Introduction

The Asian market-oriented economies, have modernized their domestic economies, raised living standards, and competed vigorously in the global market economy. Indeed, South Korea, Taiwan, and Hong Kong have emerged as global leaders in economic performance in recent years. The most populous country of Asia, the People's Republic of China, embraced the general principles of Western economic success in the post-Mao period by keying its plans toward modernization. The countries of Southeast Asia have also been pulled toward growth and improved economic health, primarily by Japan and the Newly Industrializing Countries (NICs). The region has no major military conflicts since Vietnam, and the prospects for resolution of differences by peaceful means and reduction in military burdens in most of the major Asia-Pacific countries are good to excellent.