenaturalexpressionofaspontaneousmarketorder、Ameri‐canliberalismwascombinedwiththeideologyofthewelfarestateandinternation‐ allywithNewDeal-typepolicies，whereasKeynesianismtendedtowardsocial democracy・Neoliberalismappearedasanantithesistothesewelfareideologiesandtosocialism・Itputtremendousweightonthemarket・ＡｔｔｈｅｓａｍｅｔｉｍｅｉｔａｐｐｅａｒｅｄａｓａｎｉｄｅologytoglobahzetheAmericanwayofthinking・

Neoliberalismisnotanaturalexpressionofspontaneousmarkets，Ｉｔｄｏｅｓｎｏｔ ｃｏｎｔｅｎｄｔｈａｔＡｍｅｎｃａｎｃｏｍpanieswnlprosperwithinlocalfbreigninstitutions・ItrequiresareorganizationofdomesticeconomicsystemsonthebasisofanAmerican standard・AbolishingregulationsmeansaccedingtoAmericanstandards，HoweverthispositivismisnotevidenceoftheexistenceofAmericanhegemony，butrather fbllowsthecollapseofAmericaneconomichegemony・Itisarequirementfbrreor-ganizingfbreigninstitutions,drivenbyAmencanpoliticalleadership・Thisisbasisfbrtheideologyofneoliberalisminthel980sandl990s・

Sincel970,therehasbeenatendencytowardprotectionisminAmerlcantrade ●

policy・GeneraUyspeaking,bothmanufacturersandtradeunionshavestressedthe

needtoprotectdomesticmdustries,especiallyindepressedperiods,inordertomain‐ tamemploymentandprofIts・TheTradeActofl974considerablyeasedthe

6１

Amerlcan`Globalism，ａｎｄAsian`Rcgionalism，iuDtheAgcofTranslbrmationo「theWor1dSystemC

previouslystricteligibilitycriteriafbrapprovalofescape-clausepetitions，andit reducedthepresident,sabilitytoignoreanInternationalTradeCommissionrecom-mendationofincreasedimportbarrierstoassuagedomesticinjury・

Thesecrudeprotectionistpolicieｓａｒｅａｃｃｏｍｐａｎｉｅｄｂｙｏpenmarketpolicies whichrequirereductionsintariffもandtheeliminationofnon-tarifTbarriers・There-fbreAmericantradepolicyａｓａｗｈｏｌｅｃａｎｎｏｔｂｅｔｅｒｍｅｄｓｉｍｐｌｅｐｒotectionism・But

theyaregeneralizedversionsofthepoliciesthatwereintroduｃｅｄｉｎｔｈｅｌ９５０ｓａｎｄ ｌ９６０ｓｔｏｐｒｏｔｅｃｔindividualindustries,suchastextileandsteel,inanexpressionofthe declineofAmericanindustrialcompetitivenessHoweverinspiteofthedeclineofits

industrialcompetitiveness，AmericahasrefrainedfiPomadoptingasimplepro-tectionisttradepolicy、Thisisoneofthecharacteristicsoｆｍｏｄｅｒｎｃapitalism・

AmericanpolicyistofbcusonspecificfbreigninstitutionsinthedifYerentcoun‐ tries,exempliHedbytheStrategiclmpedimentsInitiative(SII),whichcausedterrible quarrelsbetweenJapanandAmerica,ｓｉｎｃｅｔｈｅＵＳ・wasaccusingtraditionalJapaneseproceduresofbeingunfair，Super３０１，whichisreinstitutedbyanexecutiveorderof thepresident,playsthesamerole,asitenablestheUS・toimplementunilateralsanc-tionsagainstnationswithunfairtradepractices,resultinginitsscaringfbreigninsti-tutionsintochanging、ＷｅｃａｎｒｅｃｏｇｎｉｚｅｈｅｒｅｔｈｅｗｉｌｌｏｆｔｈｅstatewhichseekstoconstructandmaintainaspaceofactionfbrAmericanmultinationalcorporations、

Thoughitrejectedprotectionistpolicies,NAFTAdidstrengthenlocalcontents restrictions、Howevertheprotectionistmeaningoftheopenmarketstrategyconsists

initsleadershipofglobalizationinthecompetitionbetweencorporations．Ｉnorder

toprepareaspaceofactionfbrAmerican-basedmultinationals，theAmericangov‐ ernmenthasworkedtocreatenewinternationalrulesinthenewareasoffbreign

investment,tradeinservices，protectionofintellectualpropertyrights，policiesfbr

restrictingandprohibitingcompetition，andtheestablishmentofelectroniｃｃｏｍ‐ mercetransactions・Thisopenmarketstrategyhasbeenaccompaniedbycompetition

byAmericanfirmstoacquireinternationalstandardsintheworldmarketandto maintainmonopolisticprofits、Thus,themtentionofthispolicyistotransfbrmthe

originalinstitutionsofAmericanfYrmsintoaworldregime・ThisglobalizationofAmericanstandardsisatypeofglobalism,butitisnotatypeoftheglobalismwhich

confIImsaspontaneousinternationalmarketorderonthebasisofthecoexistenceof variousmstitutions・Itisnotprotectionism,butsinceitisegoisticstrategy,itinevita‐

