Asia's post-crisis regionalism: bringing the state back in, keeping the (United) States out

The Asian financial crisis has significantly changed the way in which regionalism in East Asia is taking place. Prior to the crisis, regionalism in the area was noted for its relative lack of formal institutions; many analyses stressed the role of private businesses in fostering a 'regional economy'. Post-crisis regionalism is being led by the state and encompasses both monetary and trade dimensions. The reasons for this change are analysed and the regional policies of China and Japan examined. The spur to post-crisis regionalism is argued to have been provided by a desire to limit the influence in the region of the US and the international financial institutions.