By Yung Chul Park, Hugh Patrick, and Larry Meissner
In what ways, and to what degree, has the financial system mattered, and what roles has it played, in the Japanese economy since about 1990, in the Korean economy since about 1980, and in the Chinese economy since its reform process began in 1978? These topics are taken up in this extract from How Finance is Shaping the Economies of China, Japan, and Korea. Ultimately, the fact of rapid catch-up growth in each country is the best evidence that financial intermediation has, somehow, been successful. Finance does matter.
There is a perception of steady economic recovery across the post-sovereign debt crisis within the European Union (EU) and the Eurozone. Data and market-driven indicators, however, belie weaknesses and danger points revealed in the EU parliamentary elections on 25th May, 2014. Below, Irene Finel-Honigman examines both the recovery and the underlying damage and risks that are also present.
By John L. Campbell and Ove K. Pedersen
In this article John Campbell and Ove Pedersen argue that the way policy ideas are generated by knowledge regimes varies considerably across countries; and the effect on national politics is significant.
The Trans-Pacific Partnership (TPP) currently under negotiation in the Asia Pacific region may drastically change the structure and function of the governance of global trade and investment. Below, Junji Nakagawa argues that the 21st century global economy needs fundamental reform of its governance structure, and suggests that what is needed is an insight into the changing patterns of global economy, and an innovative and evolutionary approach to reinvigorate the existing institutions for global economic governance.
By BAO Zonghao
Since ancient times, thinkers and philosophers have interpreted happiness and the sense of happiness from perspectives such as human nature, utilitarianism, marginal utility, emotion and cognition as well as quality of life. Below, BAO Zonghao proposes interpreting happiness and the sense of happiness by means of civilized development.
By Jim Carlsson
The Internet of Things will mean a better-connected world, with huge possibilities for positive change – and big opportunities for cyber-criminals. Jim Carlsson, CEO of Clavister says security must be placed at the heart of the next generation of smart connected devices.
How can risk spreading from the bankers to their customers or the taxpayers be reversed? Below, Robert U Ayres argues that part of the answer must be to change the incentives, and suggests ways forward.
Serious problems arose in the health care sector when China introduced market-based methods of economic management, as rising out-of-pocket costs impoverished families and many went without needed care. In response, China has expanded its social insurance system, with different plans now covering 95% of the population. Since 2009, government is more actively managing the primary care system, and controlling the cost of pharmaceuticals. Below, Åke Blomqvist discusses how China’s health policy has drawn on the experience of many different countries, and local governments use a variety of approaches in implementing central health policy guidelines, and suggests that lessons learned from local experiments will influence the system’s future direction.
