목차
ACKNOWLEDGEMENTS vii
INTRODUCTION 1
PART I: OVERVIEW OF THE DEBATE ON EAST ASIAN DEVELOPMENT EXPERIENCE
Chapter 1
THE EAST ASIAN MODEL OF ECONOMIC POLICY 13
1. Introduction: The Belated Interest in the Diversity of Capitalism 13
2. Does the East Asian Model Exist? 17
3. Investment Policy 19
4. Trade Policy: Infant-Industry Programmes and Export Promotion 29
5. Industrial Policy 34
6. The Question of Replicability 47
7. The End of the East Asian Model? 53
8. Summary and Conclusion 54
PART II: INTERPRETATION OF THE EAST ASIAN MIRACLE
Chapter 2
THE POLITICAL ECONOMY OF INDUSTRIAL POLICY IN KOREA 63
1. Introduction 63
2. A Free Market? 64
3. Market-Preserving State Intervention? 67
4. How Does State Intervention Work in Korea? 75
5. Why Does State Intervention Work in Korea? 85
6. Conclusion 100
Chapter 3
EXPLAINING 'FLEXIBLE RIGIDITIES' IN EAST ASIA 109
1. Introduction: Flexible Rigidities 109
2. Some Thoughts on Flexibility 117
3. Explaining Flexible Rigidities in East Asia 125
4. Concluding Remarks 132
Appendix 134
Chapter 4
HOW IMPORTANT WERE THE 'INITIAL CONDITIONS' FOR ECONOMIC DEVELOPMENT?: EAST ASIA VS SUB-SAHARAN AFRICA 143
1. Introduction: Origins of the Debate on Initial Conditions 143
2. Human Resource Endowments 146
3. Natural Resource Endowments 153
4. Physical and Social Infrastructures 157
5. Previous Industrial Experiences 168
6. Foreign Aid 172
7. Conclusion 175
PART III: 1997 ASIAN FINANCIAL CRISIS AND ITS IMPLICATIONS
Chapter 5
THE HAZARD OF MORAL HAZARD - UNTANGLING THE ASIAN CRISIS 179
1. Introduction 179
2. Moral Hazard and the Development of Capitalism 181
3. Moral Hazard in the Asian Crisis 184
4. Summary and Conclusion 201
Chapter 6
INTERPRETING THE KOREAN CRISIS - FINANCIAL LIBERALISATION, INDUSTRIAL POLICY AND CORPORATE GOVERNANCE 207
1. Introduction 207
2. Financial Liberalisation: Capital Account Liberalisation and the
Debt Crisis 208
3. Industrial Policy: Over-investment and 'Crony Capitalism' 214
4. Corporate Governance: Moral Hazard and High Debt 218
5. Conclusion 223
PART IV: LOOKING INTO THE FUTURE OF EAST ASIA
Chapter 7
INDUSTRIAL POLICY AND EAST ASIA - THE MIRACLE, THE CRISIS AND THE FUTURE 227
1. Introduction 227
2. The East Asian Miracle Report on Industrial Policy:
Contributions and Limitations 229
3. The East Asian Crisis (and the Japanese Stagnation) and
Industrial Policy 245
4. Some Thoughts on the Future of Industrial Policy in East Asia 248
5. Concluding Remarks 254
Chapter 8
THE TRIUMPH OF THE RENTIERS? 261
1. Introduction 261
2. The Korean Financial System During the High-Growth Period 262
3. The Historical Precedents 265
4. The Misunderstood Crisis: 1993 to 1997 268
5. Institutional Changes After the 1997 Crisis - What Future
for Korea? 273
6. Conduding Remarks 275
Chapter 9
EVALUATING THE POST-CRISIS CORPORATE RESTRUCTURING
IN KOREA 279
1. Introduction 279
2. A Critical Look at the Standard Analysis of the Role of the
Corporate Sector in the 1997 Crisis 280
3. Restructuring the Chaebols 288
4. Assessing the Governance Reform Programme 300
5. The Need for a 'Second-Stage Catching-up System' for the
Korean Economy 304
6. Some Pinal Thoughts 308