The Korean Economic Forum
The Political Economy in the Three East Asian Countries and International Development Cooperation
Yeon Seung Chung (Korea Lap. of Developing Countries) and Sunju Kwon (Changwon National University)Year 2019Vol. 11No. 4
We investigate the historic origins of the differences on the political economyof Japan, Taiwan, and Korea which have been the most successful in economicdevelopment since the World War II. Following the literature our research isfocused on the independence of bureaucracy and the relationship between thestate and the private capital.Then we apply the analyses of the political economy of the three East Asiancountries to the sub-Saharan African countries. While there are a few countriesthat succeeded to maintain the independence of bureaucracy, most countries donot have a basis for co-operative relationships between the state and the privatecapital due to not enough private capital. To accumulate private capital for thedevelopment, the sub-Saharan African countries may adopt first, theTaiwan-style policies providing the competitive eco-system for private firms,after waiting the realization of some firms’ growth, then the Korean-style policyof direct support to the proven firms.