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College Notes (Lectures) Economy: East Asia (5182KE50)
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College Notes (Lectures) Economy: East Asia (5182KE50)
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Economy East AsiaContents
Lecture 1 – 7-9 – East Asia in the Era of Globalization............................................................................2
Lecture 2 – 14-9 – Economic development in East Asian Country (I) China............................................9
Lecture 3 – 21-9 – economic development in East Asian country (II) Japan.........................................19
Lecture 4 – 28-9 – economic development in East Asia: South Korea..................................................29
Lecture 5 – 5-10 – the developmental state model in East Asia...........................................................39
Lecture 6 – 12-10 – corporation groups and networks in east Asian countries....................................48
Lecture 7 – 26-10 – financial sectors in East Asian Countries...............................................................58
Lecture 8 – 2-11 – 2020........................................................................................................................70
Lecture 9 – 9-11 – labour markets and employment relations in east Asia..........................................79
Lecture 10 – 16-11 – innovation and the new economy in East Asia....................................................90
Lecture 11 – 23-11 – environmental problems and environmental governance in East Asia.............101
Lecture 12 – 30-11 – east Asian regionalism......................................................................................113
1
,Lecture 1 – 7-9 – East Asia in the Era of Globalization
Aim
- Course introduction
- Engage in preliminary discussions on the characteristics of the political economy of East Asia
- Explore analytical frameworks to study the political economy of East Asia
Course objectives
- Acquire a sound knowledge of the development of east Asian economy in the post-war era
(with a focus on the recent development)
- Critical thinking and analysis of economic development models, financial sectors,
industrialization processes, Asian financial crisis, employment system, environmental
governance, and regional economic integration in East Asia
- Formulate original research questions and conduct effective research activities in various
forms on the subject
- Critical analysis of relevant academic literature and research essay writings at corresponding
academic levels
Assignments
- Mid-term exam 30%: 2 hour at home exam answering 2 questions out of 3 to 5 questions
covering lesson 1 to 6 (you will be penalized after 1 hour late submission) (referencing is not
mandatory) (open book)
- Final exam 40%: 3 hour at home exam answering 3 or 4 questions out of multiple questions
covering lesson 1 to 12 (you will be penalized after 1 hour late submission) (referencing is not
mandatory) (open book)
- Tutorial assignments 30%: 2 assignments (1500 words essay (20%) and reading reports
(10%))
East Asia
- Contains some of the world’s most important and distinctive political economies
o Post WWII: war torn countries (Japan)
o Japanese colonization
o Encompasses 4% (1960s) to 25% (mid-1990s) to 30% (mid-2010s) of the world GDP
Currently much larger
- Undoubted economic and strategic weight
o China 2nd largest economy in the world
Japan 3rd largest largest economy in the world
Korea 11th largest economies in the world (and regional)
o Regional and global economic impact
- Under global pressures and influences
o Globalization
o US
o Europe
o Regional pressures and influences
China
Japan
2
, South Korea
- But states are highly resilient and East Asia is exploring ways of cooperating on a regional and
global basis
o Maintain own characteristics
o Resilience
Globalisation
- Global pressure
- Globalisation = A decisive configuration of social, economic, political, and cultural changes
which consequently has transformed key institutions and practices of the modern world
(Scholte 2000)
o Political economy
o Global economy influencing the regional economy
- Three key characteristics
o Capitalist expansion
Increase of international trade
Development of financial transactions
internationalization of production
increased operations of multilateral/multinational corporations
o Changing roles of the states
Globalization can be supported/enhanced or resisted by the state
External pressure
Provide internal security
Reproduction of compliant working classes
Flexible labour market
Provide concessions and inducements to attract multinational corporations
Remove barriers to capitalist expansion or accumulation
Change regulatory frameworks to enhance or block liberalization and
internationalization
State’s role does not diminish fully due to global pressures
Maybe constrained
Proactive roles of the state
o Flexibilization of labour
The redistribution of risks away from the state and the economy towards the
individual
Individual responsibility
Personal welfare
Less protections of workers by the state
Competitive
Productive
Agility
Etc.
Shift towards free and competitive market in production and labour
Changing production system imposes pressure on production
Efficiency
Productivity
just-in-time production
3
, Etc.
Regionalization in East Asia
Responses/attitudes to globalization of East Asian countries?
o Unenthusiastic about the neoliberal model
Globalization
Liberalization
deregulation
minimal government
o Friction between USA and a number of East Asian countries
For example: USA criticized Japan’s protectionism (tariffs)
For example: USA criticized China for trade imbalance
Frictions and tensions
Attitudes towards globalization
- However, there is an underlying process of economic restructuring
- Drawn into an expanding web of capitalist production structures
o Corporations expand their markets into the regional economies
o Resistance against neoliberal
o But more liberal markets is what capitalist producers want
o They get drawn in
- Regional integration in East Asia has been driven primarily by the uncoordinated impact of
corporate restructuring and investment in the region
o Rather than proactive state initiative
o Consequence of expanded multinational corporations, production networks,
corporate restructure, increasing flow of money into (Chinese) economy
Ambiguous impact of globalization
- The impacts of multinational corporations (MNCs) are uneven
o China is more heavily impacted by globalization than for example Malaysia
Ambiguous
There is no single best practice
Depending on different industrial sectors
Different challenges
Different pressures
National identity
- Different industrial sectors present different organizational challenges and company
strategies differ as a consequence
- The underlying logic of production is different in textile, automotive, resource, or service
sector industries
- Some regions of the world will be integrated into the global economy differently depending
on particular attractions in each region and country
o China inevitably attracts all attention from all over the world as opposed to for
example Japan
o Some economies are more integrated into the world economy than others
o China used to and might still have cheap labour
o Geopolitical positions can attract attention
o Geographical locations can attract attention
4
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