The Role of Confucian Values in East Asian Development: Before and After the Financial Crisis

Abstract

Asian Values provided a convincing cultural explanation for high economic hrowth in East Asia up until the recent economic crisis, without many of the social problems that are normally associated with rapid development, However, the Asian economic crisis has prompted a re-examination of Asian values. This paper argues that the positve aspects of Confucian values outweigh its minuses and that it is up to the East Asian economies to take steps to maximize its positive aspects, The paper also argues that its minuses and that it is up to the East Asian economies to take steps to maximize its positive aspects, The paper also argues that its Weakness coannot be entirely blamed for the Asian economic crisis and that given the overwhelming evidence of East Asia"s remarkable economic performance over a sustained period, the effects of Confucianism on economic development should not be overlooked