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Towards A Common Future
Arindam Banik • Munim Kumar Barai
Yasushi Suzuki
Editors
Towards A Common
Future
Understanding Growth, Sustainability
in the Asia-Pacific Region
Editors
Arindam Banik Munim Kumar Barai
International Management Institute Ritsumeikan Asia Pacific University
Kolkata, India Beppu, Oita, Japan
Yasushi Suzuki
Ritsumeikan Asia Pacific University
Beppu, Oita, Japan
ISBN 978-981-10-5591-1 ISBN 978-981-10-5592-8 (eBook)
DOI 10.1007/978-981-10-5592-8
Library of Congress Control Number: 2017952341
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Dedicated to
The Late Jyotsna and the Late Ram Gopal Banik
Yogmaya and the Late Narayan Chandra Barai
Hiroko and the Late Hiroshi Suzuki
P a
reface and cknowledgments
Countries in the Asia-Pacific Region (APR) are passing through a historic
but critical moment. The moment is historic because of the promise of a
future world order, which they are shaping and might dominate. At the
same time, the moment is also critical as some challenges are emerging
relating to disputed or contested issues, which are not only dividing them
but also posing a threat to regional and global peace. In fact, each of the
problems has the potential to derail any Asian convergence to a common
cause in the near future. But a more powerful and threatening possibility is
emerging in the Asian theatre as well. It seems to be taking the classical
shape of a tussle between a declining world power and a rising power, cur-
rently reflected in the confrontation revolving around the South China Sea.
That may end up in a full-blown conflict drawing in many countries from
the region and outside.
But having a common future of sustainable development and engaging
the members in the region toward achieving such a future will be the most
desirable outcome for the APR. This is the future goal for which they all
can work together. The framework of that future sustainable development
should be designed to get rid of poverty, reduce income and social inequal-
ity, achieve modernity and protect the environment to save the future of
humanity. To reach these objectives, we need to understand the various
growth and sustainability issues of different countries in the region.
While tremendous progress in both economic growth and development
is taking place in the APR, each of the countries in the region has, however,
been facing challenges in the quest for sustainable development. Arguably,
sustainable development in the region may be critical to achieving sustainable
vii
viii PREFACE AND ACKNOWLEDGMENTS
development at the global level as well. With a limited mandate, this book
proposes to cover some specific growth and developmental issues of “the
hot spots” of the APR that are regarded as contributing to sustainable devel-
opment in respective areas. This book also looks at the formation and
strengthening of some of the economic and financial initiatives that are
likely to affect growth and influence economic cooperation and integration
of the APR countries.
Looking back, we find that the idea of writing a book about the APR
was first discussed between the editors when they participated in the
annual Asia Pacific Conference at the Ritsumeikan Asia Pacific University
(APU) in November 2014. The feasibility of such an academic endeavour
was then discussed with other scholars of different organisations in various
parts of the world. The biggest encouragement for such a venture came
from noted academics of Japan, India, China, the USA, South Korea,
Australia and Indonesia.
At the individual level, we have to mention Professor A. Mani of the
APU who consented to be the reviewer of the proposal we first submitted
to Palgrave Macmillan, UK. We are deeply grateful to Professor Mani for
his valuable intellectual guidance needed to proceed with the idea for this
book. His active attention and advice helped us to shape the desirable
scope of the book that the publisher agreed to accept. At the same time,
we must express our sincere gratitude to Palgrave Macmillan for agreeing
to publish this book.
We would like to express our appreciation to many other scholars and
organisations who have assisted us in going forward with the book proj-
ect. Among the scholars, we would like to mention Professor Toshitsugu
Otake, Dean of Graduate School of Management of APU and Professor
Yokoyama Kenji, former Dean of the same institute, for their continuous
encouragement to complete academic projects including the present one.
Special thanks are due to Professor Bidyut K Saha of Kyushu University,
Japan, Professor A.A. K Majumdar of APU, Professor Badar Alam Iqbal of
Aligarh Muslim University (AMU), India and Professor Rabi N Kar,
Principal, Shyam Lal College of Delhi University, India for their inspira-
tion, insightful advice and observations, which have contributed to mak-
ing our project successful. Likewise, both the Ritsumeikan Asia Pacific
University (APU) of Japan and International Management Institute (IMI)
of Kolkata, India deserve special mention. One of the editors received a
small APU research grant to pursue research on the economic relationship
PREFACE AND ACKNOWLEDGMENT S ix
between Japan and India. He wants to acknowledge that the fund has
indirectly helped the book project as a by-product article of that research
subsidy has been included in the book.
The International Management Institute, Kolkata has been generous in
offering logistical support to complete the book. The editors are grateful
to Mr Subir Saha of R P Sajiv Goenka Group, Mr Dipankar Das Gupta,
Mrs Meher Khan, Mr Dinesh Upadhyay, Mr Mayukh Mitra, Mr Santu Kar
and Ms Ahaana Mahanty, all of who provided invaluable support in the
preparation of the manuscript. We thank Mrs Rajashri Chatterjee for her
editorial support.
The editors would like to extend special thanks to three distinguished
professors for their quick response to our SOS when some of the academ-
ics could not fulfil their promise to contribute. Without the contribution
of Professor Kar-yiu Wong of the Washington University of USA, Professor
Chung Mo Koo of the Kangwon National University of South Korea and
Professor Imad Moosa of the Royal Melbourne Institute of Technology,
Australia, this book may not have had its present shape. We are also grate-
ful to all other contributors to the volume, as their contributions have
made this book possible.
Finally, the first editor would like to thank his wife Mousumi and son
Amitayus for their continuous support and inspiration to come up with
the fresh ideas while working. The second editor would like to thank his
wife Shashwati, daughter Sharanya and son Shambo for their regular
t olerance of not giving enough time for their causes due to his huge com-
mitment to this book project. The third editor expresses his thanks to his
wife Akiko for her encouragement and fresh sense of perspective which
helped to complete this book.
c
ontents
Part I Introduction 1
1 Introduction 3
Arindam Banik and Munim Kumar Barai
Part II China: How Dragon Creates a New Paradigm
of Development 19
2 China’s ‘New Normal’: Explaining China’s
Economic Development from Institutional
and Marxian Perspectives 21
Yasushi Suzuki and Mohammad Dulal Miah
3 Opening Up and Unbalanced Development
in the Chinese Regions: Theoretical Thinking
and Some Empirical Evidence 43
Yanqing Jiang
4 The “Belt and Road” Initiative and Economic
Integration 59
Kar-yiu Wong
xi
xii CONTENTS
Part III India: Elephant Rises at Last 87
5 Is India Key to Asian Financial Integration? 89
Paramita Mukherjee
6 A Sustainable Business Model: Experiences of Indian
Micro Enterprises 107
Rabi N. Kar, Minakshi Kar, and Amrita Kaur
7 Creation of Shared Values by Indian Enterprises 121
Vijay Kumar Kaul
Part IV Japan: A Perplexing Future 137
8 The Two Asian Paths of Prosperity and Stagnation:
Japan and India 139
Sahana Roy Chowdhury
9 India-Japan Cultural Distance on the Mottainai Ethics 155
Yasushi Suzuki and Rabi N. Kar
10 Economic Interdependence of Japan and China:
An Understanding 171
Munim Kumar Barai
Part V Asian Parallels: Putting Asian Economies
in Perspective 199
11 The Korean Economy: Creating Space Between
China and Japan 201
Chung Mo Koo
