As Morgan Stanley's chief Asia specialist, getting Asia right is Stephen Roach's personal obsession, and this in-depth compilation represents more than 70 of Roach's key research efforts not just on Asia, but also on how the region fits into the broad context of increasingly globalized financial markets. The book argues that the "Asia factor" is not a static concept, but rather one that is constantly changing and evolving. Broken down into five parts–Asia's critical role in globalization; the coming rebalancing of the Chinese economy; a new pan-regional framework for integration and competition; and a frank discussion of the biggest risk to this remarkable transformation–this book will help readers understand and profit from the world's most dynamic region.

New feature

Praise For Stephen Roach On The Next Asia

"Stephen Roach's penetrating insights into the linkages between Asia and globalization—past, present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy."
—Jeffrey E. Garten, Professor and former dean, Yale School of Management, former Undersecretary of Commerce for International Trade, Clinton Administration

"Stephen Roach warned us about the global financial crisis years before it exploded in 2007. Now, based on decades of experience, he offers a book full of penetrating insights about the mistakes we've made and the opportunities that await us in the New Asia. If policymakers from the United States and China heed his words, the world will be a safer, more prosperous place."
—Bill Bradley, former United States Senator

"This book presents a fresh Asian perspective in understanding the root cause of the global financial crisis. Its panoramic and penetrating analyses are adding value to the existing debate on the future of Asia."
—Liu Mingkang, Chairman, China Banking Regulatory Commission

"Stephen Roach's articles on Asia give the reader an authoritative and highly readable overview of the many fascinating aspects of Asia's new emergence on the global scene. Based as he is in Asia, he has produced a must-read volume for anyone wanting to get a flavour of a mega trend that is already evident and one that is expected to continue."
—Montek Ahluwalia, Deputy Chairman, Planning Commission, Government of India

"Debate rages over whether Asia has become the new engine of growth in a post-crisis global economy. Stephen Roach challenges this presumption and provides timely insight as to what China and the rest of Asia need to accomplish in order to step into thisimportant role."
—Laura D'Andrea Tyson, Professor, Haas School of Business, UC Berkeley and former chair, White House National Economic Council, Clinton Administration

"Roach has enjoyed a ringside seat in Asia through the crisis. The combination of economic and business analysis gives him a unique perspective. His warning that globalization is fragile and that we run the risk of a retreat to localization deserves to be taken veryseriously indeed by policymakers and business people alike."
—Howard Davies, Director, London School of Economics, former executive chairman, UK Financial Services Authority

Introduction Ch. 1 A World in Crisis 1 Ch. 2 The Globalization Debate 89 Ch. 3 Chinese Rebalancing 169 Ch. 4 Pan-Asian Challenges 261 Ch. 5 U.S.-China Tensions 327 Afterword 395 Sources 403 About the Author 407 Index 409