blyfallsintoconflictwithotherinterests・Institutionalrelationscanonlybeestab-lishedonthegroundofinteractivecooperationGiventhatＡｍｅｒｉｃａｎｅｅｄｓｔｏｆｂｒｍ ａｎｅｗｓｐａｃｅｏｆａctionfbrAmerican-basedmultinationalcorporationsinanerawhen Americaneconomichegemonyhascollapsed,Americamustseekthecooperationof otheradvancedcountries,fbrotherwiseitwilｌｎｏｔｂｅａｂｌｅｔｏｃａｒｒｙｔｈｒｏｕｇｈｉｔｓｏｐｅn

marketstrategy、ＩｔｉｓａｔｙｐｅｏｆｇｌｏｂａｌｉｓｍｗｈｉｃｈｐｕｔｓｗeightonpoliticalleadershipThemilitaryandeconomicdimensionsoftheworldsystemstandinstarkcon-

trast・Inthemilitaryarea,ｔｈｅｒｅａｒｅｔｗｏｐｏｌｅｓ,AmericaandRussia，ButRussiano

longerhastheeconomicpowertomaintaingreatmilitarymight、Moreover，theproliferationofnuclearweaponsthreatensthisbipolarstmcture，andbiologicaland chemicalweaponsmaybeusedbynon-governmentalorganizations・Evenmilitarysuperpowerscannotpreventterroristactions、

Theeconomicworldsystemconsistsofatripolarstructure,madeupofAmerica，

theEUandJapan/Asia・Amongthem,Americaleadsinleadingedgeindustriessuch

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KatsumiSugiura

astheinfbrmationindustry・However,anaccumulationstructureledbyAmericahasnotyetbeenestablished・ＴｈｅUnitedStates,economichegemonyhasalreadycol-1apsedThelackofanintegratingpowerfbrtheworldeconomicsystemisencourag-ingtheprocessofrecessiontoday、WeconfiPontthepossibilityofaspiraldescent・

Thepoliticalsystem，fbritspart,issituatedbetweenthemilitaryandeconomic systems・Here，Americanleadershipisconspicuous・Thisdoesnotmeanthatthe

presidentialpowerbaseisstrongeitherdomesticallyorintemationally・IftheAmeri‐caneconomyfklllsintoaseveredepression,domesticsupportfbrthepowerbasewill collapse・Inordertomaintainthecapacitytocontroltheworldmilitarily，ｔｈｅＵ・SmustgiveeconomicaidtoRussia，butneedscooperationwiththeEUandJapan SincetheRussiancurrencycrisis,ｔｈｅｉｎＨｏｗｏｆｐｒｉｖａｔｅｃａｐｉｔａｌｈａｓｄｗｉndled,ｓｏｇｏｖ‐ enⅡnentaidhasbecomecruciaLMacro-economicmanagementismoredifficultin arecessionthanduringotherperiods,becausethedistributionoflossesbecomesthe

maininternationalproblem・CooperationwiththeEUandJapanisbecomingmoreandmoredifY1culLTherefbrethereisapossibilitythataparadigmofregionalism willarise,withtheaimofdividingtheworldmarketandrealizingdividedadjustment andcontrolofeachregion,separatelyandlocally・

Thisleadsustothenextquestions・ＩｆｔｈｅＥＵａｎｄＪａｐａｎｎｅｅｄｔｏｃｏｏｐｅｒａｔｅwithAmericaandtomakeregionalconnections,whatkindofsystemwillappear？Howdo internationaleconomicorganizationsrelatewiththetripolarsystem？Howdoes

AmericanleadershiprelatetotheregionalconnectionsoftheＥＵａｎｄＪａｐａｎ/Asia？ HowwillthiscomplexsystemfimctionintheprocessofeconomicrecoveryfiPom recession？ＷｈｅｒｅｄｏｔｈｅｒｅｇionalconnectionsbetweenJapanandAsiabegin？

3．ＲｅｇｉｏｎａｌＣｏｎｎｅｃｔｉｏｎｓｉｎＡｓｉａ

Generallyspeaking,regionalconnectionsinvolveinstitutionaladjustmentsof economicpoliciesandexchangeratesofcurrenciesofthediffbrentcountries・Theywerefirstintroducedinordertoprotecttheindustriesofeachcountry，soinsome casestheyinvolvebeggar-their-neighborpolicies、Howeverthereareavarietyofwaysinwhichplurilateralagreementscanserveasbuildingblocksfbrmultilateral marketopening・Moreover,today，sregionalconnectionshavevanousmeanings・

Throughitsregionalintegration,theEUintendstocreateanewmarketandto

constructstablerelationsbetweentheconstituentcountriesthroughpolicyadjust‐ mentsandcurrencyintegration,withaspecificpolitical'objective,namelythepeace ofEurope・Moreovertherearcimplicationsofeconomicintegration,suchasenviron‐mentalregulationswhichcannotberealizedbyanysinglecou､try、Socialclausesconcerninglaborareintroducednotonlywiththeintentiontoequalizecompetitive conditionsamongfirms,butalsotoachievewelfareandsocialpolicies、TheEU

containsavarietyofimplicationswhicharenotsimplyeconomic,whichsignifynew stageofintegration

EastAsiaisnotintegratedinanyfbrmalway・Butinreality,itseconomyisnowintegrating、Pastcoloniesandhalfcolonieshavebecomeindustrialized，However

industrializationdoesnotcreateunifbrmmarketeconomies、ThoughtherearegTeatdifYerencesbetweentheEuropeaneconomies,ｔｈｏｓｅａｍｏｎｇｔｈｅＡsianeconomiesare morestrikingandinvolvenotjustquantitybutqualityaswelLThisdiverseregion

