The collective capitalism of Northeast Asia and the limits of orthodox economics

In an effort to offer a more balanced assessment of Northeast Asian political economy than is typically found in the conventional neo‐classical tradition, this paper highlights forms of business collectivism and state‐economy interaction that have, arguably, played an important role in Northeast Asian economic dynamism. Beyond this, there is an account of why mainstream economic analysis has been so one‐sided in its analysis of Northeast Asia. A number of policy implications are also drawn from the analysis.