Chapter

Conclusion

Geoffrey C. Gunn

in History Without Borders

Published by Hong Kong University Press

Published in print October 2011 | ISBN: 9789888083343
Published online January 2012 | e-ISBN: 9789882208988 | DOI: http://dx.doi.org/10.5790/hongkong/9789888083343.003.0013
Conclusion

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With China at its core, East-Southeast Asia today stands with India as the new century's global economic powerhouse. The world region that emerged out of the “first globalization” has obviously made its mark on the present-day globalized world. Such economic triumph, however, has not come without costs. The region is still subject to hiccups in the global economy; the Asian financial crisis of 1997–98 struck the most vulnerable of the globally linked economies, Thailand and Indonesia. Nor were the more globalized parts of the region spared the full impacts of the Wall Street crash of 2008–09. Pieterse (2006: 412–13) cautions against a kind of glib “retroactive Sinocentrism or Indiacentrism” that pumps up or reads back a glorious past interrupted only by imperialism. Still, he concedes, there is a “global confluence” at work in the rise of China and India, as historiography catches up with facts of life unsettling to “the self-indulgent West-centric view of globalization.”

Keywords: East-Southeast Asia; global economic powerhouse; Asian financial crisis; Thailand; Indonesia; Wall Street crash

Chapter.  4344 words. 

Subjects: Asian History

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