<p>The main objective of this study was to examine the prospects and challenges facing ACFTA (Asean-China free trade area). It examined what ought to be done by the ASEAN member nations to match China's competitive ability having recently joined the World Trade Organization. The study also examined the compatibility of the ACFTA with the World Trade Organization rules and mode of dispute settlement under ASEAN and NAFTA as well as profound issues relating to ACFTA.</p>

The theme of this study is that seven major East Asian less developed countries (LDCs) have experienced "dependent development," and that some internal and external intervening factors mattered in that process. Utilizing a framework of "dependent development," the data analysis deals with the political economy of development in these countries. This analysis supports the fundamental arguments of the dependent development perspective, which emphasize positive effects of foreign capital dependence in domestic capital formation and industrialization in East Asian LDCs. This perspective assumes the active role of the state, and it is found here to be crucial in capital accumulation and in economic growth. This cross-national time-series analysis also shows that the effects of external dependence and military spending on capital accumulation and economic growth can be considered as a regional phenomenon. The dependent development perspective offers a useful way to understand economic dynamism of East Asian LDCs for the past two decades.

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<p>The main objective of this study was to examine the prospects and challenges facing ACFTA (Asean-China free trade area). It examined what ought to be done by the ASEAN member nations to match China's competitive ability having recently joined the World Trade Organization. The study also examined the compatibility of the ACFTA with the World Trade Organization rules and mode of dispute settlement under ASEAN and NAFTA as well as profound issues relating to ACFTA.</p>