Most Helpful Customer Reviews
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9 of 9 people found the following review helpful:
5.0 out of 5 stars
Much-needed antidote to PR hype, October 5, 2007
Studwell's Asian Godfathers challenges the mythos surrounding Li Ka Shing, Robert Kuok and a group of about 50 others, the economic kings of Southeast Asia he calls godfathers. Media consumers have been force-fed repeated helpings of stories about the godfathers as economic clairvoyants, captains of wealth creation, etc. Studwell demonstrates that the godfathers are creating little if any wealth in their areas of operation (Hong Kong, Indonesia, Malaysia, Philippines, Singapore and Thailand)---that they are rather parasites, having gained monopoly access to limited resources (raw materials, port facilities, banking licenses) through guanxi with political cronies, maintaining it through bribery in various forms, and pocketing use fees.
The cover is sappy, but don't let that deter you--Studwell's book is well worth your time if you seek to better understand SEAsia.
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7 of 7 people found the following review helpful:
5.0 out of 5 stars
bottom-up overview of SE Asian economies, December 19, 2007
This book makes a very interesting read and offers a different approach to understanding the economy of a region: the author looks at these economies mainly through the business sector and avoids overloading the book with graphs, charts, tables, etc. It is an interesting story (although heavily studded with Chinese names). This may result in an incomplete picture, and the book is not quite academic, but this does not avoid it providing a relatively objective look on an important sector of this region's economy.
Studwell is very critical of the corporate sector of the SE Asian countries, including those of Hong Kong and Singapore. He traces the origins of the mostly ethnic Chinese businessmen and their companies from the colonial days to the present. He dismisses any notion of "Asian values" as the foundation for the success of these businesses and their owners, but rather attributes their rise to license-peddling, concessions, monopolistic practises, lots of graft, etc. One is reminded of Balzac's words: "every great fortune, of onknown origin, is usually the result of a crime". His comments on the banking sector are particulary scathing. The author explains that these businessmen are not the cause of this situation, but have merely adapted to a region-wide system of patronage and corruption held in place by the local politicos for hundreds of years to the present (much of it inherited from their colonial masters). The business leaders have saving graces: personally charming, they lead flamboyant lives and they obviously do contribute to their local economies (through employment and investment).
In spite of this, and the crisis of 1997-98 the SE Asian economies have sustained high levels of growth over the past two decades, which Studwell attributes mostly to multinationals, and the export prowess of small local firms, plus the hard-work of the average Asian.
The author's critique goes beyond mere anecdotes and history , as he affirms that the SE Asian corporate sector does not have the efficiency and productivity of the typical world-class company. The origins of these businesses leads to a focus on trading and short-term wheeling-dealing, without a clear strategy, technological strength and branded products. The companies are very much tied to the personality and/or the family of the main owners. Worst of all, they are lacking in transparency, corporate governance and their stock market practises are less than ethical.
Studwell's observations seem vindicated by the markets: since the 1994-97 peak the stock markets of these countries have not fully recovered, and the Hong Kong and Singapore indices are barely above their levels of 10 years ago.
As SE Asia acquires more economic stability it is logical to assume that per-capita income will rise and lead to stronger domestic economies, with less dependence on export-led growth. In this context Studwell is correct in insisting the the corporate sector of these countries clean up their act and become serious and sustainable contributors to their economies.
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3 of 3 people found the following review helpful:
4.0 out of 5 stars
SE Asia Explained, November 16, 2007
Solid reporting with a sense of history about many of the people behind Asia's economies. Good background of why and how but the "who" is what is compelling. Had hoped for even more gossip, but lawyers must have counseled care. But there is more than enough to be worth reading if you are involved in Asia or even just interested.
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