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The Developmental State in an Era of Finance-Dominated Accumulation

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Abstract

There have been three main accounts of East Asian export-oriented economic growth in the 1980s: getting prices right, the developmental state (DS), and Confucian capitalism. None is satisfactory and, together, they reproduce the market—state—civil society triplet, which originates in European Enlightenment thinking, and one-sidedly highlight the roots of the miracle in one or other of these ensembles. This suggests the need for an alternative approach to interpreting and explaining economic development and social formations that can provide a more powerful and comprehensive account not only of the East Asian economic miracles but also of their crisis tendencies and partial recovery from that crisis. This approach should also be able to explain the variety of DSs in this region and the similarities to, and differences from, cases in other times and places. This is one aim of this chapter.

Keywords

  • Free Trade
  • World Trade Organization
  • Asian Crisis
  • East Asian Economy
  • Creative Economy

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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© 2016 Yin-wah Chu

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Jessop, B. (2016). The Developmental State in an Era of Finance-Dominated Accumulation. In: Chu, Yw. (eds) The Asian Developmental State. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137476128_2

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