The End of East Asian Economic Regionalism? Institutional Overreach and the Challenges of Economic Integration

　　Abstract: Since the end of the Cold War, while progress has been made in the development of a common East Asian economy, a mature and stable institutional framework for promoting deep regional economic integration has yet to emerge. Instead, the region has seen competing institutions undermine one another rather than emerging as a force that might effectively promote regional governance. This article argues that the high level of competition between regional institutions in East Asia is explained by the fact that the primary actors in the region have different preferences and strategic needs when it comes to molding an East Asian economic order. As different actors compete with one another in the hope of benefiting from the promotion of a regional framework best suited to individual interests, too many institutions have emerged. Competition between key actors in the region for a leading role has manifested itself in the form of institutional competition. As the pace of China’s economic rise has increased following the financial crisis and as the United States has resolved to return to East Asia, conflicts over East Asian economic integration will become more obvious, and more intense institutional competition will result. This indicates that East Asia will continue to face setbacks in the development of a regional economy, and that the region will remain “fragmented” during the process of globalization.

　　Author: Li Wei is a lecturer in the School of International Relations of Renmin University of China.