Browse

Varieties of Capitalism and re-thinking the East Asian model of economic growth after the Covid-19: Rebalancing shareholder and stakeholder capitalism

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
Keun Lee
Issue Date
2020-11
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.33 No.4, pp.487
Keywords
East Asian modelGlobalizationCovid-19Shareholder capitalismStake-holder capitalism
Abstract
East Asian economies had shown remarkable performance ofhigh growth and low inequality, thereby forming a separate East Asian capitalism group within the VoC (variety of capitalism)typologies. There are strong signs that these economies haverecently been converging to the LME (liberal market economygroup), featuring low growth and high inequality, since the 2000s.Financialisation is arguably one cause for these outcomes of low growth and high inequality. This paper re-evaluates East Asian capitalism in the context of the Covid-19 pandemic, which hassuddenly halted globalisation and further questioned the superiority of shareholder capitalism associated with financialisation and globalisation. It proposes rebalancing between shareholder and stakeholder capitalism. By doing so, East Asian economies can be reborn as a hybrid capitalism, with East Asian capitalism at its original core, to restore their growth momentum in an inclusive way. It is also argued that the post-pandemic retreat of globalisation is a good opportunity to restore autonomy in domestic economic policymaking over interest rates and exchange rates, while allowing some adjustments over formerly excessive capital mobility
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/171351
DOI
https://doi.org/10.22904/sje.2020.33.4.001
Files in This Item:
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.33 no.1~4 (2020)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse