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

In: Institutions and Comparative Economic Development

Author

Listed:
  • Masahiko Aoki

    (Stanford University)

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?

Suggested Citation

  • Masahiko Aoki, 2012. "The Five Phases of Economic Development and Institutional Evolution in China, Japan, and Korea," International Economic Association Series, in: Masahiko Aoki & Timur Kuran & Gérard Roland (ed.), Institutions and Comparative Economic Development, chapter 1, pages 13-47, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-03401-4_2
    DOI: 10.1057/9781137034014_2
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    Citations

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    Cited by:

    1. Zhang, Shangfeng & Liu, Yaoxin & Huang, Duen-Huang, 2021. "Understanding the mystery of continued rapid economic growth," Journal of Business Research, Elsevier, vol. 124(C), pages 529-537.
    2. Wanping Yang & Jinkai Zhao, 2018. "Sources of China’s Economic Growth: A Case for Green Accounting," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 8(2), pages 1-3.
    3. Aoki, Masahiko & Rothwell, Geoffrey, 2013. "A comparative institutional analysis of the Fukushima nuclear disaster: Lessons and policy implications," Energy Policy, Elsevier, vol. 53(C), pages 240-247.
    4. Aoki, Masahiko, 2014. "Economic and Political Transitions from Premodern to Modern States in the Meiji Restoration and Xinhai Revolution: A Strategic Approach," ADBI Working Papers 486, Asian Development Bank Institute.
    5. Mehmet Hanefi Topal, 2020. "The Middle Income Trap: Theory and Empirical Evidence," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 34(1), pages 51-75.
    6. Na Zhou & Jinkai Zhao & Kai Zhao & Dong Li, 2021. "Analysis on the Sources of China’s Economic Growth From the Perspective of Cleaner Production," SAGE Open, , vol. 11(2), pages 21582440219, April.
    7. Fayuan Wang & Rong Wang & Zhili He, 2022. "Exploring the Impact of “Double Cycle” and Industrial Upgrading on Sustainable High-Quality Economic Development: Application of Spatial and Mediation Models," Sustainability, MDPI, vol. 14(4), pages 1-17, February.
    8. Wanping Yang & Jinkai Zhao, 2018. "Study On China’S Economic Development From The Perspective Of Strong Sustainability," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 65(01), pages 161-192, April.

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