The Five Phases of Economic Development and Institutional Evolution in China, Japan, and Korea

Masahiko Aoki

Chapter 1 in Institutions and Comparative Economic Development, 2012, pp 13-47 from Palgrave Macmillan

Abstract: Abstract In 2010, aggregate real gross domestic product (GDP) in terms of purchasing power parity (PPP) of China, Japan, South Korea (henceforth Korea), Hong Kong, China, and Taiwan surpassed that of both North America and the European Union.1 According to Maddison’s frequently cited estimate, these economies together also constituted the largest economic zone in 1820, producing more than one-third of the world’s total GDP.2 However, their share dropped by more than three quarters toward the middle of the 20th century, which was then followed by the successive miracles of Japan, the Asian Tigers and now China. What accounts for such a dramatic fall from historical heights and then the resurgence of the region as a whole? Is there anything unique about the East Asian development pattern? What implications does this experience have for future development?

Keywords: Gross Domestic Product; Purchase Power Parity; Qing Dynasty; Coalitional Structure; Lineage Organization (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-03401-4_2

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DOI: 10.1057/9781137034014_2

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