East Asian Capitalism: The View from the Tokyo, Seoul, Beijing Axis

Tony Mitchell

Chapter 7 in Development Models, Globalization and Economies, 2006, pp 107-118 from Palgrave Macmillan

Abstract: Abstract Capitalism in any country is a dialogue between the state, the market, entrepreneurs, professional managers, co-workers and providers of funds, the banks and shareholders. Many of these actors have separate dialogues with one another and the shape of these dialogues is more frequently directed by the values which inform the society rather than issues related to profitable operation. The Sarbanes-Oxley Act (2002) is clearly values-driven rather than profit-driven. There are correspondences between the company as ‘community’ model observed in both Japan and Germany, and the company as the property of the shareholders model; but as important are the differences between different ‘community’ models.1 The German model is a different dialogue from the East Asian model: the former is a dialogue between partners, which can be illustrated by the role of the unions in Germany within the dialogue compared with the duty of the employer in the East Asian model to take care of his employees. The values in East Asia are fundamentally the rule of men rather than the rule of law in Germany. The dialogue in Europe takes place on the streets and in the media and in East Asia between friends over a drink.

Keywords: Free Cash Flow; East Asian Community; East Asian Miracle; Korea Time; Japanese Capitalism (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52355-5_7

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DOI: 10.1057/9780230523555_7

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