ABSTRACT
This chapter offers momentous exogenous transnational forces to which we must look for the prime explanatory variable in East Asia's miraculous development. In opposition to the neo-liberal inspired view, codified in the landmark 1993 World Bank publication The East Asian Miracle, the meteoric rise in the global economy of East Asia in general, and China in particular, cannot be grasped in terms of a largely endogenous process of social change. The US three pole anticommunist showcase world was embedded in US-brokered international monetary regime or global compact, the Bretton Woods Monetary System (BWMS), which cemented the US dollar as global hub currency: And where the rest of the worlds money was exchangeable with US dollars, the US kept itself honest by tethering of the dollar to a fixed rate exchangeability with gold. Internationalization of production and emergence of an actual international division of labour was an idiosyncratic feature of post-World War II capital accumulation and multinational corporate (MNC) profit strategy.
