Asia’s leadership deficit and regional crises

Abstract

Why has East Asia had such a poor record of regional leadership? This is an important question given the fact that East Asia is synonymous with remarkable economic growth and development. At one level, the absence of indigenous leadership might not seem to matter. And yet, when America’s “long-distance” leadership is in apparent decline and China is actively seeking to assert itself, the question of leadership has assumed renewed importance. This paper considered the nature and importance of leadership and explores its impact in case studies of the Asian financial crisis of the late 1990s and the so-called “global financial crisis” of the late 2000s. At this stage, it is unlikely that China will be able to replace America’s leadership role.