By Kristina Jonsson, Catarina Kinnvall
Globalization is a defining function of our occasions, protecting every little thing from monetary and political concerns to the unfold of yankee tradition. Its prestige is debatable, even if with a few viewing it as resulting in larger improvement for all, whereas others see it as a hazard to nationwide cultures and democratic political existence. This ebook indicates how simplified such binary perspectives are, and examines how numerous globalizing forces have affected Asian societies. It discusses the connection among globalization, id and democratic advancements in Asia either theoretically and empirically, and goals to appreciate how financial, political and social forces engage and are at the same time strengthened in Asian societies.
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Additional resources for Globalization and Democratization in Asia: The Construction of Identity
Beijing was in a position to do this not only because it had large foreign exchange reserves, but also because its large internal market made it less dependent on international cyclical dynamics. Moreover, Beijing did not wish to jeopardize the “peg” of Hong Kong currency to the US dollar so near the time of retrocession (July 1, 1997). So China became what US Treasury Secretary Robert Rubin called an “island of stability” in Asia. The result was that Washington for the first time worked in tandem with China rather than Japan in a major economic crisis.
The realm of ultimate values has typically been excepted, in part to preserve indigenous cultural traditions, partly in deference to the interests of political and social élites. The result has been a distinctively Asian hybrid of pellmell economic globalization and political-cultural exceptionalism. This hybrid approach has been formulated in different ways, from the “Chinese learning as the core [ti], Western learning as applied method [yong]" of China’s “selfstrengtheners” at the end of the nineteenth century, to Mahathir’s endorsement of “Asian values” in the 1990s.
Meanwhile, in Thailand, Samprasong Land, a finance company burdened by large, bad real estate loans, missed its February deadline for payment on its foreign debt. The Thai government was expected to step in with a rescue package, but after promising to do so on March 10, it reneged, leading to the collapse of Samprasong and thence to the bankruptcy of Thailand’s largest finance company, Finance One, on May 23. After repeated assurances that the baht would not be devalued, on July 2 the Bank of Thailand announced it would allow it to float, and the baht promptly lost a third of its value.