East Asian Business in the New World

East Asian Business in the New World

Helping Old Economies Revitalize
2016, Pages 31-51
East Asian Business in the New World

Chapter 3 - Political and Economic Systems in East Asia

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The author first briefly introduces the concept of “political economy”—the interplay of the political and economic systems in a society, and then focuses on the main feature of the political economy of the major East Asian countries: political powers are based on personal connections and the state exerts greater control over the economy with more pro-business and growth-driven policies. The author also compares the legal philosophies between the East and West. The chapter ends with a discussion on the role of the state between East Asia and the United States in socioeconomic development.

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