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Development EconomicsFrom the Poverty to the Wealth of Nations$
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Yujiro Hayami and Yoshihisa Godo

Print publication date: 2005

Print ISBN-13: 9780199272709

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199272700.001.0001

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Tradition and Modernization: A Concluding Remark

Tradition and Modernization: A Concluding Remark

(p.349) 10. Tradition and Modernization: A Concluding Remark
Development Economics

Yujiro Hayami

Yoshihisa Godo

Oxford University Press

What should be the right combination of community, market, and state? It depends not only on the stage of economic development but also on the cultural tradition. Under the different value systems in different societies, different combinations of the three organizations are chosen as the mechanisms to control resource allocations. Evolution of different economic systems under different cultural traditions is illustrated through comparisons between Western and Asian countries, especially Japan, in its modernization process. The book concludes with the argument that if developing economies today are to catch up with developed economies, they must develop effective economic systems each suitable to their unique cultural and social traditions.

Keywords:   Asian traditions, community, developing countries, market, moral philosophies, resource allocation, state, Western civil societies

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