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GLOBALIZATION AND INSTITUTIONAL CHANGE: ARE EMERGING MARKET ECONOMIES IN EUROPE AND ASIA CONVERGING?

GLOBALIZATION AND INSTITUTIONAL CHANGE: ARE EMERGING MARKET ECONOMIES IN EUROPE AND ASIA CONVERGING? It is often stated that globalization makes a “smaller” world by institutional convergence. Politico-economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and by comparing developments in emerging market in Europe and Asia challenges the general conviction of worldwide convergence. The article starts from a “Variety of Capitalism” approach and argues that the emerging market economies in Europe are on the liberal side of the scale. On top of that, it perceives tentative convergence towards further liberal institutional design. With respect to emerging markets in Asia another development is observed. There is converging institutional change towards coordinated market economies characterized with strong state influence and an imperative bureaucracy. The convergence within the two groups of emerging market economies in Europe and Asia leads to the conviction of divergence between the groups. JEL codes: F02; P11; P21; P34; P52 Keywords: globalization; institutional economics; varieties of capitalism; emerging markets http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economics, Management, and Financial Markets Addleton Academic Publishers

GLOBALIZATION AND INSTITUTIONAL CHANGE: ARE EMERGING MARKET ECONOMIES IN EUROPE AND ASIA CONVERGING?

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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
1842-3191
eISSN
1938-212X
Publisher site
See Article on Publisher Site

Abstract

It is often stated that globalization makes a “smaller” world by institutional convergence. Politico-economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and by comparing developments in emerging market in Europe and Asia challenges the general conviction of worldwide convergence. The article starts from a “Variety of Capitalism” approach and argues that the emerging market economies in Europe are on the liberal side of the scale. On top of that, it perceives tentative convergence towards further liberal institutional design. With respect to emerging markets in Asia another development is observed. There is converging institutional change towards coordinated market economies characterized with strong state influence and an imperative bureaucracy. The convergence within the two groups of emerging market economies in Europe and Asia leads to the conviction of divergence between the groups. JEL codes: F02; P11; P21; P34; P52 Keywords: globalization; institutional economics; varieties of capitalism; emerging markets

Journal

Economics, Management, and Financial MarketsAddleton Academic Publishers

Published: Jan 1, 2014

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