This paper explores the effects of crises on institution building. More readily, it highlights the 1997 Asian Crisis and the 2008 Global Financial Crisis as catalysts for changing East Asia’s...Show moreThis paper explores the effects of crises on institution building. More readily, it highlights the 1997 Asian Crisis and the 2008 Global Financial Crisis as catalysts for changing East Asia’s economic structure. An outcome of these crises has been the increased regionalism of East Asia, which has led to a greater regional interdependence, and a subsequent shift away from Washington and economic dependence on the U.S. This analysis will be done through a combination of Calder’s critical juncture and Sheng’s institutional building. Additionally, this thesis will examine the importance of ASEAN and China as leaders for this regionalism. The approach taken in this thesis suggests that these crises have greatly undermined the norms promoted by U.S. led institutions, and largely define the today’s crisis of neoliberalismShow less
