Capitalism and Capitalisms in Asia Origin, Commonality, and Diversity
Comparative political economy in Asia goes back a long time. For some time, it seemed that high-growth Southeast Asian economies could join the momentum of the Asian tigers, as in Mahathir’s Look East policy and the World Bank’s ‘Miracle Eight’, but these expectations have since faded into the background. Arguments about differences between China and India have been ongoing for decades, in short, one state-led, efficient and authoritarian, the other democratic with an inefficient and reactive rather than proactive state. The rise of China (especially after China joined the WTO in 2001) has added further ramifications… The ongoing rise of Asia prompts questions—Which Asia? What about differences within Asia? Rise on what terms? How does ‘Asia’ position itself in the world economy? With Japan’s lead Asia could still, to a point, follow American directions, as in security policies and the Asian Development Bank, but with China as Asia’s leading economy this is no longer the case…
In Asia capitalism has mostly figured as a category in the singular with variations in the margins—market economies with variations in degrees and styles of state guidance, in historical trajectories and institutional makeup, and in rent seeking and crony capitalism. Counterpoints have been socialist economies (China, Vietnam, Laos, North Korea), and outliers have been economies steeped in military influence (Pakistan, Myanmar, Indonesia, Thailand)…
This is the backdrop to the emergence of the theme of capitalisms in Asia. This theme means that Asian discussions join wider comparative political economy and analysis of comparative capitalisms and that analytics take on a more reflexive and critical character.
Hyun-Chin LimHyun-Chin Lim is Professor Emeritus of Sociology and Founding Director of Asia Center at Seoul National University. He is Member of the National Academy of Sciences, Korea, and serves as the president of Korean Social Science Research Council. He taught and did research at Harvard, Chicago, University of California (San Diego), Duke, Paris Diderot, and Vietnam National University (Hanoi). He was previously the dean of Faculty of Liberal Education, the dean of the College of Social Sciences, and the director of Asia Center, all at Seoul National University. He also served as the president of such professional association as Korean Association of NGO Studies, Korean Sociological Association, and International Development and Cooperation Association. His publications include more than 50 books and over 250 scholarly articles on dependency, development, democracy, and civil society in East Asia and Latin America.
Jan Nederveen Pieterse
He is Mellichamp Professor of Global Studies and Sociology at the University of California, Santa Barbara. He specializes in globalization, development studies and cultural anthropology. He was previously at the University of Illinois Urbana-Champaign, the Institute of Social Studies in The Hague, the University of Cape Coast, Ghana, and the University of Amsterdam. He holds a part-time chair at Maastricht University. He currently focuses on new trends in twenty-first-century globalization and the implications of economic crisis. He is on the editorial board of Clarity Press, the Journal of Global Studies and e-global, and is associate editor of the European Journal of Social Theory, Ethnicities, Third Text and the Journal of Social Affairs.
Introduction; Capitalism in Asia
Theoretical Contexts and Analytical Framework
Organization of the Argument
PART I: Recent Changes in Asian Capitalism
1. Formation and Development of Capitalism in the Modernization of East Asia: An Alternative Theoretical Explication
A Theory of Selective Modernization and Alternative Modernities: A Synopsis
The Birth of Capitalism in the First-Wave Modernization in East Asia
The Development of the Modern Capitalism in the Second-Wave Modernization in East Asia
2. Comparing Capitalisms, East and West
Why Totalize Capitalism?: ‘The Map is Not the Same as the Territory’—Borges
Plurality and Layered Analysis
3. Regional Capitalisms and Global Technoscience: Controllable or Uncontrollable Forces of Planetary Change?
The Capitalism plus Technoscience Conundrum
Capitalism As It Is and As It Should Be
Technoscience As It Is and As It Could Be
4. A New “Spirit” of Capitalism?: Globalization and Its Impact on the Diffusion of Neoliberal Management Thinking in Germany and the East Asian Economies
Global Elites as Pacemakers?
German Top-Managers as Global Elites?
Global Elites in East Asia?
A New Neoliberal Spirit of Capitalism?
The Financial Market Mindset amongst German Managers
The Neoliberal Management Mindset: German Top Managers on Leadership
The Collective Mindsets of Top Managers in East Asia
PART II Diversity of Asian Capitalism: China, Japan and Indonesia
5. Capitalism in China: A Centrally Managed Capitalism (CMC) and Its Future
The Role of the State in Capitalism
Forms of State Capitalism
Centrally Managed Capitalism
The CMC in the Marketplace and Its Costs
Challenges to CMC
Legitimizing CMC: From Marxism to Economic Growth and Social Stability
Transforming Ideology: Towards Xiaokang and Datong?
The Transforming CMC: Democratization?
Conclusion: The Future of Chinese Capitalism
6. State Neoliberalism: The Chinese Road to Capitalism in Comparative Perspective
China and Developmental State Capitalism in the South
China and Neoliberal Capitalism in the West
China and Neoliberal Reforms in Post-Socialist Eastern Europe
State Neoliberalism and the Ceaseless Drive of Capital Accumulation
State Neoliberalism in China: Distinctive Characteristics
Whither the Chinese Road to Capitalism
7. The End of the Long Boom?: A Comparative Institutional Analysis of Long-term Growth in China
Historical Evolution and Global Insertion
Private-Public Growth Alliances: A Chinese Mode of Coordination
Key Institutional Domains
Summary and Outlook
8. Beyond Predatory Productivism?: The Political Economy of Welfare Capitalism in Post-New Order Indonesia
Explaining Welfare Capitalism
Actors, Interests, and Agendas
The Political Economy of Welfare Capitalism in Indonesia
PART III Asia Capitalism in Global Context
9. How Financial Liberalization Transformed the East Asian Development Model
Financial Liberalization in Japan, Korea, and Chinas
Financial Liberalization and Transformation of the East Asian Development Model
10. The “Renminbi Swap Lines” and the Emergent Role of China as an Emergency Lender: Evidence from Argentina
Introduction and Objectives
Reviewing Chinese Measures toward an International Yuan-Renminbi
Case Study: The Sino-Argentine Swap Line
11. East Asia’s Inter- and Intra-Regional Trade Networks and Changing Roles in Global Mobile Phone Value Chains
International Trade and Divergence in GVC Integration
Data and Methods
International Trade of Mobile Phones and Parts
Countries’ Changing Positions in the Mobile Phone GVC
Inter- and Intra-Reginal Trade Networks of Mobile Phones and Parts
Intra-Asian Trade Networks of Mobile Phones and Parts
12. Development Cooperation and the Legacy of the Developmental State: Government Initiative and State-Business Partnership in Korean Development Cooperation with Mozambique and Rwanda
First Case: State-Led Development Coopration and “Resource Diplomacy” in Mozambique
Second Case: Extending into New Markets in Rwanda through Public Private Partnership
Conclusion: Exploring 21st Century Capitalisms and Asia: The Impact of Financialization
Financialization and Capitalism
East Asian Capitalism and Financialization