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By Jikon Lai

In light of the Asian monetary challenge of 1997, Lai examines whether East Asian economies converged onto the liberal marketplace version via learning the evolution of the monetary sectors of Korea, Malaysia and Thailand. This includes sectoral diversification, the character of pageant, and the regulatory and supervisory frameworks.

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Elsewhere, Martin and Thelen (2007) argued for the importance of state action in understanding different trajectories of change in coordinated market economies. 19 It should be noted that Hancke et al. also argued that the introduction of the state as a variable merely differentiates a ‘mode of coordination’ rather than a ‘model of capitalism’. As such, they considered cases where the state has close direct influence over the economy as ‘transitional’. This echoes the argument of Hall and Soskice, as noted earlier, in which the state acts as a facilitator of activity rather than a more active participant of market coordination.

What would they look like? While bank-based financial systems can be autonomous of the government, as in Germany (an example of a CME), government intervention or influence over financial systems is more likely to be stronger and more effective in bank-based rather than market-based systems as governments are more likely to influence or control a smaller number of important institutions. This was one of the main criticisms made during the Asian financial crisis in 1997–8 where many attributed the failings of the East Asian financial systems to undue government intervention which could be mitigated by, among other measures, a change from bank-based to market-based financial systems.

For 25 Hancke, Rhodes and Thatcher (2007) made a similar case for the consideration of ‘interests, coalitions, and institutional frameworks’ as a response to criticisms of ‘classical’ VoC. These correspond to Schmidt’s polity and politics but not policy. Schmidt’s inclusion of ‘policy’ permits the additional consideration of ideational factors. 26 Schmidt would also have been happy with a number of other labels for ‘discursive institutionalism’, including ‘ideational institutionalism’, ‘constructivist institutionalism’, and ‘economic constructivism’, see Schmidt (2006b).

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