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Overview of the Modern East Asian Economies in the International Perspectives J. D. Han Overview of the Modern East Asian Economies in the International Perspectives J. D. Han King’s University College UWO

Current World Economy • • U. S. (Canada) East Asian Economies EU Other BRICS; Current World Economy • • U. S. (Canada) East Asian Economies EU Other BRICS; South Americas; Africa -> The Closest Economic Relationship exists between U. S. , and East Asian Economies

Trade is only one aspect of the ‘Closest Relationship between U. S. and East Trade is only one aspect of the ‘Closest Relationship between U. S. and East Asia” • The Largest Proportion of World Trade takes between U. S. and East Asia • The two regions, U. S. and the East Asia have dove-tailing interests in terms of International Division of Labor.

The second aspect of the closest relationship between U. S. and E. A. concerns The second aspect of the closest relationship between U. S. and E. A. concerns International Division of Labor Between U. S. ’s Financing and East Asia’s Maufacturing • Take the example of U. S. -(it is the same for U. S. -Japan, U. S. -Taiwan, and U. S. -Korea) - My PPPP entitled “Bird Eye View of International Division of Labor between U. S. and China” - East Asia: Manufacturing Goods, selling goods for U. S. dollars U. S. : Buying Goods with U. S. dollars -To make the circle completely sustainable, the U. S. dollars (Trade Surplus) should come from China back to U. S. -The International Capital Outflows from China to U. S. is only possible when S>I in China and S

Why is it so important for U. S. to get the trade surplus money Why is it so important for U. S. to get the trade surplus money back from E. A. , particularly China? • Economic Reasons -> a long term sustainability • Political Reasons -> U. S. fears China’s use of the money for military build up eg) http: //www. presstv. com/detail/2013/12/14/339949/us-urged-to-devise-war-plan-forchina/

*Why would U. S. buy from East Asia, not manufacture Goods? • Protecting U. *Why would U. S. buy from East Asia, not manufacture Goods? • Protecting U. S. jobs was no longer the first priority of the U. S. government after the L. A. Riot. • Protecting U. S. jobs-> Expensive Domestic Goods-> a Falling Real Standard of Living of the Poor -> Poverty/Social Unrest • Getting Manufactured goods at the lowest possible prices leads to social stability

• Which country or countries can manufacture goods of the quality fitting U. • Which country or countries can manufacture goods of the quality fitting U. S. consumer culture, in a massive quantity and at lowest possible prices?

• It has to be a Big Country with an abundance of labor • It has to be a Big Country with an abundance of labor forces -> A massive amount of outputs • The labor forces should be disciplined -> A low labor cost/prices • U. S. Technology should be implanted in nonpropagating/non-transferring manner -> The circle is more or less permanent.

• Which country or countries fit all these conditions? • What should be • Which country or countries fit all these conditions? • What should be the structure to ensure the long-run sustainability?

• Workers with a High level of work ethics • Workers Tolerant/Internalizing and • Workers with a High level of work ethics • Workers Tolerant/Internalizing and not prone to Violence • An Institution Dynamic yet Conducive for Social Harmony ensuring a Long-term Stability

The third aspect of the closest economic relationship between U. S. and E. A. The third aspect of the closest economic relationship between U. S. and E. A. is the integration of the transpacific region’s ‘Supply Chain’. • • U. S. ‘s fundamental/scientific technology feeds Japan’s Industrial technology, which feeds Taiwan and Korea’s industry, which depends China’s assembly lines in factories eg) Mobile Phones; Apple i Phone; Samsung Phones

• Can we generalize the East Asian Economic Growth experiences into a theory • Can we generalize the East Asian Economic Growth experiences into a theory or model? • What would be the key factor? • Can we transfer/transplant the East Asian Economic Growth Model to other countries?

• Neo-Confucianism of East Asia(Japan, Taiwan, Korea, and China) • My PPPs discuss • Neo-Confucianism of East Asia(Japan, Taiwan, Korea, and China) • My PPPs discuss Its impacts on Economy in the context of the “Endogenous Economic Growth Theories”.

• Conventional Economic Growth Theories do focus on K, L, and T, and • Conventional Economic Growth Theories do focus on K, L, and T, and do not recognize contribution by institutions. • Endogenous Economic Growth Theories look for the ‘ 4 th contributing factor’. • The East Asian Economic Growth Theory as one of many Endogenous Economic Growth models focuses on positive impacts of Neo-Confucianism on individuals and institutions.

*Why does the U. S. feed China with technology through Foreign Direct Investment? • *Why does the U. S. feed China with technology through Foreign Direct Investment? • Jim Mann, Beijing Jeep: A Case of Western Businessmen in China, 1997 summarizes all. http: //www. amazon. ca/Beijing-Jeep-Study-Western-Business/dp/081333327 X -There is no property right protection in China; -Chinese are hard-bargainers.

What is the U. S. ’s solution to the above problem? • U. S. What is the U. S. ’s solution to the above problem? • U. S. Supply Chain (structure) -> “Flying Geese Model” in Japanese

Is the Supply Chain solid among E. A. ? • So much ‘Nationalism’ (Historical Is the Supply Chain solid among E. A. ? • So much ‘Nationalism’ (Historical Legacy) • Yet, the economic relationship among is very solid Han, Lee and Lee (2012)’s work on the Peace and Conflicts, and Trade among E. A. countries

• Why is it the most efficient and most effective production system for • Why is it the most efficient and most effective production system for U. S. ? - Most Efficient -> Lowest Cost - Most Effective -> Massive Amount

The Key is Neo-Confucianism Think of the Characteristics of Confucius in contrast to his The Key is Neo-Confucianism Think of the Characteristics of Confucius in contrast to his competing social philosophers/policy-makers/politicians; -

The Key is Neo-Confucianism Think of the Characteristics of Confucius in contrast to his The Key is Neo-Confucianism Think of the Characteristics of Confucius in contrast to his competing social philosophers/policy-makers/politicians; - Pacifistic; Non Coersive - Meritorious

*The specific economic/institutional manifestations of Neo-Confucian Ethics • Frugality – high Savings ratio and *The specific economic/institutional manifestations of Neo-Confucian Ethics • Frugality – high Savings ratio and Capital Accumulation • Hard work – Labor Input quality and quantity • Harmony – Low social transactions cost/ high social capital • Good Leadership – Effective and efficient/ non -self serving government; Noblesse Oblige

• It runs parallel to Max Weber’s idea of “The Protestant Ethics and • It runs parallel to Max Weber’s idea of “The Protestant Ethics and the Spirit of Capitalism. ”

• Max Weber pioneered a study on the interaction between various religious belief • Max Weber pioneered a study on the interaction between various religious belief (institution) and economic behaviours(economy). • He identified a particular set of ethics as a core part of religious belief, which is conducive for a sustainable modern capitalism: “The Protestant Ethics. ”

• The East Asian Economic Growth Model in general argues that Neo-Confucian ethics • The East Asian Economic Growth Model in general argues that Neo-Confucian ethics is similarly conducive to a rapid economic growth. • The East Asian Economic Growth Model of this course says that Neo-Confucian ethics is conducive for partnership with the U. S. and its design of the international division of labor.

• We will also reflect on the East Asian Economic Growth Model’s possible • We will also reflect on the East Asian Economic Growth Model’s possible extension and limitations: -Order vs. Oppression -Hard work vs. Competitiveness -Internalization vs. Self-destructive -Material Abundance vs. Lack of Welfare or Happiness -Harmony vs. Inequity