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Today the tigers are being tripped up by this same lifeline. As consumer and industrial demand dries up in recession-racked Western countries, East Asia's export-led nations are proving to be highly vulnerable to a synchronized global slowdown. Among the tigers, overseas trade is shrinking with frightening speed: Taiwan's exports in January plunged 44% from the same month a year earlier, while Singapore's fell 35% and South Korea...
...cutting back. Consumer spending in the U.S. dropped at a rate of 4.3% in the fourth quarter of 2008, the steepest quarterly decline since 1980. Because roughly 25% of Asia's exports ultimately end up in the U.S., the region's manufacturing powerhouses are helpless to counteract this crash. Trade among Asian countries is also plummeting, since much of this intraregional commerce is indirectly dependent on the West. A high percentage of Taiwan's trade with China, for example, is made up of electronic components shipped to Chinese factories for assembly into finished products that eventually appear on U.S. store...
Asian leaders and policymakers for years have recognized the need to reduce their dependence on exports. Now that need has become urgent. Export-led Asian countries must diversify their economies by promoting domestic consumption, expanding service sectors and strengthening and extending trade links beyond the U.S. and Europe. Some moves are already under way. Shortly after South Korean President Lee Myung Bak took office last year, he launched a program to improve the service sector by increasing financial aid to targeted businesses and reducing red tape. Singapore is making strides in attracting biotechnology and private-banking businesses to the city...
...platform. Jawad said the government could successfully fight the Taliban’s influence by winning over its impoverished members, many of whom subsist on less than $300 a day—a figure the government could easily double. The nation’s thriving opium trade, which Jawad said funded many terrorists efforts, must also be curtailed through providing alternative forms of agriculture such as pomegranates. Jawad added that this approach would be more successful than a policy of eradication, which he said would be unrealistic. Though Afghanistan still faces major problems, Jawad said assistance from the United States...
Conventional wisdom says globalization is grinding to a halt. Supposedly, the recession means free trade is down, the worldwide gambit is over, and open markets lost: Protectionism is up, isolation is on the onset, interventionist states won, and we’re spiraling into a 1930s-style “save-yourself” vortex. In the past few weeks, two articles in the most popular globalization-advocacy journal—The Economist—have specifically bemoaned the coming tide of “global disintegration” and the specter of worldwide “economic nationalism...