Global Asia

What a difference three decades and a geopolitical conflict can make. Southeast asia in the 1980s and 1990s was a roaring economic success, drawing in vast amounts of foreign direct investment and portfolio capital like there was no tomorrow. But tomorrow came in July 1997, when the hot money suddenly dried up and unleashed the asian financial crisis of 1997-98. the period’s devastating impact on ordinary citizens and even political systems is remembered to this day (the 32-year reign of Suharto in indonesia collapsed amid the crisis and gave way to democracy, while South Korea and thailand, like indonesia, were forced to go hat-in-hand to the international Monetary fund and reform their economies). during that period, china, almost alone, managed to weather the crisis largely unscathed, as its own economic success story was gathering seemingly inexorable momentum. 

Today is a different story. Beijing and Washington are locked in a geopolitical contest for regional and global influence and are butting heads over who will control the technologies of the future. China is also facing its most serious economic problems since its era of reform and opening began in 1979. Western countries, and even Japan and South Korea, are increasingly moving investments away from China to other destinations less exposed to US-China rivalry. Enter, once again, Southeast Asia. Widespread policy reforms and other changes since the financial crisis have made the region a robust beneficiary of the flight from China. But even without the motive of de-risking from China, international investors are rediscovering the enormous potential of Southeast Asia. 

In this cover package of Global Asia, we explore the renewed allure of this promising region, in what we anticipate will be a more sustained focus on Southeast Asia in future issues of our journal to complement our historically intensive focus on Northeast Asia. 

In our Features section, we look at the significant impact that Russia’s invasion of Ukraine has had on Asia through Vladimir Putin’s pivot to the region, which is marked most notably by deepening ties with China and North Korea. Ostracized by the West, Putin is seeking new legitimacy by turning away from Europe toward the East. We also examine how China is seeking greater influence among islands in the Indian Ocean, bringing it into conflict with New Delhi; how India under Narendra Modi is systematically embracing ties with the Persian Gulf; and the ways in which China uses illicit arms sales to Islamic movements as a way of shielding itself from criticism of its treatment of Muslims in Xinjiang. 

In our In Focus section, we look at the hopes and fears surrounding the 2024 US presidential election as they relate to China and Hong Kong. 

As always, our Book Review section serves up a buffet of great books about Asia, including both long and short reviews.

Sincerely yours, 

Chung-in Moon 

Editor-in-Chief 

David Plott 

Managing Editor