As the recent financial turmoil swept the globe, the world's emerging economies braced themselves, with memories of the 1997 Asian financial crisis still fresh in everyone's mind. But this time, despite a few bumps and bruises along the way, Asia's up-and-coming economies weathered the storm far better than the U.S. economy did. How did they pull off this feat? Part of the answer lies in diversification: Where these nations were once heavily dependent on exporting to the U.S., they have branched out and deepened trade relationships with each other. Huge supply chains have formed in support of Chinese manufacturing; growth in both China and India has opened vast markets for components and consumer goods. What are the new patterns of innovation and investment flow? What is Japan's role in defining the region's economy? What are the rivalries, opportunities and geopolitical changes sweeping through nations such as Thailand, Malaysia, Vietnam, South Korea and Singapore?
Editorial Page Editor, Wall Street Journal Asia
Founder and Chairman, STS forum; former Minister of Finance, Japan
Senior Research Fellow, John F. Kennedy School of Government, Harvard University