Globalizing Asia: Towards a New Development Paradigm

Asia is a rising leader in the international political and economic system. Japan plus the Four Dragons, Five Tigers and two potential world economic powers — they all positively describe Asia. Yet Asia is also identified with “orientalism,” Asian values, and the Pacific way. The economic crisis in 1997 challenged the multiple Asias and its various cultural and religious traditions to conform to global standards through structural adjustment programs. The crisis functioned as a test bed of the market, state, and culture approach to Asian development. However, the negative impacts of top-down economic globalization have shown us that the structural adjustment programs end with social dissolution, political decay, and economic stagnation. Given this, this article suggests, tentatively, an alternative development paradigm for globalizing Asia: the “stakeholder model” of capitalism. This model highlights the critical role of NGOs in committing themselves to the organized interests of the people as public goods.