Development Issues: Asia and the World

John West -- jwest@adbi.org <mailto:jwest@adbi.org> Sophia University, Faculty of Liberal Arts Course description
Asia has experienced a virtual economic miracle these past six decades. Rapid economic development began with Japan, then spread to Hong Kong, Korea, Singapore and Taiwan, before expanding to the ASEAN group, China and India. People's lives have been greatly improved through reductions in poverty. But Asia is still home to the world's largest number of poor people. At the same time, Asia's development model has reached a turning point. Following the Global Financial Crisis, it may no longer be able to rely on strong demand from the US. And the past pattern of development has led to widening gaps between rich and poor, and created much environmental damage. In the immediate future, Asia needs to "re-balance" its development. Looking ahead to the longer term, the region has the potential to realize the much-heralded "Asian Century". But this is not pre-ordained. Many challenges lie ahead. This course will use modern economic development theory to examine the past pattern of Asian economic development, and to explore the challenges and opportunities for Asia's continued development. References Economic Development by Michael Todaro and Stephen Smith. There is no need to buy this book. It is available for consultation in the library.

-1-

Internet-based references will be provided during the course. A package of basic references will be made available closer to the beginning of the course. Pre-requisites Basic background in economics. Grading Assignments -- 40%. Final exam-- 40%. Course outline: 1. Introduction to Economic Development. What is development? Development versus economic growth. Poverty reduction. Inclusive growth. Why development matters. 2. State of Development in Asia. Poverty in Asia. Millennium Development Goals. rights. Gender issues. Indigenous peoples.

Class presentation and attendance -- 20%.

The state of human

3. Process of Economic Development in Asia. Different models of economic development. Explaining Asia's miracle. 4. Urbanization and Structural Change Rural-urban migration. The urban informal sector. agricultural sector.

The role of the

5. Trade and Investment in Manufactures Asia's regional production networks. How to climb the value chain and maximize the benefits of the supply chain. 6. Trade and Investment in Natural Resources The risk of the curse of natural resources. How to balance protecting the environment and developing natural resources.
-2-

7. "South-South" Trade and Investment. Can China and other developing countries replace the US and EU as development locomotives? What are the risks? 8. Portfolio capital and Development. What are the pros and cons of portfolio capital? Asian Financial Crisis of 1997-98. 9. Role of Official Development Assistance Does ODA work? What can non-governmental organizations play? 10. Technology and Development Climbing the technology ladder. Frugal innovation. Role of biotechnology and information technology. Role of social networking. 11. Environment and Development How to adapt to climate change? Should Developing Asia contribute to climate change mitigation efforts? 12. Culture and Development Does culture matter for development? Protestant work ethic. Confucian capitalism. Cultural values like education, risk-taking or group harmony. 13. Regional Co-operation Role of ASEAN, APEC, etc. What are the lessons from the EU or NAFTA? Should Asia create an "Asian Economic Community"? 14. Globalization and Development Opportunities and risks of globalization. Experience of the Global Financial Crisis of 2008-2011. 15. Asia 2050 What does Asia need to do to realize the promise of the "Asia Century"? 16. Revision and Preparation for Final Exam

-3-