6３

American`GlobalismOandAsian`Regionalism，ｉｎｔｈｃＡｇｅｏ｢TransfbrmationoftheWorldSystem

isnowbeingtiedtogetherthroughAPEC（AsiaPacifIcEconomicCooperation)， ASEAN（AssociationofSoutheastAsianNations）andpotentiallybyEAEC（East AsianEconomicCaucus)．Buttheprocessofconsciousintegrationhasyettobegin・Thediverseeconomiesarenowstrengtheningtheirinterrelatedness，givmgriseto

integrationasaconsequence・ThisisthepresentstateofAsia，TheeconomicexpansionintothePacificandEastAsianarea,ｍａｍｌｙｂｙＡｍｅｒ‐

icaandJapan,ｗａｓｔｈenecessarypreconditionfbrtheeconomicgmwthoftheAsian

NIEs（NewlylndustrializingEconomies）andASEANcountries・certainly,whilethemarketmechanismcontribｕｔｅｄｔｏｔｈｉｓｅｃｏｎｏｍｉｃｇｒｏｗｔｈｂｙｐｒｏｍotingtheeffi‐

cientdistributionofresources，ｉｔｄｉｄｎｏｔｃａｕｓｅｔｈｅｄｙｎａｍｉｃｅｃｏｎｏｍｉｃｇｒｏｗｔｈｌｎ ＥａｓｔＡｓｉａ，industrialpolicieswereconsciouslyadopted，meaningthatgovernments playedpositiveroles，Statessteppedintothecatch-upprocessofinnovativetechnol-

ogy、Thedevelopmentalstateshavepromotedeconomicinterdependenceduringtheeconomicexpansion，leavmgeconomicregulationsinvariousways・Ｉｎｔｈｉｓｃａｓｅ，

institutionalandorganizationalcharacteristicsofthedifYerenteconomies,basedupon theircountries，culturaltraits,werecloselylinkedwiththeprocessofeconomicdevel‐

opment・Thisisnottosaythatalltraditionshelpedtoaccelerateeconomicgrowth，butlocaloriginalitieswereselectedtocontributetothegｒｏｗｔｈ

ＴｈｅｅｃｏｎｏｍｉｃｇｒｏｗｔｈｏｆｔｈｅＥａｓｔＡｓｉａｎＮＩＥｓａｎｄＡＳＥＡＮｃｏｕｎｔｒｉｅｓｗａｓ

spurredbytheinflowoffbreigmcapitalfiPomAmericaandJapan・Atfirst,advantagewastakenoflowwages,andlaterofotherlocalspecifIcfbatures，Localpeculiarities

minstitutionsandorganizationswerealsopickedup,ａｎdtakenadvantageofalter‐ nately,sothesepeculiaritieshadthefilnctionofpromotmgeconomicgrowth・Asaresultofthis,thehabitatsegregationstructureｏｆｅａｓｔＡｓｉａｈａｓｂｅｅｎｐｒｅｓｅｒｖｅｄ

ＴｈｅｈighyendroveJapanesenrmstoexpoｒｔｃａｐｉｔａｌｔｏＡｓｉａｎＮＩＥｓａｎｄＡＳＥＡＮ

countries・However,ｔｈｅｙｄｉｄｎｏｔｍａｋeinroadintothenewareasmidenticalways、NotallfirmslocatedtheirresearchdepartmentsinJapanandtheirproductionfacili-

tiesinfbreigncountries，SomepreservedamotherfactoryinJapan,andotherstrans‐

felTedtheirresearchfncilitiestofbrei8mcountries、ThefrontierofeconomicgrowthwasspreadfromASEANtoChina,andfnctoriesaimingfbrcheaplaborfbllowedthis

pathThesituationandroleofeachfactoryhaschangedrapidly,butthereremains diversitymtermsoffirmorganization

Eachareacontainsculturallydiverseelements・Someareasthatareverydiffer‐entinthedimensionsoflanguage,religionandculturearecloselyconnectedwithone

anotherintheeconomicdimensionLinkagesarenotlimitedtotraderelations,ｂｕｔ

ａｒｅａｌｓｏｂａｓｅｄｏｎｔｈｅｄｉｖｉｓｉｏｎｏｆlaborbetweenmanufacturingprocessesinfirms、

Multinationalcorporationsmoverapidlybetweendiversenationsﾀﾞpropelledbyposi‐ tiveopeneconomicpoliciesandthefbreigncapitalinducementpoliciesofdevelop‐ mentalstates,takingadvantageofthesetoflndgoodconditionsfbrtheflrms,growth，

ThesemultmationalcorporationsaｒｅｎｏｔｏｎｌｙｂａｓｅｄｉｎＡｍｅｒｉｃａａｎｄＪａｐａn． ＦｉｒｍｓｆｒｏｍｔｈｅＡｓｉａｎＮＩＥｓａｎdChinese-relatedenterprisesareactiveNetworkof

tradeandcapitaltransfersarefbrmed・Thepointisthatthebondsofthenetｗｏｒｋare

situatedmdiversesocieties,withgreatdifYerencesintermsofpolitics,socialstructure andculture

ThebasicculturalstructureisnotonlyChinese、SoutheastAsiahasbeeninflu‐

encedbyIndiaandIslam、Therearevarlousreligions,suchasConfilcianism，Bud‐

dhism,IslamandChristianity・DemocraticpoliticscoexistwithdictatorshipThere

6４

KatsumiSugiura

aredifTerentideasofhumanrights・Socialthinkingconcerningtheindividualandsociety,andespeciallythestate,diffbrsslightlybetweenJapanese,ChineseandSouth‐ eastAsians・

