Progress of Asian Criminology: Editors’ Introduction

Abstract

It is traditional for editors to “talk up” the subject matter of their book; but in our case, arguably, the regional significance of the subject matter is self-evident. Within the Asian region, the People’s Republic of China has already overtaken Japan as the second largest economy in the world and is likely to take over the top spot by the end of this current decade (New York Times, 15 August 2010, “China passes Japan as second largest economy”). India is moving rapidly up the ladder and will soon become the third largest economy globally. The International Monetary Fund estimates that emerging Asia will be the main propellant of world economic growth in the coming decades. Europe, the USA, and Japan face serious recession. By contrast, the public financial system of Asian countries appears in relatively good shape, with debt ratios low, banking systems healthier, and corporate balance sheets less stressed. Furthermore, large foreign exchange reserves act as an insurance against unexpected “global” shocks (Tay 2010). Wages and incomes are rising and unemployment rates are not alarming. Regional trade is at an all-time high and the dependence on the USA and Europe for exports has declined. China now ships only 35 % of its exports to the USA and European Union countries (Kawai and Petri 2010).