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Extra info for Comprehensive Security in Asia: Views from Asia and the West on a Changing Security Environment
In the case of East Asia, it may well suffer from major turbulence even when there is a new world order. Similarly, among the East Asian countries, there are capital increases and amendments to the Articles of Agreement, for which 85 percent of the votes are needed". P. Bakker, International Financial Institutions (London: Longman, 1996), p. 14. East Asian countries with the exception of Japan have very little influence in the IMF. 2 percent of voting ratios in the IMF. 6 percent but the rest of East Asia are poorly represented in the IMF.
Indeed, the proponents of "Asian values" and "Asian democracy" have been silenced by the East Asian economic crisis. If Asian values are supposed to underpin impressive economic growth in that region, don't they also underpin its dramatic economic crisis? Japanese-style capitalism is also unravelling. This includes lifetime employment, seniority system, the keiretsu system and the collusion between bureaucrats and big businesses. Undoubtedly, US hegemony in the realms of strategic power, political economy, ideology and culture are not uncontested but there are, presently and in the near future, no real challengers to the US.
8 Moreover, the US is unrivalled in launching the military-technological revolution: integrating space technology, command, control, computers and communications and "smart weapons". Despite premature and exaggerated notions of American decline, Washington continues to lead its allies in East Asia. There are no challengers or any coalition of challengers on the horizon which can displace the US hegemon. In addition, the military in many East Asian countries depend on the US for sophisticated weapon systems, spare parts and technical training.