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Relation-based versus Rule-based Governance: an Explanation of the East Asian Miracle and Asian Crisis

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  • John Shuhe Li
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    Abstract

    The paper aims to establish a theory of relation-based governance to explain both the "East Asian miracle" and the Asian crisis. The author first defines "relation" and "relation-based governance" in terms of information and enforcement, and then analyzes the nature and dynamics of relation-based governance, comparing its benefits and costs with that of "rule-based governance" in terms of observability/verifiability, commitment, and transaction costs. The theory is applied to examine a particular relation-based governance system-the Japanese model-to explain both the East Asian miracle and the Asian crisis. The framework provides foundations for studies of East Asian catching-up and economic development in general. Copyright Blackwell Publishing Ltd 2003.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Review of International Economics.

    Volume (Year): 11 (2003)
    Issue (Month): 4 (09)
    Pages: 651-673

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    Handle: RePEc:bla:reviec:v:11:y:2003:i:4:p:651-673

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    Cited by:
    1. Fali Huang, 2006. "The Transition from Relational to Legal Contract Enforcement," Working Papers 23-2006, Singapore Management University, School of Economics.
    2. Min, Byung-Seong, 2013. "Evaluation of board reforms: An examination of the appointment of outside directors," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 21-43.
    3. Frank Bickenbach & Wan-Hsin LIU, 2010. "The Role of Personal Relationships for Doing Business in the GPRD, China – Evidence from Hong Kong Electronics SMEs," Kiel Working Papers 1589, Kiel Institute for the World Economy.
    4. Mazumdar, Surajit, 2008. "Crony Capitalism: Caricature or Category?," MPRA Paper 19626, University Library of Munich, Germany.
    5. Belloc, Marianna, 2005. "Cross-Cultural Trade and Internal Institutional Stability," Department of Economics, Working Paper Series qt1wj7v0sn, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    6. Francois, Patrick, 2008. "Norms and Institution Formation," CEPR Discussion Papers 6735, C.E.P.R. Discussion Papers.
    7. Romain Ferrali, 2012. "The Maghribi industrialists: contract enforcement in the Moroccan industry, 1956-82," Economic History Working Papers 45680, London School of Economics and Political Science, Department of Economic History.
    8. Jihong Liu & Yaping Wang & Liansheng Wu, 2011. "The Effect of Guanxi on Audit Quality in China," Journal of Business Ethics, Springer, vol. 103(4), pages 621-638, November.
    9. Jain, Tarun & Sood, Ashima, 2012. "How does relationship-based governance accommodate new entrants? Evidence from the cycle rickshaw rental market," MPRA Paper 37424, University Library of Munich, Germany.

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