ABSTRACT
Among a vast literature on the Asian economies, the book proposes a distinctive approach, inspired by Régulation Theory, in order to understand the current transformations of the Asian economies. The book follows their transformations after the 1997 Asian crisis until the subprime crisis. During this period, the viability of their growth regime was to coherence of five basic institutional forms: the degree of competition and insertion into the world economy, the nature of labour market organization, the monetary and exchange rate regimes and finally the style for State intervention via legislation, public spending and tax.
The book provides new findings. The degree of financial liberalization and opening to the world economy largely determines the severity of the 2008-2009 recession and the political-economic reactions of each Asian countries to the subprime crisis. Asian capitalisms are distinct from American and European ones, but they are quite diverse among themselves, and this differentiation has been widening during the last decade. This book will help to shed light on a de facto regional economic integration is taking place in Asia, but unsolved past political conflicts do hinder the institutionalisation of these interdependencies.
TABLE OF CONTENTS
part I|115 pages
Japanese capitalism: the Companyism eroded by firms' heterogeneity and the lack of new coordinating mechanisms
chapter 3|16 pages
The increasing heterogeneity of firms in Japanese capitalism
chapter 4|18 pages
Labor and financial-market risks and welfare spending
chapter 5|17 pages
Increasing wage inequality in Japan since the end of the 1990s
chapter 6|22 pages
Institutional changes and the transformations of the growth regime in the Japanese economy
part II|112 pages
Chinese and Korean capitalisms: two contrasted trajectories
part II|77 pages
China: export or investment-led growth regime?
chapter 7|12 pages
Development mode and capability building in the age of modularization and regional integration
chapter 8|22 pages
Chinese international production linkages and Japanese multinationals
chapter 9|19 pages
Analysis of the linkage effect in Chinese export-led growth
part |34 pages
Korea: major transformations but uncertain régulation modes
chapter 11|20 pages
The Korean economy between two economic crises
chapter 12|12 pages
The great transformations in the Korean economy since 1962
part III|109 pages
Diversity of Asian capitalisms: from globalization to Asian integration?