Table of Contents

Comparative Institutional Analysis

Comparative Institutional Analysis

Theory, Corporations and East Asia. Selected Papers of Masahiko Aoki

Masahiko Aoki

Chapter 22: Historical sources of institutional trajectories in economic development: China, Japan and Korea compared

Masahiko Aoki

Subjects: asian studies, asian economics, economics and finance, asian economics, game theory, institutional economics, international economics

Extract

† Masahiko Aoki* Department of Economics, Stanford University, Stanford, California, USA * Downloaded from http://ser.oxfordjournals.org/ by guest on June 20, 2013 Correspondence: aoki@stanford.edu This article first provides a game-theoretic, endogenous view of institutions and then applies the idea to identify the sources of institutional trajectories of economies development in China, Japan, and Korea. It stylises the Malthusian phase of the East Asian economies as a peasant-based economies in which small conjugal families self-managed their working times between farming on small plots— leased or owned—and handcrafting for personal consumption and markets. It then compares institutional arrangements across these economies that sustained otherwise similar economies. It characterises the varied nature of the political states of Qing China, Tokugawa Japan and Yi Korea by focusing on the way agricultural taxes were enforced. It also identifies different patterns of social norms of trust that were institutional complements to, or substitutes for, the political states. Finally, it traces the path-dependent transformations of these state-norm combinations along subsequent transitions to post-Malthusian phases of economic growth in the respective economies. Keywords: China, Japan, institutional complementarity, institutional change, varieties of capitalism, norms, political economy JEL classification: O43, O53, P51 1. Introduction: The co-evolution of economic, demographic and institutional variables One of the most important social scientific research agendas today is to understand the dynamic nature of East Asian economies in a comparative and historical perspective and derive its implications for the evolution of the world economy. † This essay is based on an invited lecture...

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