Varieties of Capitalism in Asia, David Hundt and Jitendra Uttam

Reference work entry

The main claim of this book is that the social origins of capitalism matter. Previous studies of capitalism in Asia have paid little attention to contestation over the goals of capitalist development, and variation in the policies used to promote capitalism. This book, by contrast, maintains that ‘social embeddedness’ has been a precondition for the formation of strong and effective interventionist states in Asia. The most successful and stable capitalist economies have been typified by comparatively high degrees of social embeddedness, by which we simply mean that states are firmly rooted in society. Political leaders design economic policy so that it benefits more than just themselves, and to some degree they are accountable to society. The least successful and most unstable, meanwhile, have tended to have comparatively lower levels of embeddedness. These societies are the ones where leaders have generally sought to exploit their citizens, and the benefits of economic policy tend to...

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© Springer Nature Limited 2019

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