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Revisiting the East Asian Financial Crises: Lessons from Ethics and Development Patterns

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Economic Growth and Financial Development

Abstract

This book chapter offers a conceptual contribution to the development economics and financial development literature by reviewing the East Asian development patterns through an ethical interpretation. The flight of foreign capital and the financial crises that affected some of the most successful East Asian economies led to a critique of their development pathways. However, Japan and the Asian Tigers displayed a lead role for ethics in both their economic and business historical process, as part of the Confucian capitalism. The Asian miracle carries a strong ethical message, to be kept for policy recommendations. These lessons can be useful for regulation purposes and to smooth the risk of upcoming financial crises.

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Acknowledgment

Andrea Gatto is thankful to Jen-te Wang, Wang Jenn-Hwan, and Kelly Barton Olds for insightful conversations and suggestions, Luke Putres for his kind help, and the National Science Council of Taiwan for the scientific support at the National Taiwan University and National Cheng-Chi University.

Author information

Authors and Affiliations

  1. Wenzhou-Kean University, Wenzhou, Zhejiang Province, China

    Andrea Gatto

  2. Natural Resources Institute, University of Greenwich, Chatham Maritime, UK

    Andrea Gatto

  3. Centre for Studies on Europe, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan

    Andrea Gatto & Elkhan Richard Sadik-Zada

  4. University of Cambridge Energy Policy Research Group, Cambridge, UK

    Elkhan Richard Sadik-Zada

  5. Ruhr University, Faculty of Economics, Ruhr-Universität Bochum, Bochum, Germany

    Elkhan Richard Sadik-Zada

Authors
  1. Andrea Gatto
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  2. Elkhan Richard Sadik-Zada
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Corresponding author

Correspondence to Andrea Gatto .

Editor information

Editors and Affiliations

  1. School of Management and Economics, Beijing Institute of Technology, Beijing, China

    Muhammad Shahbaz

  2. Leeds Business School, Leeds Beckett University, Leeds, UK

    Alaa Soliman

  3. Nottingham University Business School, University of Nottingham, Nottingham, UK

    Subhan Ullah

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Gatto, A., Sadik-Zada, E.R. (2021). Revisiting the East Asian Financial Crises: Lessons from Ethics and Development Patterns. In: Shahbaz, M., Soliman, A., Ullah, S. (eds) Economic Growth and Financial Development. Springer, Cham. https://doi.org/10.1007/978-3-030-79003-5_2

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