Asia: The Perils & Promise of Peace

Asians, says Japan's Foreign Minister Takeo Miki, must work together on "a blueprint for the construction of peace." Behind that message lies the fact that the Viet Nam war—with its massive in flux of U.S. dollars—has had a major economic impact on non-Communist Asia. With peace a distinct, if still distant possibility, the challenge confronting Asians is to gird their war-swollen economies for a more enduring—and healthier—resurgence.

Peace could come as a jolt to many countries. Yet the war has helped lay a foundation for economic growth. Even battle-ravaged South Viet Nam will have gained new airports and harbors, built for...