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Crisis management and the diversity of capitalism: fiscal stimulus packages and the East Asian (neo-)developmental state

Title
Crisis management and the diversity of capitalism: fiscal stimulus packages and the East Asian (neo-)developmental state
Authors
Kalinowski T.
Ewha Authors
Thomas Kalinowski
SCOPUS Author ID
Thomas Kalinowskiscopus
Issue Date
2015
Journal Title
Economy and Society
ISSN
0308-5147JCR Link
Citation
vol. 44, no. 2, pp. 244 - 270
Keywords
comparative political economydevelopmental stateEast Asiafiscal policiesinternational political economyvarieties of capitalism
Publisher
Routledge
Indexed
SSCI; SCOPUS WOS scopus
Abstract
Abstract: This paper contributes to the understanding of East Asian capitalism by investigating the political economy of crisis management in Japan, Korea and China during the global economic crisis. Reacting to the global shock of the economic crisis that began in 2008, East Asian capitalism has remained a distinct state-led model that differs substantially from the liberal, neo-corporatist or welfare state varieties of capitalism in the West. More specifically, this paper studies the fiscal stimulus packages implemented by East Asian countries to address the global financial crisis from 2008 to 2010. We find that East Asian fiscal stimulus packages were comparatively large and supply-side-oriented. Unlike in the West, where a (short-lived) revival of demand-side-oriented Keynesian strategies stimulating consumption could be observed, East Asian countries reinforced industrial policies and supported investment and international competitiveness. We argue that the East Asian variety of crisis management can largely be explained by a path-dependent transformation of the East Asian developmental state into a neo-developmental competition state. Copyright © 2015 Taylor & Francis.
DOI
10.1080/03085147.2015.1013354
Appears in Collections:
국제대학원 > 국제학과 > Journal papers
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