Whatweneedtonoteisthatthesevariouselementsarenotmingled,butcoexist sidebyside、Multmationalcorporationstakeadvantageofdifferentlocalelementsastheystepoutfromtheirmothercountries・Theyselectappropriateelementsintermsoftechnologicallevel,educationandwages・Theyconsiderfactorssuchaswhether

tradeunionsarelegalorillegal,orwherepeopleareobedientordisobedient、Theytakevalues,historyandtraditionsintoconsideration、Peopleandsocietiesareexam‐ined,andeffIciencyfbrthefirmsissoughtafter・Thisisaveryconvenientworldfbrbusinesa

Asiandynamismisbasedonthishabitatsegmentationstructureofhumanbeings andsociety、Humanbeingstaketheirownmasksontothestagesandfillfllltheirownrolesinsociety、Asia,sdynamismseemstobeconstitutedbyopenhumanrelationsinthemarket,ｂｕｔｔｈｉｓｎｅｔｗｏｒｋｃａｎｏｎｌｙｅｘｉｓｔａｓｌｏngaseachlocalpeculiarityissepa‐ ratedandpreserved

Inanycase,multinationalcorporationstakeadvantageofthehabitatsegmenta‐ tionstructureastheyintegratetheEastAsianwidemarket,resultinginthedynamic andmutuallyaccumulateddevelopmentoftheEastAsianeconomy・Certainlythishabitatsegmentationstructureisgraduallychanging・CapitalinsearchoflowwagesismovingfromtheAsianNIEｓｔｏＡＳＥＡＮ,andtoChinaorlndia，Sometimesowing tostateregulations,multinationalcompaniesretreat・InsomecasesexperimentstointroduceJapaneseproductionsystemhavebeentried・Thehabitatsegmentationstructureisintheprocessofevolution

America-orientedconsumerculturehasｅｍｅrgedfromTokyoandcaptured peopleinEastAsia,sdevelopingcountries，ignitinglatentdemandinawaywhich appearstobeglitteringandglaring・ThisisthedrivingfbrcebehindAsiandyna-mismltisnotthedevelopmentofadivisionoflaborwithinacommonmarket

order,aspresupposedbyliberalisｍ,butisratherthedevelopmentofinterdependent relationsunderpoliticallyandsociallydiverseconditions・Ａｌｌｏｆｔｈｅｅｃｏｎｏｍｉｅｓｄｏ

ｎｏｔｓｈａｒｅａｓｉmilardevelopmentcourse,soeachcannotbeexplainedasreachingsome specificstageofanecessarydevelopingprocessWecannotconsiderKoreaand

Taiwantobetypical,ｏｒＨｏｎｇＫｏｎｇａｎｄＳｉｎｇａｐｏｒｅｔｏｂｅｎｏｎ－typicaLVarioustypes ofeconomies,tiedbymultinationalcorporationsandbyChinesehumanlinkages,are growingrapidly・TheeconomicdevelopmentofKorea，TaiwanandChinaareall

regulatedbydevelopmentalstates,soAsiandynamismisnotmerelyaninternational chainreactionofaccumulation、Onthecontrary，thenationalstatesallhavetheir

ownhistoricallydifTerentandindividualcharacteristics,sotheirdevelopmentcannot beexplainedbyasilnultaneousgrowthprocess、VariousexperiencesofdiffbrentstagesanddifTbrentregionsofcapitalismhavecontributedtotheeconomicgrowthof eastAsia,whereeacheconomicsocietyissegmentedculturaUyfrombutlinkedeco‐

nomicallywithothers,culminatinginachain-reactiongrowthprocess・ＩｎＡｓｉａ,theeconomiesareintegratedinfact，ｂｕｔｔｈｅｒｅｉｓｎｏｆｂｒｍａｌｃｏｍｍｏｎ

ｍarket・AstheyconfiPontAmericanglobaliＳｍ,eachcountryattemptsconservativｅｌｙｔｏｐｒｏｔｅｃｔｉｔｓｏｗｎｗａｙｏｆｍａｒｋｅｔｅconomywithindividualculturesandinstitutions、

ThoughAmencatlEatsChinaandJapanasthemaintargetsofitsbilateralnegotia-tions，thetwocountrieshaveftliledtocooperatｅｔｏｍａｉｎｔａｉｎｔｈｅｉｒｏｗｎｗａｙｏｆ

６５

American`Globalism,ａｎｄAsian`Regionalism,ｉｎｔｈｃＡｇｅｏ「TransIbrmationoftbeWorIdSystem

economicdevelopment・

WithregardtocooperationamongeachAsiancountriesintheworldorder，

therearesomedelicatecontradictions・JapanenjoyshidingundertheAmericannuclearumbrella,but,ｗｈｅｎｉｔａｃｔｓａｓｏｎｅｏｆｔｈｅｗｏｒｌｄ,slargesteconomicpowers,it sometimescomesintoconflictwitｈＡｍｅricaneconomicinterests、Asianregionalismisacriticalissue・Chinaclingstoitsnucleararsenal，anddoesnotdispensewithmilitarymightwhendealingwithTaiwan・ButrecentlytherivalrywithAmericathathasexistedsmcetheTiananmencrisisseemstohavesettled,andChina,sfimdamental

policyonTaiwanhasbeenrecognizedbyAmerica・Onthisissue，JapanhasnotacceptedtheChinesepolicy，probablyduetoTaiwaneseinterestsintheLiberal

