Governments and Markets in East Asia
The Politics of Economic Crises
By Jungug Choi
Routledge – 2007 – 160 pages
Governments and Markets in East Asia examines the relationship between economic performance, elite co-operation, and political regime stability in the context of the Asian crisis, and argues that economic crisis is not the cause of greater political harmony or discord, but rather that it serves as a catalyst that may encourage elites to cooperate or conflict depending upon the particular circumstances at the time of crisis.
This book maintains that the political consequences of the Asian crisis varied according to the type of elite that existed in each stricken society. Including a comprehensive comparative study of five countries' experiences during the economic crisis: Indonesia, Thailand, Malaysia, South Korea and the Philippines, this book investigates the pre-crisis political context and elite configuration of these five countries, and considers what lessons can be drawn from their experiences. Constituting an impressive body of descriptive and theoretical material on the Asian crisis, this book looks towards the implications of economic crisis for elite behaviour and political stability.
1. Introduction: Economic Crises, Political Elites, and Democratic Stability 2. The Outbreak of the Asian Economic Crisis and Its Socioeconomic Consequences 3. Political Circumstances before the Asian Economic Crisis: Elite Configurations in the Five Countries 4. Economic Crisis, Divided Elites and Prospects for an Elite Settlement 5. Economic Crisis, Fragmented Elites and Prospects for Elite Convergence 6. Economic Crisis, Consensual Elites and Prospects for the Further Consensus 7. Conclusions
Jungug Choi is Assistant Professor at the Department of Political Science, Konkuk University, Korea. His main research interests include political party systems, electoral behavior and political economy in East and Southeast Asia.