This case study looks at the consequences of technological change and globalization for the organization of economic activity in East Asia, focusing on Hong Kong, Singapore, South Korea, and Taiwan. The author points out in his chapter that most of East Asia—partly for cultural and sociological reasons—has followed the Japanese style of market‐based capitalism. Strong governments, with the close cooperation of private enterprise, have patterned the course of economic development, although, as the development has proceeded, the operational intervention of the state has been greatly reduced. However, while acknowledging the similarities in intent and philosophy, Sanjaya Lall also emphasizes the differences in the interface between the public and private sector, explaining, for example, that whereas in the Chinese tradition the role of the small entrepreneurial firm has been of critical importance, in South Korea, as in Japan, industrial development has been more concentrated within the hands of the large trading companies—the Chaebol. Lall also evaluates the success and failures of the two systems and the lessons to be drawn from them.
Keywords: case studies, Chaebol, China, companies, economic policy, firms, globalization, government, Hong Kong, industrial development, Japan, private enterprises, private sector, public sector, Singapore, small firms, South Korea, state intervention, Taiwan, technological change
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