Economic crisis in East Asia: the clash of capitalisms

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139 citations0/0 files storedCambridge Journal of Economics

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Asian Industrial and Economic Development Global Financial Crisis and Policies Economic Theory and Policy

Abstract

The Asian economic model does not exist uniformly in East Asia and is itself only a model, not the complex economic reality of a huge and diverse area. ‘Crony capitalism’ is an inadequate explanation for what has happened in East Asia. And in the debate between Anglo-American economic orthodoxy and revisionism, the meltdown has tended to confirm the results of revisionist research. There are three main contenders among explanations for the meltdown—all three of which may prove to be true. These are the liquidity-crunch explanation, the overcapacity explanation, and the end-of-the-Cold-War-in-East-Asia explanation.

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References

1997One World, Ready or Not: The Manic Logic of Global Capitalism 1998The Myth of the Powerless State: Governing the Economy in a Global Era 1989The Enigma of Japanese Power 1988Trading Places: How We Allowed Japan to Take the Lead 1994Looking at the sun: the rise of the new East Asian economic and political system

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2010The developmental state in the era of globalization: beyond the Northeast Asian model of political economy 2009Developmental States in East Asia: A Comparison of the Japanese and Chinese Experiences 2007The Political Economy of International Capital Mobility 1999State Power and the Asian Crisis 2000The Asian Crisis, Gender, and the International Financial Architecture 2018Drums of War, Drums of Development: The Formation of a Pacific Ruling Class and Industrial Transformation in East and Southeast Asia, 1945-1980 2010From Asian to global financial crisis: an Asian regulator's view of unfettered finance in the 1990s and 2000s 2004Japan's Lost Decade: Origins, Consequences and Prospects for Recovery

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