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date: 07 April 2020

Abstract and Keywords

The strong role of the state in guiding economic development in East Asia’s fast-growing economies after World War II ensured that many dominant institutions governing economic activities were nationally specific and distinct. Together with significant differences in the nature of dominant coalitions in Japan, South Korea, and Taiwan, these variations in economic governance generated contrasting patterns of economic coordination and control: national business systems. Since the collapse of the Bretton Woods System governing international capital flows and currency alignments, oil-price increases of the 1970s, and major institutional and geo-political changes in the 1980s, many features of these national institutions and dominant coalitions have altered, leading to shifts in prevalent market structures and business-system characteristics. However, while enabling some increase in companies’ strategic diversity across sectors, their impact on firm governance, strategies and organizational integration has varied considerably between these three countries, and many aspects of their post-war business systems remain much the same.

Keywords: business systems, East Asia, institutional change, firm governance, market structures, organizational integration

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