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

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dc.contributor.authorKeun Lee-
dc.date.accessioned2020-12-16T08:18:02Z-
dc.date.available2020-12-16T08:18:02Z-
dc.date.issued2020-11-
dc.identifier.citationSeoul Journal of Economics, Vol.33 No.4, pp.487ko_KR
dc.identifier.issn1225-0279-
dc.identifier.urihttps://hdl.handle.net/10371/171351-
dc.description.abstractEast 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 mobilityko_KR
dc.description.sponsorshipThis paper has first been written as a part of the project sponsored by the Dialogue of Civilizations Research Institute based in Berlin, Germany. The author thanks Vladimir Popov for providing useful comments as a guest editor.The author also acknowledges the support by the Laboratory Program forKorean Studies through the Ministry of Education of the Republic of Korea and the Korean Studies Promotion Service of the Academy of Korean Studies (AKS-2018LAB-1250001).ko_KR
dc.language.isoenko_KR
dc.publisherInstitute of Economic Research, Seoul National Universityko_KR
dc.subjectEast Asian model-
dc.subjectGlobalization-
dc.subjectCovid-19-
dc.subjectShareholder capitalism-
dc.subjectStake-holder capitalism-
dc.titleVarieties of Capitalism and re-thinking the East Asian model of economic growth after the Covid-19: Rebalancing shareholder and stakeholder capitalismko_KR
dc.typeSNU Journalko_KR
dc.contributor.AlternativeAuthor이근-
dc.identifier.doi10.22904/sje.2020.33.4.001-
dc.citation.journaltitleSeoul Journal of Economicsko_KR
dc.citation.number4ko_KR
dc.citation.startpage487-
dc.citation.volume33ko_KR
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