Family, Social Relations, and Asian Capitalism

Abstract

The paper deals with the role of family and social relations in Asian development. In contrast to the negative view on familism and Asian values, which seems dominant after the eruption of Asian financial crisis in 1997, the paper argues for the positive role of family-centered model of development. After discussing the central concepts of trust and cooperation, the paper develops links between the mode of social relations and economic development. While recognizing the tendency of nepotism and corruption embedded in the family-centered capitalism, the paper emphasizes the merits of family-centered capitalism and its potential for the construction of a communitarian, rather than individualistic, model of development.