DemocratParty、Koreasometimestakesveryconfrontationalattitudestoward

Japan・ItisconstructingaholisticindustrialbasesimilartoJapan,s・Severecompe‐titionbetweenKoreanandJapaneseCompaniessometimesgivesrisetooverproduc‐ tion，ItisunlikelythatKoreancompanieswillcatchupandsurpassJapanese companiesintheshortterm・Butthedivision-ofL1aborstructureinAsiawillbringaboutinstability、

Atpresent,EastＡｓｉａｉｓｉｎｔｈｅｍｉｄｓｔｏｆａｎｅｃｏｎｏｍｉｃｒｅcessionswhichhighlights theneedfbrcooperationamongEastAsiancountriestorestorebusinesshealth

WemustatfirstconsiderwhatcauseｄｔｈｅＡｓｉａｎｃｎｓｅｓ・

Tobeginwith,ｗｅｃａｎｃｏｎＨｒｍｔｈａｔｔｈｅＥａｓｔＡｓｉａｎｃｏｕntriesreachedasuper‐ heatedeconomicstate・Followingalongperiodofhighgrowth,afterl995therates

begangraduallytofalLTheratesofinvestmentwerehigherthanthoseofsaving， whichwerethemselvesextremelyhighManyoftheeconomiesranbalanceoftrade

deficitsbecauseofthehigｈｌｅｖｅｌｏｆｃａｐｉｔａｌｇｏｏｄｉｍｐｏｒｔｓｄｕｅｔoincreasinginvest-ments、InfrastructureinareassuchastransportationandenergybecamebottleneckstofUrthereconomicgrowth・Laborshortagesoccurred,andtherelationshipbetweencaPitalandlaborbecamepressed、Underthissituation,somemarketsbecameover‐

suppliedasaresultofover-competitionintheautomobileandmicroelectronicsindus-

tries,whichwerebattlegroundscontestedbyalltheEastAsiancountries,andbythe lowerlngofthecompetitivenessofSouthEastAsiancountriesowingtoChina，srapid growthStockandrealestatemarketbubblesemergedandthenburst・Financialcompanieswhowerecaughtupinthesebubbleswereseriouslyhurtbydebtaccumu‐ lation

Secondly,itiscertainthatenormouscapitalmovementsbymultinationalfinan-cialcompanieswerethedirectcauseofthesuperheatedstateofbusinesswhichoc‐

curredsimultaneouslyallaroundEastAsia，ａｔａｔｉｍｅｗｈｅｎｃａｐｉｔalinflowswere welcomed・DirectcapitalinvestmentsfromJapan，ｔｈｅＵＳ.，andEuropeincreased・Stockinvestmentsandbankers,loansincreaseddramatically、TheexchangeratesofmostEastAsiandevelopingcountrieswerepeggedtothedollar,sofInancialinstitu‐

tionsfbnnedtheexpectationthatcurrencyvalueswouldremainfIxedtotheUS

dollar・Theyborrowedalotofshort-termcapitalfromfbreigncompanies・Thefmancialstructurebecameweak,inthatdomesticcompanieswereborrowingshort-termfimdsfiromfbreigncompaniesandlendinglong-termfimdstospeculativereal estatｅｉｎvestments・

Thirdly,wecanconfirmthatthesimultaneouswithdrawalofloansbyfbreign companieswasthedefinitetriggerbehindtheEastAsiancurrencycrises・Thefinan-cialmarketsexhibitedextremevolatility，resultinginasharpslowdowni、private

6６

KatsumiSugiura

capitalinHows,leadingtoasigniHcantslowdownineconomicactivity，Underthe pressureofthefInancialcrisis,theEastAsiancountrieshavesufTeredalossofincome

andproduction・Despitetheclosingdownofmanynon-viablefmancecompanies,theremainingflnancialinstitutionsystemhasnoｔｙｅｔｂｅｅｎａｂｌｅｔｏｅｓｃａｐｅａｎｄｒｅｃｏｖｅｒ ｆｉ｢omthegenerallossofconfidence、

Manyargumentshavebeenp1℃sentedregardingtheAsiancurrencycrisis・Wewouldliketoreducethemtothreepoints：（１）criticismofmarketworship，（２） criticismofthelMF（InternationalMonetaryFund）ａｎｄ（３）internationalcoopera‐ tionmechanismstoovercometheAsianeconomiccrisis・

Withregardtothepotentialfbrlong-termeconomicgrowthoftheEastAsian countries,thereisgreatdebateoverwhetherChineseeconomywillbeabletomain‐ tainitscurrentgrowthpathinthe21stcentury・Ｉｔｉｓｌｉｋｅlythereisanotherissue,ofwhethertheEastAsianeconomiesｗｉＵｂｅａｂｌｅｔｏｑｕｉｃｋｌｙｒｅｃｏｖｅｒｔｏｔｈｅirprevious economicgrowthtracks,orwhetherthiswilltaketime・Atpresent，mostopinionftworsthelatter・Itimpliestheyhavelosttheconfidenceofthemarket・ForAsian

people，themarketmeansglobalismTheyhavelosttheconfidenceofglobalism・Theirinsightsuggeststhatdevelopingcountriesshouldcontrolshort-termcross-borderflowsiftheywanttomaintainhigheconomicgrowthrates・Malaysiahur‐riedlyinstitutedapolicyofexchangeregulations、Ａｔｐ正sent，ｔｈｅｒｅａｒｅｎｏｓｔｒｏｎｇａｒgumentsinfavorofabolishingthemarketeconomyandadoptingeconomicplan‐ ningisweak,butthekingofThailandhasappealedfbraselfsufHcienteconomyand thegovernmenthasincreaseditsagriculturalbudgetinordertopreservethelocal society,whichisthesafbtynetfbrdropoutsffomthemarketeconomy・Thismaybeatraditionalidea,butisanexpressionofcounterideologiestomarketworship・

