The Pacific Rim: Investment, Development, and Trade

The Pacific Rim: Investment, Development, and Trade

The Pacific Rim: Investment, Development, and Trade

The Pacific Rim: Investment, Development, and Trade

Synopsis

As the importance of the Pacific Rim as a global centre of large-scale investment, development, and trade continues to increase, so do the potential benefits that Canada and other countries could reap as a result of an increased presence in this diverse region. This book, a revised, and to a large extent new, version of The Pacific Rim: Investment, Development, and Trade (1987), integrates a broad range of current economic data concerning the Pacific Rim with some of the more important theoretical issues in the area of economic development and trade. It demonstrates the paradoxical combination of strength and fragility that characterizes the emerging integrated Pacific Rim economy and attempts to clarify the nature of the framework and constraints that face foreign investors and trading partners.

Excerpt

Peter N. Nemetz

One of the world's most diverse geographic areas, the Asia-Pacific, has been transformed within the last two decades into a global centre of large-scale investment, development, and trade. Manifesting a remarkable diversity of area, population, and wealth (see Table 1), the twenty-six countries that comprise this region can be divided into at least seven distinct national subgroupings: Oceana, ASEAN, the newly industrializing states (NICs), Japan, island states, the People's Republic of China, and four smaller independent communist countries -- Kampuchea, Laos, North Korea, and Vietnam. The economic vitality of the Pacific Rim is demonstrated by the dramatic increase in gross domestic product, trade, and industrial activity characteristic of the regions' twelve most prominent nations (see Tables 2, 3, and 4).

With average growth in both Gross Domestic Product (GDP) and GDP per capita well in excess of the world's market economies (UN [1988], 1985/6 Statistical Yearbook: 10-11), the Asia-Pacific bloc is viewed by many investors as an engine of growth that will play a major role in sustaining continued global economic expansion. Because of its blend of plentiful and increasingly sophisticated labour force, capacity for technological innovation, and extensive resource base, this vast and diverse region is expected to be an indispensable source of primary commodities and manufactures for the developed world as well as an . . .

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