PDF Der Internationale Währungsfond - Im Kontext zur Asienkrise (German Edition)

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Der Internationale Währungsfond - Im Kontext zur Asienkrise (eBook, ) [nyvyheja.tk]

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Die Diktatur des Internationalen Währungsfond

Thomas Kalinowski. Suyoun Jang.

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We show that the core East Asian capitalist countries Japan, Korea and China follow a coordinated approach in business-finance rela- tions, while business-labor affairs remain largely uncoordinated. He received his Ph. Recent publications include works on financial crisis, financial regulation and bank reform, the IMF, the global role of East Asia, the diversity of capitalism and the transformation of the East Asian developmental state. E-mail: kalinowski. She received her B. Her research interests and publi- cations are focused on security and development, human security and fragile states.

E-mail: suyounj gmail. The second contribution of this paper is to investigate the changes in the above-described two-dimensional relationships. We find that there is no clear trend and few evidences that East Asian countries have been converging with an Anglo-American liberal model of managing economic relations. Introduction F or the past few decades research within the field of comparative political economy has been developing an analytical framework for understanding the diversity of different types or models of capitalism. Until recently, however, with the exception of Japan Yamamura and Streeck, ; Streeck and Yamamura, ; Vogel , scholars of comparative capitalism have largely ignored other Asian economies.

Previous efforts to conceptualize East Asian growth models focused on the role of the state and introduced the category of state- led capitalism Coates, ; Amable, Recent publications also highlighted different specific aspects of the Asian capitalism such as financial reform Kushida and Shimizu, and technology Reslinger, or they adopted new approaches such as game theory Aoki, However, there is still little agreement on which countries should be part of the category East Asian capitalism.

While we generally agree with the importance of exposing the limits of subsuming countries under one label of East Asian capitalism and criticizing functionalist approaches to institutions, particularly in regard to the study of such a diverse region as East Asia. In this paper, however, we take a different approach to show that despite the weaknesses of a VoC inspired firm- centered approach in analyzing East Asian capitalism, it does have some advantages.

In our empirical analysis of updated data we show that a very simple two-dimensional model based on measuring business- labor and business-finance coordination allows us to clearly distinguish East Asian countries from LMEs and CMEs. We then substantiate this claim in our qualitative analysis and find that the core East Asian capi- talist countries, Japan, Korea and China, have remarkably similar institutional arrangements despite their vast difference in the level of development.

Instead of the assumed complementarity of institutions of coordination and market orientation across different areas of business linkages, we show that in Japan, Korea and China business-finance relations are coordinated like CMEs, while business-labor relations are largely uncoordinated and left to atomized market-based decisions like LMEs.

Finally, while we find evidence that there is some degree of development of East Asian countries in the direction of LME-style institutional frameworks, substantial differences remain, particularly when looking beneath the surface of institutional change. By looking at the element of change in East Asia from until today, we show latter views high- lighting the path dependency in East Asia remain more plausible. Contribution of the Paper to the Debate on the Varieties of Capitalism Recently contributions that integrate East Asia into the debate on the varieties of capitalism have exponentially increased.

However the core question of whether there is a distinct model of East Asian capitalism still has not been sufficiently answered. This indicates a high level of coordina- tion of business-labor relations in the form of arrangements between labor unions and employers associations as well as between businesses and banks as their main creditors. Given the established research on the East Asian development model based on government planning, bank-based finance and large business conglomerates, this categoriza- tion seemed plausible.

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Witt and Redding, on the other hand, argue that East Asian economies, with the exception of Japan, cannot be explained by the VoC dichotomy inductively developed from the analysis of Western variants of capitalism particularly the US and Germany. We take a different approach. While we agree that the VoC approach is indeed of little use in East Asia, the dichotomy of market-based and coordination-based relationships still remains a useful conceptual framework for our investigation, if it is disentangled from CME and LME types of institutional complementarity. One of the core insights of the VoC approach is portrayed in terms of two major types of capitalist models, CME and LME, by the degree to which a political economy is coordinated or not.

