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Handbook of Research on Asian Business

Handbook of Research on Asian Business

Elgar original reference

Edited by Henry Wai-chung Yeung

The rise of Asia as an important region for global business has been widely recognized as one of the most significant economic phenomena in the new millennium. This accessible and comprehensive Handbook brings together state-of-the-art reviews of Asian business in an expansive range of areas including: business organizations; strategic management; marketing; state–business relations; business and development; and business policy issues.

Chapter 12: The State and Transnational Capital in Adaptive Partnership: Singapore, South Korea and Taiwan

Christopher M. Dent

Subjects: asian studies, asian business, asian economics, business and management, asia business, international business, economics and finance, asian economics


Christopher M. Dent The relationship between transnational capital and the state has stirred much interest and debate within the international political economy literature. The analysis presented here makes a comparative case study analysis of this relationship in the foreign economic policy (FEP) calculus of three East Asian newly industrialized economies: Singapore, South Korea and Taiwan (the NIE-3).1 While each of the NIE-3’s own path of economic development has differed significantly, there nevertheless exist important similarities. This relates not just to being a constituent of the East Asian regional economic dynamic, but also to their shared developmental state tradition. The relationship between the state and transnational capital is also a key to understanding the NIE-3’s foreign economic policy formation, yet this too differed significantly across the group. In Singapore, the state has forged close working relations with the hosted foreign transnational corporations (TNCs) that dominate the economy. In South Korea, the state has cultivated a home-grown transnational capital capacity, as seen in its developmental alliance forged with the chaebol conglomerates. Furthermore, an arm’s-length relationship with foreign TNCs was traditionally maintained, although this changed after the cataclysmic events of South Korea’s 1997/1998 financial crisis. The Taiwanese state’s own relationship with transnational capital has, meanwhile, concentrated on the transborder economic space being created by intensifying commercial interactions with mainland China (see also Chapters 9 and 16 in this volume). The NIE-3’s foreign trade, investment and finance policies are also shaped to some considerable degree by these respective relationships,...

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