CONTENTS -- Preface -- Acknowledgments -- List of Contributors -- Introduction -- Part I Crises 1990-2010 -- Chapter 1 Asian Currency and Financial Crises in the 1990s Steven Rosefielde and Assaf Razin -- 1.1. Japan's Financial Crisis: The Lost 1990s and Beyond -- 1.2. The 1997 Asian Financial Crisis and Out of Region Spillovers -- 1.3. Prevention -- References -- Chapter 2 The 2008-2009 Global Crisis Steven Rosefielde and Assaf Razin -- 2.1. Prevention -- 2.2. The 2008 Financial Crisis and Subsequent Great Recession -- 2.3. The Shock Wave -- 2.4. Duty to Prevent -- References -- Chapter 3 Crisis in Transitioning Countries Yoji Koyama -- 3.1. Introduction -- 3.2. Characteristics of the Economies of the Western Balkans and Impact of the Global Financial Crisis on them -- 3.2.1. Characteristics of the economies of the Western Balkans -- 3.2.2. Impact of the global financial crisis on the Western Balkans -- 3.3. Impact of the Global Financial Crisis on Croatia -- 3.3.1. Impact of the global financial crisis -- 3.3.2. Responses by the government -- 3.4. The Croatian Economy after the Regimes Change -- 3.4.1. Developments in politics -- 3.4.2. Dominance of neo-liberal doctrines -- 3.4.3. Program for economic stabilization -- 3.4.4. Escape from the recession in 1999 -- 3.4.5. Changes in industrial structure, agriculture and de-industrialization -- 3.5. A Chronic Current Account Deficit -- 3.5.1. Economic recovery program -- 3.6. Conclusion -- References -- Periodicals -- Chapter 4 PIIGS Steven Rosefielde and Assaf Razin -- 4.1. Supranationalism -- 4.2. Road to EU Monetary Union (EMU) -- 4.3. Eurozone Trilemma -- 4.4. PIIGS Predicament -- 4.5. Competitive Asymmetries -- 4.6. Social Democratic Culture -- 4.7. PIIGS in Crisis -- 4.8. What Can Be Done? -- 4.9. What Will Be Done? -- 4.10. Survival -- 4.11. EU Supranationality: Net Assessment -- References.

Chapter 5 Global Default Steven Rosefielde and Daniel Quinn Mills -- Part II Prevention -- Chapter 6 Prevention and Counter-measures Torbjörn Becker -- 6.1. Introduction -- 6.2. Economic Performance in the Crisis -- 6.2.1. Income levels rather than growth rates matter -- 6.3. Crisis Prevention Strategies -- 6.3.1. Lessons from the past -- 6.3.2. How did early warnings and crisis prevention measures correlate with economic performance in the crisis? -- 6.3.2.1. Early warning indicators - macro outcomes -- 6.3.2.2. Policy choices -- 6.3.2.3. Country insurance -- 6.3.2.4. Summary of indicators and output performance -- 6.4. Crisis Management Strategies -- 6.4.1. Lessons from the past -- 6.4.2. Domestic responses -- 6.4.3. International community's response -- 6.5. Conclusions and Lessons for the Future -- Acknowledgments -- References -- Appendix -- Part III Threats and Deterrents -- Chapter 7 Global Imbalances Huan Zhou and Steven Rosefielde -- References -- Chapter 8 Chinese Protectionism Jonathan Leightner -- 8.1. Introduction -- 8.2. China's Export Driven Growth Model of the Recent Past1 -- 8.3. Reforms Needed for a Chinese Consumption Growth Model -- 8.4. A Potential Crisis from International Capital Flows -- 8.5. What China Could do to the U.S. with Its Foreign Currency Reserves -- 8.6. Conclusion -- References -- Chapter 9 China's Economic Future Akio Kawato -- 9.1. The Negative Factors in the Chinese Economy -- 9.2. Does China Possess Conditions for Sustained Growth in the Light of the British Experience of Industrialization? -- 9.3. Bloated Government - China's Imperial and Socialist Legacies -- 9.4. How Long Will Deng Xiaoping's Magic - Beijing Consensus Helped by Foreign Capital - Hold? -- 9.5. Muddling Through Instead of a Catastrophe -- Chapter 10 Optimal Asian Dollar Surplus Eric Fisher -- 10.1. Introduction -- 10.2. China's Dollar Surplus.

10.3. The Model and its Equilibrium -- 10.3.1. Agents, preferences, and endowments -- 10.3.2. The consumer's problem, government policy, and equilibrium -- 10.3.3. Properties of equilibrium -- 10.4. Creation of International Reserves -- 10.4.1. A complete description of equilibrium -- 10.4.2. Bargaining over the division of seigniorage -- 10.4.3. How general is this example? -- 10.5. Conclusion -- References -- Chapter 11 Toward an East Asian Economic Community Yun Chen and Ken Morita -- 11.1. Introduction -- 11.1.1. East Asian Community: purpose -- 11.1.2. Nation states: functions and shortcomings -- 11.1.3. The Imperative of regional communities -- 11.1.4. Regional community: viability -- 11.1.5. Regional community: primacy of peace -- 11.2. EU and NATO: Foundations for Peace -- 11.3. The " Okinawa Plan": Toward the East Asian Community -- 11.3.1. Collective security pact: platform for building the East Asian Community -- 11.3.2. Reconciliation -- 11.3.3. Okinawan prosperity -- 11.3.4. Completion of Japan's modernization -- 11.3.5. East Asian Community: order and leadership -- 11.3.5.1. From cold war to regional harmony -- 11.3.5.2. The America dimension and new global leadership -- 11.3.6. American military withdrawal from East Asia -- 11.4. Concluding Remarks -- 11.4.1. Bumps in the road -- 11.4.2. Value of idealism -- References -- Chapter 12 Asian Union Steven Rosefielde, Jong-Rong Chen and Masumi Hakogi -- 12.1. Empty Promises -- 12.2. Pitfalls -- 12.3. Asian Cultural and Material Disparities -- 12.4. Prevention -- Chapter 13 Buddhist Crisis Prevention and Management Teerana Bhongmakapat -- 13.1. Introduction -- 13.2. The Macroeconomic Approach to Crisis Management in Thailand -- 13.3. The Crisis' Aftermath and Persistent Indebtedness -- 13.4. Buddhist Sufficiency Strategy -- 13.5. Crisis and Mind Development -- 13.6. Conclusion -- References.

Prospects Steven Rosefielde -- Index.