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The Role of Government in East Asian Economic Development : Comparative Institutional Analysis - Masahiko Aoki

The Role of Government in East Asian Economic Development

Comparative Institutional Analysis

By: Masahiko Aoki (Editor), Hyung-Ki Kim (Editor), Masahiro Okuno-Fujiwara (Editor)

Hardcover

Published: 1st January 1997
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The role of government in East Asian economic development has been a continuous issue. Two competing views have shaped enquiries into the source of the rapid growth high-performing Asian economies and attempts to derive a general lesson for other developing economies: the market-friendly view, according to which government intervenes little in the market, and the developmental state view, in which it governs the market. What these views share in common is a conception of market and government as alternative mechanisms for resource allocation. They are distinct only in their judgement of the extent to which market failures have been, and ought to be, remedied by direct government intervention. This collection of essays suggests a breakthrough, third view: the market-enhancing view. Instead of viewing government and the market as mutually exclusive substitutes, it examines the capacity of government policy to facilitate or complement private sector co-ordination. The book starts from the premise that private sector institutions have important comparative advantages over government, in particular in their ability to process information available on site. At the same time, it recognizes that the capabilities of the private sector are more limited in developing economies. The market-enhancing view thus stresses the mechanisms whereby government policy is directed at improving the ability of the private sector to solve co-ordination problems and overcome other market imperfections. In presenting the market-enhancing view, the book recognizes the wide diversity of the roles of government across various East Asian economies-including Japan, Korea, Hong Kong, Malaysia, and China-and its path-dependant and developmental stage nature.

Matsuyama's chapter is an insightful peice of writing, a worthy and intellectually stimulating addition to any student economic development course. The collection gives more comfort to those who advocate development by interventionism than to those who do not. The exceptions to this verdict include Matsuyama's chapter. - Ian Dickson. Economic Record. March 1998. The rich institutional detail contained in the country specific chapters make it a valuable reference for students of East-Asian developments - Heather Smith in Asian-Pacific Economic Literature May 1999 This volume will certainly gain empathy from those social scientists who are keenly aware of the importance of institutions and histories as key determinants of economic development. The volume is full of new exciting concepts. The Asian perspectives developed in this volume have succeeded in 'disclosing certain limits of the neo-classical approach which evolved primarily in Anglo-American academia' the stated goal of the volume.

Introduction
Beyond The East Asian Miracle: Introducing the Market Enhancing View
Market Failures and Government Activism
The Role of Government in Economic Development: Some Observations from the Experience of China, Hong Kong, and Taiwan
The Government-Firm Relationship in Postwar Japanese Economic Recovery
The Role of Government in Acquiring Technological Capability: The Case of the Petrochemical Industry in East Asia
Economic Development as Coordination Problems
The Market-enhancing View
Financial Restraint: Toward a New Paradigm
Government Intervention, Rent Distribution, and Economic Development in Korea
Unintended Fit: Organizational Evolution and Government Design of Institutions in Japan
Institutions, State Activism, and Economic Development: A Comparison of State-Owned vs. Township-Village Enterprises in China
The Political Economy of Development and Government-Private Interactions
Sectoral Resource Transfer, Conflict, and Macrostability in Economic Development: A Comparative Analysis
The Political Economy of Growth in East Asia: A Perspective on the State, Market, and Ideology
Rents and Development in Multiethnic Malaysia
Toward a Comparative Institutional Analysis of the Government Business Relationship
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780198292135
ISBN-10: 0198292139
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 444
Published: 1st January 1997
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.2 x 16.3  x 2.9
Weight (kg): 0.82