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

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  • Historical sources of institutional trajectories in economic development
  • Aoki, Masahiko
  • Asian Development Bank Institute


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Title Historical sources of institutional trajectories in economic development
Similar Titles
Sub Title

China, Japan, and Korea compared

Material Type Articles
Author(English)

Aoki, Masahiko

Publisher

Tokyo:Asian Development Bank Institute

Date 2012-11
Series Title; No ADBI Working Paper Series / no. 397
Pages 30
Subject Country China(Asia and Pacific)
Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Economic Conditions
Economy < Economic Administration
Industry and Technology < Agriculture
Holding EconStor

Abstract

This essay provides a game-theoretic, endogenous view of institutions, and then applies the idea to identify the sources of institutional trajectories of economic development in China, Japan, and Korea. It stylizes the Malthusian-phase of East Asian economies as peasant-based economies in which small families allocated their working time 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 characterizes the varied nature of the political states of Qing China, Tokugawa Japan, and Yi Korea by focusing on the way in which agricultural taxes were enforced. It also identifies different patterns of social norms of trust that were institutional complements to, or substitutes for, 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.