The developmental phases of Russia, Kazakhstan, South Korea and Singapore - a comparative institutional analysis
“History is the unfolding of miscalculations.”
In this introduction the research question is formulated and the scientific relevance of analyzing the phenomenon of state capitalism demonstrated. As a matter of fact, the research question can be formulated as follows: “What is state capitalism and how can its profound performance differences be explained?” This topic is to be tackled with the theoretical framework of New Institutional Economics (NIE). So far, in the literature no theoretically based definition of state capitalism has been given and the literature is also largely reticent on reasons for the performance differences. In the course of this introductory chapter there are also antecedents of state capitalism and a short synopsis of the developmental trajectory of Russia and China illustrated.
Keywords: Research question, Performance differences, New Institutional Economics, Developmental trajectory of Russia and China, Antecedents
With the fall of the Berlin Wall in 1989 and the demise of the Soviet Union in 1991 there seemed to be no alternative to a market capitalist economic model anymore. In every conceivable way, the possibility of erecting a communist economic and political rule seemed to be outmoded. Some observers even saw a new era coming, where there was no competition between economic systems.
In this regard Fukuyama (1992) even proclaimed the end of history. He argued that market capitalism will be the sole surviving economic order until the end of...
You are not authenticated to view the full text of this chapter or article.
This site requires a subscription or purchase to access the full text of books or journals.
Do you have any questions? Contact us.Or login to access all content.