The CME which is dependent on non- market relations, collaboration, credible commitments and delibera- tive calculation on the part of firms is opposed along all of these dimensions to the LME, which is described in terms of arms-length, competitive relations, competition and formal contracting, and the operation of supply and demand in line with price signaling Hall and Soskice, Table 1.

In this paper we choose a much simpler approach in separating different variants of capitalism into just two dimensions, coordination between business and finance and business and labor. Arguably, these two relationships are at the core of any variation of capitalism. Meanwhile institutional sub-systems which govern capital and labor shape such capitalist production regimes and the governance of these sub-systems, capital and labor markets, takes very different shapes as seen in LME and CME Kang, By looking at how firms operate in these two types of systems therefore we can guess how East Asian economies are located among other western economies.

We start by measuring business-finance relations by looking at the share of stock market capitalization to GDP. A higher figure indi- cates a more market based approach, while a lower figure means that businesses tend to rely more on coordinated bank-based ways to finance their operations. The distinction between market and bank- based financial systems is very well established in qualitative studies Vitols, , but it remains difficult to measure.

Witt and Redding correctly state that stock market capitalization is not an optimal way to measure market orientation of financial systems Witt and Redding, Japan, for example, clearly has a high level of coordination in the financial sector but, due to the financial bubble of the s, still has a relatively large stock market. Despite the shortcomings of a stock market capitalization analysis and the unusual case of Japan, we found the similarities among the core East Asian capitalist countries quite remarkable.

These findings are further substantiated by a quali- tative analysis. Our investigation of business-labor relations continues by look- ing at the collective bargaining coverage. A high level indicates a close coordination between business and labor to set wages and working conditions, while a lower level indicates a more individualized market based approach.

We decided against the original approach of Hall and Soskice 19 to measure business-labor relations by focusing on employment protection. Instead, to be consistent with the indicator for business- finance relationships, we chose collective bargaining coverage as an indicator for the actual business-labor relations and not just its regula- tory framework. The findings of our paper challenge a core argument of the VoC debate: that capitalist models have to be institutionally complementary to deliver a successful macroeconomic performance.

East Asian coun- tries, with the exception of Japan, have been extraordinarily successful economically since the s. At the same time, countries in the region have combined a system of atomized business-labor relations with a coordinated business-finance relationship. Relationship based finance-business connections, on the other hand, would profit from long-term labor relations that allow busi- nesses to plan ahead and build a loyal workforce with specific skills.

Another major element of the VoC debate is institutional conti- nuity and change. Original contributions to the VoC debate were often criticized for overstressing the element of path dependency Streeck and Thelen, As we will see later, our paper suggests a middle of the road perspective.

In our paper we take a slightly different approach by identifying countries that can be described as core East Asian countries Japan, Korea and China , non-core countries Philippines, Thailand and Indonesia that have similar patterns concerning political economic institutions, and Malaysia, Hong Kong and Singapore that do not fit into that picture. Readers familiar with East Asia might be surprised with our minimalist approach and contend that we are forgetting the role of the state, which has often been the focus of research on East Asian capitalism Zhang and Whitley, ; Evans, ; Woo-Cumings, While we do believe that the role of the state is a distinctive characteristic of East Asian capitalism, as found by many researchers, we decided to take a different approach.

The state-centered approach essentially follows public policy models of the comparative political science literature and its main interest lies in explaining the process of policy making and the policy networks linking the state to the economic groups Kang, This paper, however, by taking a rela- tional view of the firm, highlights the relationships firm establishes with other economic actors and posits that East Asian economies have similarities with CMEs in their skepticism about market-based rela- tions in business-finance relations whereas they share the rejection of coordinated business-labor relationships with LMEs.

What is East Asian Capitalism?

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To measure business-labor coordination, we chose the degree of coverage by collective bargaining agreements as a benchmark instead of labor union density. All of the selected Asian economies have labor unions, and China and Vietnam, for example, have a very high value of union density. This process does not necessarily destroy democracies but it leaves them more vulnerable to possible external shocks in the future.

Author: Thomas Kalinowski 1.

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