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JOURNAL OF INTERNATIONAL STUDIES


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ISSN: 2306-3483 (Online), 2071-8330 (Print)



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East Asian economies and their philosophy behind success: Manifestation of social constructs in economic policies

Vol. 10, No 1, 2017

 

Milan Lajčiak

 

Ambassador of the Slovak Republic to the Republic of Korea
Slovak Embassy in Seoul, South Korea
milan.lajciak@gmail.com

 

 

East Asian economies and their philosophy behind success: Manifestation of social constructs in economic policies

 

 

 

 

 

Abstract. The study contributes to broader conceptualization of East Asian economies by elaboration of sociocultural and institutional approaches, explaining differences between Western and East Asian geography of thinking and focusing on the manifestations of Confucian values and their social constructs into organizational patterns of economic policies and business culture within East Asian economies. The analysis demonstrates that these factors has strongly impacted successful industrialization processes in East Asian countries and served as a strategic comparative advantage in their economic developmental endeavor. The paper is claiming that economic policies of the region would never be so effective if they would not be integrated into social organizational models of these countries. The ability of East Asian leaders to understand weaknesses and strengths of their societies in terms of market forces and to tap on their potential through economic policies was a kind of philosophy behind their success.

 

Received: December, 2016

1st Revision: January, 2017

Accepted: February, 2017

 

DOI: 10.14254/2071-8330.2017/10-1/13

 

JEL Classification: A13, A14, N15

Keywords: East Asian economies, Confucianism, social constructs, organizational patterns, social manifestations in economic activities, role of leaders, mentality of labor force, economic policies