Prospects for East Asian economic regionalism in the 21st century

Woosang Kim, Yeonho Lee

Research output: Contribution to journalArticle

Abstract

It is not likely that East Asian states will regress to the mercantilist developmental state that used to engineer compressed economic growth. However, it is evident that the pattern of transformation East Asian states are undergoing, is not analogous to the path of Anglo-American development Although the government refrains itself from arbitrarily supplying economic resources (especially financial resources in the form of subsidies or policy loans) to promote strategic industries, it does not give up commanding the market to attain a relatively higher economic growth. The relationship between the state and the market is still set up in a hierarchical fashion in favor of the former. The economic system to emerge in East Asia is the state governed rather than market-centered, even if it has absorbed neo-liberal condiments. The state-dominant economic system of East Asia is expected to survive for a considerable period. In this regard, the establishment of a financial system to sustain the East Asian economic system has been strongly suggested. Here lies in the reason we discuss the rise of the East Asian economic identity in the post-financial crisis era.

Original languageEnglish
Pages (from-to)83-102
Number of pages20
JournalGlobal Economic Review
Volume29
Issue number2
DOIs
Publication statusPublished - 2000 Jan 1

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All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Economics, Econometrics and Finance(all)
  • Political Science and International Relations

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