Post-COVID Asia: Deglobalization, Fourth Industrial Revolution, and Sustainable Development

2021·3.11 MB·english

by  Hyun-Hoon Lee and Donghyun Park

“This insightful and timely book deals with the formidable post-
COVID challenges facing Asia. The fresh perspective of two
prominent Asian economists outlines the critical challenge of
achieving sustainable development at a time of growing
deglobalization pressures. The book is well written and offers
illuminating case studies as well as constructive, concrete guidance
for a better future. It is essential reading for policy-makers, scholars,
and practitioners.”
Joshua Aizenman
Robert R. and Katheryn A. Dockson Chair in Economics and
International Relations and Professor of International Relations and
Economics
University of Southern California
“The though-provoking book by Professor Lee and Dr Park takes a
strategic geopolitical look at Asia, its place in the world, and its
prospects at a time of ever-accelerating digital transformation amid
the unprecedented global shock of the COVID-19 pandemic. Their
timely book offers Asia a clear blueprint for coping with game-
changing trends such as deglobalization (a trend likely reinforced by
COVID-19) and the Fourth Industrial Revolution. Against this
turbulent background, the authors examine how the region can
address the global challenge of climate change and the related
imperative of sustainable development. This book is a must-read for
all strategic thinkers interested in the most transformative forces
shaping the Pale Blue Dot we all share!”
Erkko Autio
Professor in Technology Venturing and Entrepreneurship
Imperial College London
“COVID-19 changes everything, or so it is said. In this important
book, Lee and Park ask how it will change the global economic
landscape and how Asian countries should respond. New thinking
about the effects of the pandemic is crucial, and the authors are
quick off the mark.”
Barry Eichengreen
George C. Pardee Professor of Economics and Political Science
University of California, Berkeley
“This important contribution by Professor Lee and Dr Park explores
how Asian economies can prosper in the post-COVID world.
Deglobalization is a serious concern for the region. However, if Asian
economies assume a leading role in the Fourth Industrial Revolution,
they can bring about a Pax Asiana that will benefit not only Asia but
the whole world. The authors’ views may challenge conventional
wisdom, but they nevertheless provide a plausible blueprint for
Asia’s sustainable development in these troubling times.”
Shin-ichi Fukuda
Professor, Economics Department
University of Tokyo
“Hyun-Hoon Lee and Donghyun Park present a comprehensive,
credible, and forward-looking examination of the global and regional
implications of the pandemic. They advance a wide range of policy
options to take advantage of the opportunities brought by the
pandemic. Their book is a valuable reference for policy-makers,
academics, and general readers who would like to better understand
the post-COVID world economic challenges and what they mean for
Asia.”
M. Ayhan Kose
Director, Prospects Group, Equitable Growth,
Finance and Institutions
World Bank Group
“COVID-19 has profound ramifications for Asia and the world. The
pandemic is likely to accelerate deglobalization, which is bad news
for a region that benefited hugely from globalization. However, Lee
and Park argue that Asian countries can turn this daunting crisis into
promising opportunities. To do so, they must further strengthen their
economic links with each other while keeping their doors open to the
wider world. In addition, they will have to be leaders, not just
bystanders, of the Fourth Industrial Revolution, which is reshaping
the global technological landscape. Working closely together, Asian
countries can spearhead a new golden age of globalization. If
successful, they have every chance of leading the global fight
against climate change, poverty, and other challenges to achieve
sustainable development and prosperity in the post-COVID-19
world.”
Justin Yifu Lin
Dean, Institute of New Structural Economics, Peking University
Former Chief Economist, The World Bank
“A timely and comprehensive account of the challenges and
opportunities facing Asia in these uncertain times. This book is a
must-read for anyone pondering the critical choices Asia must make
to adjust to COVID-19, ride the next wave of globalization, take
advantage of new technologies, and invest in the livelihood of its
people. It is time for Asia to be in the driver’s seat and Hyun-Hoon
Lee and Donghyun Park lay out how.”
Changyong Rhee
Director of the Asia and Pacific Department,
International Monetary Fund
Former Chief Economist, Asian Development Bank
“This perceptive and illuminating book by Professor Lee and Dr Park
takes an in-depth look at the challenges and opportunities facing
Asia in the post-COVID world. The risk of deglobalization, which has
been heightened significantly since the outbreak of the pandemic,
poses a major threat to Asia’s economic success. However, the on-
going Fourth Industrial Revolution will give rise to a new, more digital
wave of globalization, which offers plenty of exciting opportunities.
The authors make a cogent case that Asian countries are fully
capable of leveraging the new opportunities to achieve sustainable
development. But to do so, they must assume a stronger leadership
role on the global stage.”
Yasuyuki Sawada
Chief Economist
Asian Development Bank
Post-COVID Asia
Deglobalization, Fourth Industrial Revolution,
and Sustainable Development
Post-COVID Asia
Deglobalization, Fourth Industrial Revolution,
and Sustainable Development

Hyun-Hoon Lee
Kangwon National University, South Korea
Donghyun Park
Asian Development Bank, Philippines
Published by
World Scientific Publishing Co. Pte. Ltd.
5 Toh Tuck Link, Singapore 596224
USA office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601
UK office: 57 Shelton Street, Covent Garden, London WC2H 9HE

Library of Congress Cataloging-in-Publication Data
Names: Yi, Hyŏn-hun, 1959– author. | Park, Donghyun, author.
Title: Post-COVID Asia : deglobalization, fourth industrial revolution, and
sustainable development / Hyun-Hoon Lee, Kangwon National University, South
Korea, Donghyun Park, Asian Development Bank, Philippines.
Description: Singapore ; Hackensack, NJ : World Scientific, [2021] | Includes
bibliographical references and index.
Identifiers: LCCN 2020042484 (print) | LCCN 2020042485 (ebook) | ISBN
9789811228971 (hardcover) | ISBN 9789811230233 (paperback) | ISBN
9789811228988 (ebook) | ISBN 9789811228995 (ebook other)
Subjects: LCSH: COVID-19 (Disease)--Economic aspects--Asia. | Globalization--
Asia. | Asia--Economic conditions--21st century | Asia--Economic policy--21st
century.
Classification: LCC HC412 .Y54 2021 (print) | LCC HC412 (ebook) | DDC 330.95--
dc23
LC record available at https://lccn.loc.gov/2020042484
LC ebook record available at https://lccn.loc.gov/2020042485

British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.

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