Exploring 21st Century Capitalisms and Asia: The Impact of Financialization (21세기 자본주의와 아시아 탐색하기: 금융화의 영향)

Glenn Morgan (글렌 모건)

Exploring 21st Century Capitalisms and Asia: The Impact of Financialization

Asia Review
Abbr : SNUACAR
2016, 5(2), pp.39~62
Publisher : 아시아연구소
Research Area : Social Science > Social Science in general

Glenn Morgan ¹

¹Cardiff University

Candidate

ABSTRACT

The study of institutions is increasingly dominated by discussions ofchange; how and why forms of capitalism are changing, particularly inlight of the impact of globalization, neo-liberalism and the 2008 globalfinancial crisis, and specifically related to East Asia. This study focuseson the interdependencies between national capitalisms and examinesinterdependencies across regional contexts, for example between the formsof Western and Asian capitalism. This paper is an effort to consider in whatways financialization is emerging in Asian capitalism, how this connects itto the processes of financialization in the Western forms of capitalism andwhat the consequences of these interactions might be. Western forms of capitalism have over the last two decades becomeincreasingly financialized. The processes of financialization has changed theinstitutional framework of Western forms of capitalism to varying degreeswith impact on inequality, security, welfare policy, taxation, innovation andthe provision of state services. Is financialization penetrating into these EastAsian forms of capitalism? Overall, the answer seems to be that this is notthe case. Financial institutions are not the dominant players, and in Japanand Korea in particular have been relatively weak over the recent years. Inthe Chinese case, the government has massive financial resources whichit directs internally and externally for its own interests. Perhaps the most interesting aspect of financialization in the Asian case is the expansion of credit and debt to the population as a whole. It would be interesting to understand this further and more specifically how financialization is related to changes in regulation, changes in wages and salaries, changes in state and corporate welfare and changes in expectations.

KEYWORDS

Globalization, neo-liberalism, financialization, Asian capitalism

Citation status

* References for papers published after 2023 are currently being built.

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