East Asian Business Systems in Evolutionary Perspective: Entrepreneurship and Coordination
Tony Fu-Lai Yu
Nova Science, 2003 - Business & Economics - 171 pages
Economic studies on East Asia economies in general and Chinese economies are not lacking. However, most studies hitherto adopt the conventional neo-classical economic approach. In particular, the Cobb-Douglas production function and/or theory of comparative advantage are often applied to explain economic growth of an Asian economy. In international business, Dunning's eclectic theory is also widely adopted to understand the pattern of foreign direct investments in East Asian economies. Yet it is generally agreed that the mainstream neo-classical approach has severe drawbacks and limitations. In particular, it does not consider the role of knowledge and uncertainty. Entrepreneurship, which is the true engine of growth, is largely missing in neo-classical economics. This book uses the evolutionary approach to analyse economic and business activities in East Asian economies. Specifically, the book focuses on knowledge and coordination problems and examines the role of entrepreneurship in economic affairs.
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adaptive entrepreneurship advantages AMCs argues asset management companies big four Britain British capabilities capital cent chaebols Cheung China's economic commercial banks Communist competition coordination culture debt for equity developed countries East Asian economic development economic growth economic reform enterprises entrepreneurs environment equity swap et.al experience exploit exports firms in Taiwan flexibility foreign direct investment four state banks Guangdong GuanXi guerrilla Hence Hong Kong dollars Hong Kong firms Hong Kong Government Hong Kong manufacturing Huarong imitation important industries innovation institutional investment in China Kirzner knowledge Kong manufacturing firms Korean chaebols Kuomintang labor latecomer economies Mainland China million nations non-performing loans officials Organisation perspective political problems production profit opportunities Renminbi restructuring role Schumpeterian sector small family firms SOEs South Korea southern China strategy style of entrepreneurship subcontracting Taiwan theory Tony Fu-Lai Yu trade transaction costs TVEs uncertainty World Bank