This paper analyzes the ongoing development of regionalism in greater East Asian region. Since the late 1990s, there has been much progress on forming an East Asian Community. The author argues that the 1997 East Asian Financial Crisis was a crucial point in this process, providing a strong sense of ;;We-ness” in East Asia. Many Asian nations felt abandoned by the U.S. at that time, and they decided to come together to hedge against further financial security risks. The economic and political rationale behind creating this regional community is clear. The concept of East Asian Community can both stimulate economic prosperity and maintain peace in East Asia especially as the People’s Republic of China becomes a regional hegemon.
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Regional Cooperation in East Asia: Its Needs and Challenges