CriticismofmarketworshipisconnectedtocriticismofthelMF,whosefimda‐ mentalideologyisthemarketandglobalism，ThelMFhasbeencriticizedfbroHbr‐

ingoldcurestothecurrencycrisis、Ｉｎｔｈｅｐａｓｔ，EastAsiangovemmentswerenotconcernedaboutrecklessspendingpolicies，ｂｕｔｔｈｅｌＭＦｒｅｑｕｉｒｅｄｔｈｅｍｔｏｉｍｐｏｓｅ ｆiscalausterity、TightfIscalpolicyinaperiodofrecessioncandelayeconomicrecov‐eryandendangerthesocialsafetynet，Moreover,ｔｈｅlMFattachedconditionalities

suchasmaintainingtradeandcapitalaccountliberalization・ButmanypeopleinEastAsiahavestressedthatoneoftheimportantcausesofthecurrencycrisisistheenor‐ mousinflowsandwithdrawalsofshort-tenncapitalbyfInancialCompanies,including thehedgefUnds・Consequently，ｔｈｅｙａｒｅｐｕｒsuingoversightandcontroloverthefbreignfmancialcompanieswhichmovegreatamountofspeculativecross-border short-termfimds・

Theissueofmonitormgspeculativecapitalwasputfbrwardwhentheinterna-tionalfmancialcrisisspreadtoBrazil,intheUnitedStates,backyard，Attheinitia－ tiveoftheAmericanandBritishleadership,ｔｈｅＧ７（ConfbrenceofMinistersand GovernorsoftheGroupofSevenCountries）issuedastatementthatexposureofthe short-termcapitalmovementsoｆｈｅｄｇｅｆｉｍｄｓｗａｓａｎｉｓｓｕｅｔｈａｔｎｅｅｄｅdtobeconsid-

eredHowever,theproblemtoregulatespeculativecapitalmovementsisnotmerely thatofrestoringconfldenceintheshort-run,ｂｕｔｉｓａｌｓｏｔｈａｔｏｆｈｏｗｔｏｒｅｃｏｖｅｒｔｈｅ

industriesandhowtoretumtothetrａｃｋｏｆｅｃｏｎｏｍｉｃｇｒｏｗｔｈｉｎｔｈｅｌｏｎｇｒｕn．The meanstoregulatespeculativecapitalmovementswillinnuencetheprocessthereafter・

ThesoundmonetarypolicysoughtbythelMFrequiresfinancialstructural refbrm，includingthesettlementofbaddebts,butthisinturncreatesseriousCredit

6７

American`G1obalism，ａｎｄAsian`Regionalism，inIheAgcofTransfbnnatiomo『theWorldSystem

crunchesandmassivefailuresoffinancial，commercialandmanufncturingenter‐

pnses，Atightmonetalypolicycangiverisetoadeepdepression,thusdelayingthe recovertohighereconomicgrowth,andcreatingthepossibilityofadrop-outfrom theeconomy，ｓｇｒｏｗｔｈｐａｔｈｉｎｔｏａｓｔａｔｅｏｆｓｔａｇnation

lnresponsetothesecriticisms，ｔｈｅｌＭＦｈａｓｆｂｕｎｄｉｔｓｅｌｆｆｂｍｅｄｔｏｃｈａngeits policies・TheAmericanandEuropeanmoneymarketsfbundtheyneededtoconductanurgentrescueofonehedgefimd,andthepressingcrisisinBrazilmadethembegin topreparefbrpoliciestoavoidit，ＴｈｅｌＭＦｔｒｉｅｄｔｏｃｒｅａｔｅａｎｅｗloanpolicytoassist countriesfromwhichcapitalwasbeingwithdrawn，andstrengthenedmonitoring internationalcapitalmovements・

Ｕｐｕｎｔｉｌｎｏｗ,theAsiancurrencycriseshavebeendealtwithusingthetradi‐ tionalmethodsespousedbytheIMF・ManycompanieshavefniledorhavebeenabsorbedbylargeHrms，eitherdomesticorfbreign、ＴｈｅｆａＵｏｆｅｘｃｈａｎｇｅｒａｔｅｓｏｆＡｓｉａｎｃｕnPencieshasmadethecostofsuchacquisitionsfkworablefbrfbreigncompa-

nies,aslongasthereistheprospectthattheprofltabilityoftheabsorbedcompanies willrecover・

Owingtotheseverecontraction,theAsianeconomieshavefhllenintonegative growth,andunemploymentrateshavejumped・ButThailandissaidtohavemadegreatstridestowardovercomingtheeconomicandfinancialcrisis,restoringitsexter‐ nalstrength,keepinginflationundercontrol,andlayingthebasisfbraresumptioｎｏｆ ｇｒｏｗｔｈｉｎｌ９９９．LikewiseKoreawasabletostabilizeitsexchangeandmarketinter‐ estrates,restructuretheshort-termdebtsoffinancialinstitution,andachieveasus-tainedcurrentaccountsurplus・ButowingtotheshockoftheculTencycrisisandthecreditcrunch,therealsectoriscontractingseverelymbothcountries，

