Terutomo Ozawa introduces a newly reformulated theory of 'flying-geese' economic development, exploring Asia's dynamic growth and financial development. This unique book shows how the flying-geese theory can be expanded and applied to both the real- and the financial-sector structural transformation of regionally clustered economies.The author explores an array of concepts - from the ladder of economic development and hegemon-led growth clustering, through 'stages jumbling', to comparative advantage recycling and the Ricardo-Hicksian limits of industrialism - which together help bring an understanding of the dynamics of tandem growth and regional agglomeration in Asia. The book also investigates the causal mechanisms of structural upgrading and emphasizes the critical role of multinational corporations. Throughout this wide-reaching analysis, Terutomo Ozawa advocates a 'flying-geese' way of thinking—that is, to think of Asia's phenomenal growth in hierarchical, dialectical, and evolutionary terms.

In a new era of rapid globalization and rising economic nationalism, this timely and insightful book will appeal strongly to scholars and students of international business, economics, political science, and international relations. Those specializing on Asia will find it of particular value.