Abstract
The industrialization of Southeast Asia has been portrayed as a contagion spread of economic growth across the region as, like 'flying geese', these economies chose to follow the development patterns of their more successful East Asian neighbours. This seemingly sequential development has implied that there is an identifiable 'Asian' model of economic growth. However, in reviewing the 'flying geese' theory of contagion economic development, it is suggested that the theory does not adequately explain Southeast Asia's economic growth, or its decline during the financial crisis of 1997-8. This article suggests that Southeast Asia's growth was the direct result of transnational company (TNC) industrialization and foreign investment. Asia's growth has essentially depended upon global commercial forces as much as on regional and domestic opportunities. Accordingly, this study seeks to assess the impact of foreign business and foreign capital on Southeast Asia and proposes an alternative explanation of development by way of a conceptual model of global business growth.
Published Version
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