MalaysiaandIndonesiafaceotherdifTicultiesinvolvingtheirpoliticsandecono‐ mies・ThefbrmerhastheconfrontationbetweenPrimeMinisterMahathirandhis

fbrmerAssistant-PrimeMmister・Anwarseemstofavorliberalism,buttheMahathir

hastriedtocontroｌｃａｐｉｔａｌＨｏｗｓａｎｄｔherateofexchange、Thegrowthratehas

slowedagreatdeal,butmanybaddebtsremainunsettled，Bycontrast,Indonesiahas notbeenabletoestablishastablepoliticalorderyet・Thecompaniesownedbythe

Suhartofamilyhavenotbeentotallydealtwith、Ｔｈｅｆｉａｍｅｗｏｒｋｏｆｔｈｅｅｃｏｎｏｍｉｃｏｒｄｅｒｈａｓｎｏｔｓｔａｂilized

TheChineseeconomyfncescompetitivepressurefiPomthefallingexchangerates inThailand,Korea,Malaysiaandlndonesia、Inevitably,therewillbemarketpres-sureontheChinesecurrency

lnthissituation，cooperationbetweenEastAsiancountriesisindispensable、Therewerealreadycallsfbrcooperationinordertostopthespreadofthecurrency crisisinThailand,becausede-fnctoeconomicintegrationwasalreadyprogressingin EastAsia・ＡｎＥＭＥＡＰ（Executives，MeetingofEastAsia-PacincCentralBanks）Governors,MeetingwasheldinJulyl997・Giventhefactthatassetpricebubblescouldhaveasignificantimpactoneconomicactivities,financialsystemhealth，and inUation,andthatexcessivevolatilityinthecurrencymarketscouldaffectthemain‐ tenanceofthemonetaryandfinancialstabilityofitsmembers，EMEAPwelcomed initiativestostrengthenthefinancialpositionofthelMFthroughaNewArrange‐ ｍｅｎｔｔｏＢｏｒｒｏｗ,andpresentedaclearplanfbrcooperationandcoordinationamong itsmember5inordertoenhancefinancialstabilityanddevelopmarketsintheAsia

PaciHcregion，InthefthceofThailand,scurrencycrisis,theEastAsiancountriesfblt

6８

KatsumiSugima

ｔｈｅｌＭＦ，sconditionalitieswastoosevere，ａｎｄｐｒｏｐｏｓｅｄａｎｅｗｐｌａｎｆｂｒａｎＡＭＦ (AsiaMonetaryFund)．ThisplanwouldembraceJapan,china,Koreaandthe ASEANcountries,ItcouldtakeonsomeofthefimctionsofthelMEbutalsohad thepotentialtoputfbrwardindependentandoriginalideas，ｓｕｃｈａｓｔｈａｔｌｏａｎｄｅｃｉ‐ sionsshouldbedonebytheconstituentcountries，orthattheconstituentcountries

shouldhavetheroleofsurveyingeachothers，economicmanagement・HowevertheIMFandtheUnitedStates,whichhasgreatinHuenceoverthelMEraisedgreat objectionstothisplanbecauseitwouldbypasstheprevailinginternationalmonetary system,ｃｅｎｔｅｒｅｄａｒｏｕｎｄｔｈｅｌＭＦａｎｄｔｈｅＵ.S､AconferenceheldｂｅｔｗｅｅｎｔｈｅＵＳ.， Japan,ASEAN,etc・heldinManila,rCjectedtheAMFplanandsetupanewsystemfbrfinancialaidwhichwouldcoopeｒａｔｅｗｉｔｈａｎｄｃｏｍｐｌｅｍｅｎｔｔｈｅｌＭＦ，

ThecurrencycrisisbeganinThailand,spreadtoEastAsia,engulfedRussia,and isnowleapingtoBraziLThus,aplantogetthecrisisundercontrolatanearlierstage usingregionalcooperationwouldhavebeenveIyrationaLButthiswasrejectedin ordertomaintainthepresentmonetarysystem，ｃｅｎｔｅｒｅｄａｒｏｕｎｄｔｈｅｌＭＦａｎｄｔｈｅ

Ｕ.S､，thusdemonstratingAmericanleadershipConsequently，thecurrencycrisis spreadandworsened、ＴｈｅＵＳ・ｔｈenrequestedthatJapanmobilizebudgetaryre-sourcestopromoterecoveringfromthefmancialcrisisandeconomicdepression、PrimeMinisterHashimotolookeddispleased，butreluctantlyagreed・Hismainplank,ofbudgetarystructuralrefbrm,wasabandonedbyhissuccessor,PrimeMinis‐ terObuchi、ＴｈｅｎｅｗｐｌａｎｋｉｓｔｏｓｔｏｐｔｈｅｅｃｏｎｏｍｉｃcrisisfiPomgettingbeyondJapan，usinglooseandrecklessbudgeting・

TheMiyazawalnitiative，ｗｈｉｃｈａｉｍｓｔｏａｃｈｉｅｖｅａｎＥａｓｔＡｓｉａｎｒecoveryand flnancialstabilization,hasbeenissuedThissupportprogramhasmadeAsianregion‐ alismintoapointofdispute、IftheplanleadstofblmalregionalCooperation,itwillinevitablyclashwithAmericanglobalism・EvenifitgainsMahathir,ssupport,thereisnopossibilityofavisionemergingwhichcontradictsJapan,sfbreignpolicy,which attachesgreatweighttoitsrelationswiththeUS・However，achievinganAsianeconomicrecoveryisanimportantelementfbrmaintainingAmericanprosperity・Asde-factoeconomicintegrationhasprogressed,economicpoliciesfbrbusinessrecovery wiUnothaveadequateefTectswithoutregionalcooperationandwithoutthecoordina‐ tionofeconomicpolicies・ｏｒiginalpolicycooperationandcollaborationinEastAsia，withintheUS.-centeredglobaleconomicpolicy,isgrowingimportant、TherefbretheUS､mustaskJapantoinitiatearecoverypolicyfbrEastAsia,fbrthesakeofitsown economy、

