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This paper treats the upswing of HPAEs and the resulting socio-economic effects Crisis and new order of Asian economies are described all according to the socio-political approach of NFligstein Table of Contents 1 Introduction1 11 Problem statement1 12 Outline1 2 The field of world economic relations2 21 Defining the field2 22 Political culture of the field2 3 The emergence of Asia challengers or invaders4 31 Japans economic miracle4 32 Overthrowing technologies4 33 Status of Japan in the field of the world economy5 34 Flying geese approach to the East-Asian miracle5 4 The Asian crisis and after9 41 Asian crisis9 42 Impact of the Asian crisis on world economic relations9 43 After the crisis more cooperation10 44 China and the future10 5 Conclusion12 References13 1 Introduction 11 Problem statement The economic surge of Japan and several other Asian countries after the Second World War was a surprise to many but once awake these countries seemed ready to take over the world The countries in focus named High-Performance Asian Economies HPAEs are Japan Singapore Hong Kong Taiwan South Korea Indonesia Thailand and Malaysia HPAEs indeed tried to join the incumbents in the field of world economic order and western economies felt threatened ever since Japanese growth rates first surpassed theirs According to the theory of fields the challengers test the incumbents by imitation One can wonder if this was indeed the case with the Asian miracle Did these countries attempt to adopt the western model of capitalism Furthermore it is interesting to ask why they were not able to cling to their economic success and why they were not able to reproduce their newly acquired position in the field and could continue to increase their newfound economic power Finally future prospects concerning this topic might be interesting to examine 12 Outline First the field of world economic relations and its culture are defined Then the growth success of Japan and smaller HPAEs
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