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Globalization, Global Standards, and the Future of East Asia

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  • Ha-Joon Chang

Abstract

After discussing whether there should be global standards in institutions, the article shows that the so-called global institutions (GSIs) are not truly 'global' but institutions that are specific to the Anglo-American countries. The article then criticizes the arguments that the Anglo-American institutions will eventually become GSIs because of their superiority. Finally, the article discusses why the Anglo-American institutions are particularly unsuited to developing countries, which is why even the Anglo-American countries adopted them only after they had achieved their economic development. It is concluded that the East Asian countries would be ill advised to adopt the so-called GSIs.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Global Economic Review.

Volume (Year): 34 (2005)
Issue (Month): 4 ()
Pages: 363-378

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Handle: RePEc:taf:glecrv:v:34:y:2005:i:4:p:363-378

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Related research

Keywords: Global standard institutions; East Asia;

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Cited by:
  1. Zdenìk Kudrna & Juraj Medzihorsky, 2012. "International banking standards in emerging markets: testing the adaptation thesis in the European Union," Working Papers IES 2012/06, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Mar 2012.
  2. Ha-Joon Chang, 2006. "La relación entre las instituciones y el desarrollo económico. Problemas teóricos claves," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 8(14), pages 125-136, January-J.
  3. Chang, Ha-Joon, 2006. "Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues," Working Paper Series DP2006/05, World Institute for Development Economic Research (UNU-WIDER).

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