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| Acknowledgements | |
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| Introduction | |
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| Overview of the Debate on East Asian Development Experience | |
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| The East Asian Model of Economic Policy | |
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| Introduction: The Belated Interest in the Diversity of Capitalism | |
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| Does the East Asian Model Exist? | |
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| Investment Policy | |
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| Trade Policy: Infant-Industry Programmes and Export Promotion | |
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| Industrial Policy | |
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| The Question of Replicability | |
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| The End of the East Asian Model? | |
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| Summary and Conclusion | |
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| Interpretation of the East Asian Miracle | |
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| The Political Economy of Industrial Policy in Korea | |
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| Introduction | |
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| A Free Marker? | |
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| Market-Preserving State Intervention? | |
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| How Does State Intervention Work in Korea? | |
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| Why Does State Intervention Work in Korea? | |
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| Conclusion | |
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| Explaining 'Flexible Rigidities' in East Asia | |
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| Introduction: Flexible Rigidities | |
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| Some Thoughts on Flexibility | |
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| Explaining Flexible Rigidities in East Asia | |
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| Concluding Remarks | |
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| Appendix | |
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| How Important were the 'Initial Conditions' for Economic Development?: East Asia vs. Sub-Saharan Africa | |
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| Introduction: Origins of the Debate on Initial Conditions | |
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| Human Resource Endowments | |
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| Natural Resource Endowments | |
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| Physical and Social Infrastructures | |
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| Previous Industrial Experiences | |
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| Foreign Aid | |
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| Conclusion | |
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| 1997 Asian Financial Crisis and Its Implications | |
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| The Hazard of Moral Hazard - Untangling the Asian Crisis | |
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| Introduction | |
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| Moral Hazard and the Development of Capitalism | |
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| Moral Hazard in the Asian Crisis | |
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| Summary and Conclusion | |
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| Interpreting the Korean Crisis - Financial Liberalisation, Industrial Policy and Corporate Governance | |
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| Introduction | |
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| Financial Liberalisation: Capital Account Liberalisation and the Debt Crisis | |
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| Industrial Policy: Over-investment and 'Crony Capitalism' | |
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| Corporate Governance: Moral Hazard and High Debt | |
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| Conclusion | |
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| Looking into the Future of East Asia | |
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| Industrial Policy and East Asia - the Miracle, the Crisis and the Future | |
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| Introduction | |
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| The East Asian Miracle Report on Industrial Policy: Contributions and Limitations | |
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| The East Asian Crisis (and the Japanese Stagnation) and Industrial Policy | |
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| Some Thoughts on the Future of Industrial Policy in East Asia | |
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| Concluding Remarks | |
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| The Triumph of the Rentiers? | |
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| Introduction | |
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| The Korean Financial System During the High-Growth Period | |
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| The Historical Precedents | |
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| The Misunderstood Crisis: 1993 to 1997 | |
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| Institutional Changes After the 1997 Crisis - What Future for Korea? | |
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| Concluding Remarks | |
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| Evaluating the Post-Crisis Corporate Restructuring in Korea | |
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| Introduction | |
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| A Critical Look at the Standard Analysis of the Role of the Corporate Sector in the 1997 Crisis | |
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| Restructuring the Chaebols | |
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| Assessing the Governance Reform Programme | |
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| The Need for a 'Second-Stage Catching-up System' for the Korean Economy | |
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| Some Final Thoughts | |