InNovemberl998,PresidentClmtonandPrimeMinisterObuchiissuedajoint statementsayingthattheywouldjointlylaunchanAsiangrowthandrecoveryinitia‐ tive・TheAmericanobjectiveinthisinitiativeseemstobetotakeleadershipinpolicydevelopmentsfbrtheAsianeconomicrecovery,drawingfimdfromJapan、Japan,sobjectiveseemstobetotaketheinitiativeinfbrmingregionalcoOperation,embracing arecoverypolicyfbrJapan，ｓｏｗｎｅｃｏｎｏｍｙａｓｗｅｌｌａｓｔｈｅｉｎｔｅｒｎａｔionalizationofthe yen・Generallyspeaking,Japan，scontributionstoEastAsiawillflrstincreaseeffec‐

tivedemandintheregion,andsecondhelptofacilitatethesolutionoftheheavydebt burdensofcorporationsbyacceleratingthepaceofcorporateandbankrestructuring intheregion・Butinordertoenhancesuchregionaleffbcts,fimdexpendituresshouldbelimitedtocompaniesbasedwithintheregion，especiallyinJapan，andmoney shouldnotbetransmittedtospeculativecorporationsthroughAsianbankers．

6９

Amencan`Globalism，ａｎｄAsian`RegioIualism，ｉｎｔｈｃＡｇｃｏ｢TransIbrmationoftheWorldSystem

EssentialtothiseffbrttorevitalizeEastAsia,sprivatesectoristheneedtoensurethat

assistancefimdsremainthereCapitalliberalizationhaspromoｔｅｄｉｎＨｏｗａｎｄｏｕｔ‐

Howofenormousamountsofmoney・Itiscertainlypossibletoutilizethesemove‐

mentsofshort-termmoneyifeachcountrycanmaintainliquidityinitsaccounts・ButEastAsiancountrieshaverecognizedthatshort-termmoneyflowshaveampliHed theirflnancialdifYlculties・Accordingly,theyaretendingtoftlvorcontrolsoninter‐nationalmovementsofshort-termloans・Ifthispolicyisimplementedaspartofthe

region,seconomicrecoveryplan,itwillgivesatisftuctoryresults，throughwhichre‐ gionalcooperationandcollaborationmayresultinsomediscriminatoryregulations againstotherareas・TheMiyazawalnitiativemayproduceefficientresults，ｂｕｔｉｔｍａｙａｌｓｏｃａｕｓｅｎｅｗｐｒｏｂｌｅｍｓｖｉs-a-visAmericanglobalism、

Japan'scontributionstoEastAsiarequested,asrequestedbytheUnitedStates， mayaccelerateregionalisminEastAsiabyrevitalizingtheAsianeconomies，Itmay bearegionalcooperationunderAmericanglobalism，andthusdiffbrentfromthe regionalblocksofthel930s・Buttheconceptsfbracourseofactionfbrregionalismhaveyettobeestablished，becausethestatesarecompetinghardwitheachother economically，andthewealthiest，Japan，cannotdisplayideologicalandpolitical leadershipbecauseofitspasLTherefbre,promotingEastAsianregionalismonthe baseofstatesisextremelydifficult．

4．RegionalisznThroughtheDimensionofLocalSocieties

Myconclusionisthatweshouldrecognizeregionalismbasedonthefimdamental principleofprivateintemationalrelations,becausefbrmalregionalismbasedonstate policieswillbeextremelydifficult、Theseprivaterelationsshouldembracenotonlycommercialrelationsbasedontheinternationalmarketorder,butalsonon-market

relationsbasedonwelfareandenvironmentalprinciples、Moreover,wecancombinemarketrelationswithnon-marketrelationsincommercialtransactions,fbrexample，

onconditionthattheyrealizetheprinciplesofwelfareandenvironment・Thisideaisnotinoppositiontoliberalism,butthemarketissituatedindiffbrent

dimensionsfromthesocialprinciplessuchaswelmreandenvironment・Intheglobal

system,thepriorityofthecenteroftheworldsystemshouldbemarketprinciples,and thatoftheperipheryoftheworldsystem，localsociety・Ａｔｔhesemi-periphery，inplacessuchasthedevelopingcountriesofEastAsia,statesshouldsupplyadjustment mecbanisms・

Thisproposalisfbraregionalismwhichdoesnotseekhegemony，Itisnota closedregionalismcontrａｒｙｔｏｇｌｏｂａｌｉｓｍｌｔｉｓｎｏｔａｆｂｒｍａｌｉｎternationalorganiza‐ tionbutamovementtowardgeneralprinciplesofwelfareandenvironment・From

thisviewpoint,theinternationalizationoftheyenisnotanimportantobjective、Themonetaryandbudgetarypoliciesofstates,andtheirsafetynets,arenotcriticaltothis regionalismWeshouldachievewelfareandenvironmentprinciplesinlocalsocieties， basedontraditionalorrefbrmedwaｙｓｏｆｌｉ化．Economicdifficultiesshouldbesolved

throughfi･eecommunicationsbetweenlocalsocieties．

7０