East Asian Development Policies: Between Economic Nationalism and Regionalism

East Asian economies constitute an example of unprecedented economic growth and development. East Asia is also a region where development of regional and global economic linkages have been accompanied by rise of economic nationalism at the local and regional level. East Asian developmental states linked capitalist development with state intervention and extensive regulation and planning. Simultaneously they called upon protection of national interest and identity in order to justify their actions. Yet in spite of reliance on national identity, East Asian economies seem to be building a specific regional economic nationalism based on enhanced economic integration. They have managed to achieve strong economic interdependence through external liberalization, and domestic structural reforms. Regional integration is also seen as means of protection against economic crises threatening development of individual countries. Initiatives such as several bilateral FTAs, establishment of a regional surveillance mechanism and liquidity management system (CMI) or Asian bond market contribute to economic development both of the region and individual countries. The aim of the paper is to show that while integration at global and regional level has dominated East Asian economic policies, economic nationalism continues to play significant role in regional development.