Asia was probably the biggest economic sensation of the post-war decades. The breathtaking success of Japan was followed by a remarkable rise of "four tigers", then ASEAN founder states and then China. The Asian miracle became a commonly accepted definition of this success. In the late 1970s and especially 80s it became clear that the balance of power in the world had changed. Politicians, businessmen, scholars began to talk about "the new Asia Pacific age" and Asian economic model, different from and, maybe, even superior to Western capitalism. However, in 1997-98 the Asian economic crisis came and made the region a sick man. Six years before that Japan, the regional powerhouse entered more than a decade-long period of stagnation. The miracle was over. However, the crisis was overcome within a surprisingly short period of time. Naturally, the question arises: What now? What is going on in the region after the miracle and after the crisis? What is today's face of Asian capitalism and how should we view its performance?

Readers interested in regional developments will find a lot of literature about miracle decades and crisis years. However, few analysts have addressed the challenging questions addressed in this book.

The authors vividly show that Asian capitalism is undergoing a radical structural transformation. These changes are directly affecting its key institutions: governments, companies, labor relations, etc. As a result Asian economic systems are becoming much closer to the Western-style, especially Anglo-Saxon capitalism, though the region retains some important specific features, especially regarding business culture.

This book is a must for business people worldwide, for all those who study the region in colleges and business schools, for people engaged in various international activities and, finally, for all those who want learn more about our world at the dawn of the new century. Asia’s Turning Point is a comprehensive, one-stop introduction to the economies of Asia. Its coverage extends from Japan, China, and the “Four Tigers” to ASEAN 4, as well as Vietnam, North Korea, India, and the Far Eastern provinces of Russia. The author’s offer detailed information about each country’s economic and trade status along with a description of its business environment, including legal and cultural issues.

Asia’s Turning Point uses a multi-disciplinary approach, mixing economic analysis and business concepts. It covers topics that are important in all countries in the region such as labor markets, employment issues, entrepreneurship, innovation and financial problems, as well as a number of specific sub-regional issues.

Asia’s Turning Point is focused on Asia’s structural transformation at the beginning of the new century. The authors investigate far-reaching changes in government-business relations, corporate ownership, governance, management, labor relations, as well as the phenomena of new East Asian regionalism and prospects for the creation of the regional community. They argue that the dawn of the 21st century marks Asia’s turning point: the rise of a peculiar Asian model of capitalism inspired by the rise of Japan appears to be no longer feasible. Asia’s economic and business systems are Westernizing. More and more East and West are speaking the same business language. However, the Westernization is systemic, not cultural. The intrigue is that it is taking place within Asia-specific cultural and social contexts.

Asia’s Turning Point combines innovative concepts with lively descriptions of Asia’s economic, business and everyday life. Readers not only deepen their knowledge about the region, but also feel its flavor and pulse. It is a must for everyone engaged in international economy, business or Asian studies, and for all those who want to learn more about today’s world.