ABSTRACT
The publication of East Asian Miracle by the World Bank in 1993 signifies the fact that countries in East Asia have achieved sustained economic growth through market-driven integration with the global markets. In fact, greater economic openness and globalization in the region has created regional concentration of trade and investment activities. Reflecting on this, economic regionalism in East Asia has been regarded as a relatively recent phenomenon. The outbreak of the 1997 Asian currency crisis was, however, a turning point in the movement toward economic integration. Now, East Asian countries are rapidly catching up with the global trend of regionalization, intensifying the economic ties among themselves. As a result, economic interdependence has been deepening, making closer regional cooperation essential. If economic integration means just an absence of any barriers for the free flow of goods, capital, and people, East Asia may be said to have already attained quite a significant degree of market-driven integration. As regards institutional arrangements, however, the region, compared to the European Union and other regions, remains far behind.
