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

Paperback | September 1, 1998

EditorMasahiko Aoki, Hyung-Ki Kim, Masahiro Okuno-Fujiwara

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The role of government in East Asian economic development has been a contentious issue. Two competing views have shaped enquiries into the source of the rapid growth of the high-performing Asian economies and attempts to derive a general lesson for other developing economies: themarket-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 onlyin 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 fromthe premiss 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. Themarket-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 economiesincluding Japan, Korea, Hong Kong, Malaysia, and China and its path-dependent and developmental stage nature.

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The role of government in East Asian economic development has been a contentious issue. Two competing views have shaped enquiries into the source of the rapid growth of the high-performing Asian economies and attempts to derive a general lesson for other developing economies: themarket-friendly view, according to which government inter...

Masahiko Aoki is at Henry and Tomoye Takahashi Professor of Japanese Economic Studies, Stanford University. Hyung-Ki Kim is at Former Division Chief for Studies, EDIST, World Bank.
Format:PaperbackDimensions:432 pages, 9.21 × 6.14 × 0.98 inPublished:September 1, 1998Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198294913

ISBN - 13:9780198294917

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Table of Contents

Masahiko Aoki, HyungKi Kim, and Masahiro Okuno-Fujiwara: Introduction1. Masahiko Aoki, Kevin Murdock, and Masahiro Okuno-Fujiwara: Beyond The East Asian Miracle: Introducing the Market Enhancing ViewPART I. Market Failures and Government Activism2. Lawrence J. Lau: The Role of Government in Economic Development: Some Observations from the Experience of China, Hong Kong, and Taiwan3. Tetsuji Okazaki: The Government-Firm Relationship in Postwar Japanese Economic Recovery: Coordinating the Coordination Failure in Industrial Rationalization4. Hyung-Ki Kim and Jun Ma: The Role of Government in Acquiring Technological Capability: The Case of the Petrochemical Industry in East Asia5. Kiminori Matsuyama: Economic Development as Coordination ProblemsPART II. The Market-enhancing View6. Thomas Hellmann, Kevin Murdock, and Joseph Stiglitz: Financial Restraint: Toward a New Paradigm7. Yoon Je Cho: Government Intervention, Rent Distribution, and Economic Development in Korea8. Masahiko Aoki: Unintended Fit: Organizational Evolution and Government Design of Institutions in Japan9. Yingyi Qian and Barry R. Weingast: Institutions, State Activism, and Economic Development: A Comparison of State-Owned vs. Township-Village Enterprises in ChinaPART III. The Political Economy of Development and Government-Private Interactions10. Juro Teranishi: Sectoral Resource Transfer, Conflict, and Macrostability in Economic Development: A Comparative Analysis11. Meredith Woo-Cumings: The Political Economy of Growth in East Asia: A Perspective on the State, Market, and Ideology12. Rents and Development in Multiethnic Malaysia Jomo K.S. and Terence Gomez13. Masahiro Okuno-Fujiwara: Toward a Comparative Institutional Analysis of the Government Business Relationship

Editorial Reviews

The rich institutional detail contained in the country-specific chapters make it a valuable refernce for students of East Asian development. - Heather Smith - Asian Pacific Economic Literature May 1999