Comments on: East Asia and the new world economic order http://www.eastasiaforum.org/2009/04/05/east-asia-and-the-new-world-economic-order/ Economics, Politics and Public Policy in East Asia and the Pacific Sun, 12 Feb 2012 22:50:38 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Lincoln Fenghttp://www.eastasiaforum.org/2009/04/05/east-asia-and-the-new-world-economic-order/comment-page-1/#comment-22937 Lincoln Feng Tue, 21 Apr 2009 00:28:20 +0000 http://www.eastasiaforum.org/?p=3324#comment-22937 I would like also to add that while the increase in funds to IMF should be welcomed, whether the IMF can play an effective and constructive role in dealing with real or potential world financial or economic problems is a open question. One should not forget during the second half of the 1990's when the Asian financial crisis occurred, I remember that many people including many eminent economists critised IMF's policy precriptions to some if all those Asian economies that received its "help". Although its "help" provided some international credit/currency to those countries, its policy requirements for those countries were deemed detrimental rather than helpful to those economies. Have they learnt those lessons and are now growing more capable to get things right? That is everyone's wait to see. I would like also to add that while the increase in funds to IMF should be welcomed, whether the IMF can play an effective and constructive role in dealing with real or potential world financial or economic problems is a open question. One should not forget during the second half of the 1990′s when the Asian financial crisis occurred, I remember that many people including many eminent economists critised IMF’s policy precriptions to some if all those Asian economies that received its “help”. Although its “help” provided some international credit/currency to those countries, its policy requirements for those countries were deemed detrimental rather than helpful to those economies. Have they learnt those lessons and are now growing more capable to get things right? That is everyone’s wait to see.

]]> By: Lincoln Fenghttp://www.eastasiaforum.org/2009/04/05/east-asia-and-the-new-world-economic-order/comment-page-1/#comment-22936 Lincoln Feng Tue, 21 Apr 2009 00:17:29 +0000 http://www.eastasiaforum.org/?p=3324#comment-22936 Undoutedly the London G20 is a manefistation of the current world reality and an important historic step in shaping a new world economic order. It also contributed to addressing the current quasi depressional financial and economic crisis. No one should deny ththem and enough credit should be given to those who contributed to the process. It, however, maybe a little premature or too early to assess its achievements in dealing with the current crisis. As I read from the media and commentators, it seemed that apart from a real increase of funds to the IMF and other similar organisations, few additional and new committment were made, either fiscal or monetary and all appeared to be recycling what had already been anounced before. As to the agreement to meet again before the end of the year, different interpretations could be made, depending on how one wishs to see it, similar like half empty versus half full perspectives. The article provides one interpretation. One could also interpret that as it reflected the failure or its unfinished business (while it should have done it) of the G20 meeitn and it has to reconvene and rescue from its failure. undoutedly, there can be other interpretations too. Undoutedly the London G20 is a manefistation of the current world reality and an important historic step in shaping a new world economic order. It also contributed to addressing the current quasi depressional financial and economic crisis. No one should deny ththem and enough credit should be given to those who contributed to the process.
It, however, maybe a little premature or too early to assess its achievements in dealing with the current crisis. As I read from the media and commentators, it seemed that apart from a real increase of funds to the IMF and other similar organisations, few additional and new committment were made, either fiscal or monetary and all appeared to be recycling what had already been anounced before. As to the agreement to meet again before the end of the year, different interpretations could be made, depending on how one wishs to see it, similar like half empty versus half full perspectives. The article provides one interpretation. One could also interpret that as it reflected the failure or its unfinished business (while it should have done it) of the G20 meeitn and it has to reconvene and rescue from its failure. undoutedly, there can be other interpretations too.

]]> By: Richard Feinberghttp://www.eastasiaforum.org/2009/04/05/east-asia-and-the-new-world-economic-order/comment-page-1/#comment-18908 Richard Feinberg Sun, 05 Apr 2009 21:49:13 +0000 http://www.eastasiaforum.org/?p=3324#comment-18908 Hadi and Peter - Excellent article! You capture the exciting spirit of the times, and inform on the various roles played by the East Asia players. You may want to say more about the Australian role; I had the good fortune to share a luncheon with PM Rudd in DC last week, where his wit and intellect were in full bloom. Cheers, Richard Feinberg Hadi and Peter – Excellent article! You capture the exciting spirit of the times, and inform on the various roles played by the East Asia players. You may want to say more about the Australian role; I had the good fortune to share a luncheon with PM Rudd in DC last week, where his wit and intellect were in full bloom.

Cheers,
Richard Feinberg

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