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Lecture on Asian Capitalism and the Global Financial Crisis

Jul 06, 2015

"East Asian Capitalism and the Diversity of Crisis Management since 2008" was the topic of a guest lecture by Prof. Thomas Kalinowski (Seoul). The event took place at the Karl Jaspers Centre on July 8 at 6 pm. It was organised by Prof. Aurel Croissant in cooperation with the Cluster/HCTS.

In his lecture, Prof. Kalinowski analysed the reactions of East Asian economies to the global economic crisis that started in 2008. He argued that since 2008, East Asian capitalism has remained a distinct state-led model that differs substantially from the liberal, neo-corporatist or welfare state varieties of capitalism in the West. Specifically, he discussed crisis management in Japan, Korea and China and their fiscal stimulus packages addressing the global financial crisis from 2008 to 2010. In the West, a (short-lived) revival of demand-side-oriented Keynesian strategies stimulating consumption could be observed. East Asian countries however, as Prof. Kalinowski argued, rather enacted comparatively large and supply-side-oriented stimulus packages. He attributed the East Asian varieties of crisis management to a path-dependent transformation of the East Asian developmental state into a neo-developmental competition state.

The lecture "East Asian Capitalism and the Diversity of Crisis Management since 2008" took place at the Karl Jaspers Centre on July 8 at 6 pm. It was organised by Prof. Aurel Croissant on behalf of the Institute of Political Science and Research Center for Distributional Conflict and Globalization at the Faculty of Economics and Social Sciences, Heidelberg University, in cooperation with the Cluster/HCTS. Prof. Aurel Croissant is Professor of Political Science at Heidelberg University. In his research, he focuses on a variety of topics including the politics of East and Southeast Asia.

Thomas Kalinowski is Associate Professor at the Graduate School of International Studies, Ewha University, in Seoul. He is interested in international political economy and development with a focus on the East Asian region. Recent publication include works on IMF structural adjustment in East Asia after the Asian financial crisis, financial liberalization in Korea, democratization and market oriented reforms in East Asia.


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