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Globalization, Global Standards, and the Future of East Asia

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  • Ha-Joon Chang

Abstract

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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    Citations

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    Cited by:

    1. Fu, Tong & Jian, Ze, 2020. "A developmental state: How to allocate electricity efficiently in a developing country," Energy Policy, Elsevier, vol. 138(C).
    2. 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.
    3. Sung-Ko Li & Chun-Kei Tsang, 2018. "The Impacts Of Biased Resource Allocation On The Effectiveness Of Official Development Assistance," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 65(01), pages 239-256, July.
    4. Ha-Joon Chang, 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).
    5. 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.
    6. Tong Fu & Ze Jian & Youwei Li, 2023. "How state ownership affects corporate R&D: An inverted‐U‐shaped relationship," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3183-3197, July.
    7. 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

    Keywords

    Global standard institutions; East Asia;

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