"Ozawa again breaks new ground in reformulating the flying-geese theory... This thought-provocative book is a must read, together with the previous one, for anyone who adopts the FG frame of reference for understanding of - and research on - the topic of economic development in an age of ever-deepening integration." - From the foreword by Kiyoshi KojimaTerutomo 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.Contents: Foreword; Preface; Part I: Agenda; 1. Is the Flying-Geese Theory Passe - or Still Relevant? Part II: Real-Sector Growth: Industrial Upgrading; 2. Akamatsu"s Flying-Geese Theory - in the Rough; 3. A Dynamic Stages Model of Structural Upgrading, Industrial Transplantation, and Knowledge Diffusion; 4. Comparative Advantage Recycling in Labor-Driven Growth: An Unprecedented Opportunity for the Poor to Rise?; 5. Structural Upgrading, Infrastructure Development, and Insatiable Quest for Natural Resources; 6. The Asian Model for Latin America? A Tale of Two Regions; Part III: Money/Finance Dimension; 7. Borrowed Growth: Balance of Payments, Capital Flows, and Development Finance; 8. Creating the World in America s Own Image?; Bibliography; Index