Towards a common future : understanding growth, sustainability in the Asia-Pacific Region PDF
Preview Towards a common future : understanding growth, sustainability in the Asia-Pacific Region
S D R A W O N T O M M O C A E R U F U T G r o w t h , USAnu dss iteaar-isPnt aaa cbniidfil iictn yRg ieng ti oh ne EAdMriYituneandds ui ambsmyh K iB Suaumnziakurk Bi a r a i Towards A Common Future Arindam Banik • Munim Kumar Barai Yasushi Suzuki Editors Towards A Common Future Understanding Growth, Sustainability in the Asia-Pacific Region Editors Arindam Banik Munim Kumar Barai International Management Institute Ritsumeikan Asia Pacific University Kolkata, India Beppu, Oita, Japan Yasushi Suzuki Ritsumeikan Asia Pacific University Beppu, Oita, Japan ISBN 978-981-10-5591-1 ISBN 978-981-10-5592-8 (eBook) DOI 10.1007/978-981-10-5592-8 Library of Congress Control Number: 2017952341 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © Bet_Noire / Getty Images Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21- 01/04 Gateway East, Singapore 189721, Singapore Dedicated to The Late Jyotsna and the Late Ram Gopal Banik Yogmaya and the Late Narayan Chandra Barai Hiroko and the Late Hiroshi Suzuki P a reface and cknowledgments Countries in the Asia-Pacific Region (APR) are passing through a historic but critical moment. The moment is historic because of the promise of a future world order, which they are shaping and might dominate. At the same time, the moment is also critical as some challenges are emerging relating to disputed or contested issues, which are not only dividing them but also posing a threat to regional and global peace. In fact, each of the problems has the potential to derail any Asian convergence to a common cause in the near future. But a more powerful and threatening possibility is emerging in the Asian theatre as well. It seems to be taking the classical shape of a tussle between a declining world power and a rising power, cur- rently reflected in the confrontation revolving around the South China Sea. That may end up in a full-blown conflict drawing in many countries from the region and outside. But having a common future of sustainable development and engaging the members in the region toward achieving such a future will be the most desirable outcome for the APR. This is the future goal for which they all can work together. The framework of that future sustainable development should be designed to get rid of poverty, reduce income and social inequal- ity, achieve modernity and protect the environment to save the future of humanity. To reach these objectives, we need to understand the various growth and sustainability issues of different countries in the region. While tremendous progress in both economic growth and development is taking place in the APR, each of the countries in the region has, however, been facing challenges in the quest for sustainable development. Arguably, sustainable development in the region may be critical to achieving sustainable vii viii PREFACE AND ACKNOWLEDGMENTS development at the global level as well. With a limited mandate, this book proposes to cover some specific growth and developmental issues of “the hot spots” of the APR that are regarded as contributing to sustainable devel- opment in respective areas. This book also looks at the formation and strengthening of some of the economic and financial initiatives that are likely to affect growth and influence economic cooperation and integration of the APR countries. Looking back, we find that the idea of writing a book about the APR was first discussed between the editors when they participated in the annual Asia Pacific Conference at the Ritsumeikan Asia Pacific University (APU) in November 2014. The feasibility of such an academic endeavour was then discussed with other scholars of different organisations in various parts of the world. The biggest encouragement for such a venture came from noted academics of Japan, India, China, the USA, South Korea, Australia and Indonesia. At the individual level, we have to mention Professor A. Mani of the APU who consented to be the reviewer of the proposal we first submitted to Palgrave Macmillan, UK. We are deeply grateful to Professor Mani for his valuable intellectual guidance needed to proceed with the idea for this book. His active attention and advice helped us to shape the desirable scope of the book that the publisher agreed to accept. At the same time, we must express our sincere gratitude to Palgrave Macmillan for agreeing to publish this book. We would like to express our appreciation to many other scholars and organisations who have assisted us in going forward with the book proj- ect. Among the scholars, we would like to mention Professor Toshitsugu Otake, Dean of Graduate School of Management of APU and Professor Yokoyama Kenji, former Dean of the same institute, for their continuous encouragement to complete academic projects including the present one. Special thanks are due to Professor Bidyut K Saha of Kyushu University, Japan, Professor A.A. K Majumdar of APU, Professor Badar Alam Iqbal of Aligarh Muslim University (AMU), India and Professor Rabi N Kar, Principal, Shyam Lal College of Delhi University, India for their inspira- tion, insightful advice and observations, which have contributed to mak- ing our project successful. Likewise, both the Ritsumeikan Asia Pacific University (APU) of Japan and International Management Institute (IMI) of Kolkata, India deserve special mention. One of the editors received a small APU research grant to pursue research on the economic relationship PREFACE AND ACKNOWLEDGMENT S ix between Japan and India. He wants to acknowledge that the fund has indirectly helped the book project as a by-product article of that research subsidy has been included in the book. The International Management Institute, Kolkata has been generous in offering logistical support to complete the book. The editors are grateful to Mr Subir Saha of R P Sajiv Goenka Group, Mr Dipankar Das Gupta, Mrs Meher Khan, Mr Dinesh Upadhyay, Mr Mayukh Mitra, Mr Santu Kar and Ms Ahaana Mahanty, all of who provided invaluable support in the preparation of the manuscript. We thank Mrs Rajashri Chatterjee for her editorial support. The editors would like to extend special thanks to three distinguished professors for their quick response to our SOS when some of the academ- ics could not fulfil their promise to contribute. Without the contribution of Professor Kar-yiu Wong of the Washington University of USA, Professor Chung Mo Koo of the Kangwon National University of South Korea and Professor Imad Moosa of the Royal Melbourne Institute of Technology, Australia, this book may not have had its present shape. We are also grate- ful to all other contributors to the volume, as their contributions have made this book possible. Finally, the first editor would like to thank his wife Mousumi and son Amitayus for their continuous support and inspiration to come up with the fresh ideas while working. The second editor would like to thank his wife Shashwati, daughter Sharanya and son Shambo for their regular t olerance of not giving enough time for their causes due to his huge com- mitment to this book project. The third editor expresses his thanks to his wife Akiko for her encouragement and fresh sense of perspective which helped to complete this book. c ontents Part I Introduction 1 1 Introduction 3 Arindam Banik and Munim Kumar Barai Part II China: How Dragon Creates a New Paradigm of Development 19 2 China’s ‘New Normal’: Explaining China’s Economic Development from Institutional and Marxian Perspectives 21 Yasushi Suzuki and Mohammad Dulal Miah 3 Opening Up and Unbalanced Development in the Chinese Regions: Theoretical Thinking and Some Empirical Evidence 43 Yanqing Jiang 4 The “Belt and Road” Initiative and Economic Integration 59 Kar-yiu Wong xi xii CONTENTS Part III India: Elephant Rises at Last 87 5 Is India Key to Asian Financial Integration? 89 Paramita Mukherjee 6 A Sustainable Business Model: Experiences of Indian Micro Enterprises 107 Rabi N. Kar, Minakshi Kar, and Amrita Kaur 7 Creation of Shared Values by Indian Enterprises 121 Vijay Kumar Kaul Part IV Japan: A Perplexing Future 137 8 The Two Asian Paths of Prosperity and Stagnation: Japan and India 139 Sahana Roy Chowdhury 9 India-Japan Cultural Distance on the Mottainai Ethics 155 Yasushi Suzuki and Rabi N. Kar 10 Economic Interdependence of Japan and China: An Understanding 171 Munim Kumar Barai Part V Asian Parallels: Putting Asian Economies in Perspective 199 11 The Korean Economy: Creating Space Between China and Japan 201 Chung Mo Koo
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