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Globalization, Global Standards, and the Future of East Asia


  • Ha-Joon Chang


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.

Suggested Citation

  • Ha-Joon Chang, 2005. "Globalization, Global Standards, and the Future of East Asia," Global Economic Review, Taylor & Francis Journals, vol. 34(4), pages 363-378.
  • Handle: RePEc:taf:glecrv:v:34:y:2005:i:4:p:363-378 DOI: 10.1080/12265080500441354

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    References listed on IDEAS

    1. Andrew Worthington & Abbas Valadkhani, 2004. "Measuring the impact of natural disasters on capital markets: an empirical application using intervention analysis," Applied Economics, Taylor & Francis Journals, vol. 36(19), pages 2177-2186.
    2. St Pierre, Eileen F, 1998. "The Impact of Option Introduction on the Conditional Return Distribution of Underlying Securities," The Financial Review, Eastern Finance Association, vol. 33(1), pages 105-118, February.
    3. Ada Ho & Alan Wan, 2002. "Testing for covariance stationarity of stock returns in the presence of structural breaks: an intervention analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 9(7), pages 441-447.
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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. Chang, Ha-Joon, 2006. "Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues," WIDER Working Paper Series DP2006/05, World Institute for Development Economic Research (UNU-WIDER).
    3. 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.
    4. Michał Zaremba, 2016. "Polish Investments on Non-European Markets," International Economics, University of Lodz, Faculty of Economics and Sociology, issue 15, pages 211-222, September.

    More about this item


    Global standard institutions; East Asia;


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