The Diffusion of Western Economic Ideas in East Asia

"This fascinating book marks an important step forward in our understanding of the diffusion of Western economics in East Asia since the seventeenth century up until modern times. This is not simply a story about the adoption of Western economic doctrines, but about their adaptation to different cultural habitats and political and economic needs and their confluence with domestic economic and philosophical thought. The attention focuses on China, Japan, Korea and Malaysia and the doctrines of Adam Smith, Friedrich List, Karl Marx, John Maynard Keynes, Friedrich August von Hayek and Joseph Schumpeter. Under the guidance of Malcolm Warner a set of leading international experts succeeded in elaborating a remarkably thorough and highly instructive work. Against the background of the stunning economic growth in recent decades of some of the countries covered, the book touches also upon the intriguing question of whether there is a relationship between economic views held by politicians and economic advisers, on the one hand, and the economic performance of nations, on the other. This book is a must for economists, historians of economic thought, economic historians, political scientists and sociologists interested in the transmigration of economic ideas and concepts." - Heinz D. Kurz, Emeritus Professor of Economics, University of Graz and Graz Schumpeter Centre, Graz, Austria. "This edited book by Professor Malcolm Warner, a long-time observer of the Asian scene, is a must read for all who seek to understand what, why and how economic principles and concepts that originated in the West have influenced development and growth in select Asian countries, including China and Japan. The chapters shed important insights on why certain principles have been more readily embraced by the Asian countries under consideration and how they are translated into action in these economies." - Rosalie L. Tung, Ming and Stella Wong Professor of International Business, Simon Fraser University, Canada. "The story of how economic analysis as developed and practiced in Europe and North America has spread to the rest of the world has not been systematically told. That spread was sometimes gradual with fits and starts and sometimes extremely rapid, but today Western economics dominates the curriculum of universities all over the world but particularly in Asia. Economic policy there is largely analyzed and practiced using these tools, not always wisely to be sure. The Diffusion of Western Economics in East Asia is a major step forward in explaining how this diffusion of economic ideas occurred. It is a fascinating piece of intellectual history that has had a profound impact on how East Asian societies operate today." - Dwight H. Perkins, Harold Hitchings Burbank Professor of Political Economy, Emeritus in the Faculty of Arts and Sciences, Harvard University, Cambridge, Mass., USA. "East Asia comprising China, Japan, South Korea, Taiwan etc. has been dubbed the worlds most dynamic economic region, having sustained high growth for over 50 years. Yet surprisingly, the region has no equivalents to such great Western economists as Adam Smith, Karl Marx or John Maynard Keynes, whose ideas and concepts had profoundly influenced many Asian scholars and leaders. Mao Zedong had once said when he died he would be happily going to meet Karl Marx. Chinas most distinguished premier, Zhu Rongji, had also likened his Macroeconomic control policy to Keynesian demand management. Clearly, there is no such thing as Eastern Economics vs Western Economics. It is all about how major Western economic thought and theory had been transmitted to the East and how they were embraced in the academic and political circles. This book edited by Malcolm Warner promises fascinating reading to those who want to follow how many great Western economic ideas have been diffused in East Asian societies under different historical and

Malcolm Warner is Professor and Fellow Emeritus, Wolfson College, Cambridge and Cambridge Judge Business School, University of Cambridge, UK.

Part I: Introduction 1. The Introduction of Western Economics in East Asia Part II: Country Contexts 2. The Diffusion of Western Economic Ideas and Policy Concepts in Dynamic Asian Economies: An Overview 3. The Diffusion of Western Economics in China 4. The Diffusion of Western Economics in Japan 5. The Diffusion of Western Economics in Korea 6. The Diffusion of Western Economics in Malaysia 7. The Diffusion of Western Economics in the Newly Industrialized Economies: Hong Kong, Singapore and Taiwan Part III: Economists 8. Adam Smith in China: From Oblivion to Half-hearted Embrace? Hongyi Lai 9. German Economics and China 10. Friedrich List in China: The Second Face of Janus 11. The Diffusion of F. A. Hayeks Thoughts in Mainland China and Taiwan 12. On Keynes and China: Keynesianism with Chinese Characteristics 13. Adam Smith's Sympathy in Modern Japanese Perspectives 14. Japans Keynes: Takahashi Korekiyo (1854-1936) 15. Schumpeter and Japan: Development through Cycles 16. The Legacy of Belgium and the Netherlands, LInstitut Suprieur de Commerce dAnvers and Business Education in Japan: From the 1880s to the 1940s Part IV: Themes 17. Western Economics in China after 1978: Four Views in Chinese Academia 18. Western Neo-Classical v Marxist Economics in the PRC after Mao: Another Kind of Revolution? 19. Impact of Western Economics on Chinas Reforms from the Late 1970s to the Present: An Overview 20. Western Ideas of Corporate Governance: Chinas Reform of Large State-owned Enterprises Part V: Comparisons 21. Economic policy-making in Asia: the Western versus Eastern legacy of philosophical and economic thought 22. Concluding Remarks: Culture, Ideas and Western Economics in East Asia