Change with Continuity: Asian Capitalism in Transition

Gary G. Hamilton, Solee Shin

Research output: Chapter in Book/Report/Conference proceedingChapter


This chapter argues that East Asian business systems are best conceptualized as emergent outcomes of competition in and across capitalist markets. The ways economies become organized and change over time results directly from capitalist economic activities, and only indirectly from institutions that in various ways constitute and frame the economic actors and their activities. Competition in capitalist markets is directly related to technologies that entrepreneurs adapt to making money in an ever-changing economic environment. In East Asia, state officials, as well as the owners and managers of private businesses, are among those entrepreneurs that attempt to channel market economies according to their own interests. These interests are in turn shaped by political and social institutions. We show that, as East Asian economies adapt to global changes in technologies for making money, there is considerable continuity in how national business systems reproduce themselves in a global capitalist economic environment.
Original languageEnglish (US)
Title of host publicationChanging Asian Business Systems
Subtitle of host publicationGlobalization, Socio-Political Change, and Economic Organization
EditorsRichard Whitley, Xiaoke Zhang
PublisherOxford University Press
ISBN (Print)9780198729167
StatePublished - Feb 1 2016
Externally publishedYes


  • demand-responsive capitalism
  • producer-driven capitalism
  • competition
  • containerized shipping
  • retail revolution
  • lean-retailing
  • Korean chaebol
  • Japanese keiretsu
  • Taiwanese firms


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