A Comparative Analysis of Economic Regionalism in Europe and East Asia: A Historical Institutionalist Approach

Abstract

Despite several similarities in the rise and development of economic regionalism, widely different

institutional arrangements have been formed in Europe and East Asia. Rational-functionalist

approaches do not provide an appropriate explanation of why this is so. This paper seeks to answer

this question by borrowing insights from historical institutionalist accounts. The research shows that

economic interdependence and policy needs alone cannot explain the timing of regional economic

initiatives and the path-dependent nature of institutional development. Historical and structural

conditions including external pressures and their nature can have long-term effects on institutional

forms. Human factors, however, including ideas and leadership can play a crucial role as well,

especially in times of historical and structural changes.