Question

Assuming that risks can be minimized and problems overcome, which markets does the text identify as markets in which joint ventures could proceed at a faster pace than previous joint ventures in Asian markets?

Answer 1

The markets identified for potentially faster-paced joint ventures compared to previous ventures in Asia are China and India, given their increased openness to market forces and international business involvement.

Step-by-step explanation:

The text identifies China and India as markets in which joint ventures could proceed at a faster pace than previous joint ventures in Asian markets, providing these countries continue to allow more freedom for market forces in their domestic economies and in encouraging their firms to participate in world markets.

Considering the Asian Financial Crisis of the late 1990s as a reference point, the text implies that the turbulent capital flows which affected the East Asian Tigers—Thailand, Indonesia, Malaysia, and South Korea—leading to a severe economic downturn, are a cautionary lesson. Yet, it also notes the successes of the newly industrializing economies (NIEs) in East Asia, like Hong Kong, South Korea, Singapore, and Taiwan, which thrived by embracing an export-based, market capitalist strategies and linking standardized production technologies with low-cost labor.

Thus, with prudent economic management and focus on human capital development, like health and education, markets like China and India could potentially experience more robust and stable joint venture growth.