Chapter

Tradition and Modernization: A Concluding Remark

Yujiro Hayami and Yoshihisa Godo

in Development Economics

Third edition

Published in print February 2005 | ISBN: 9780199272709
Published online October 2005 | e-ISBN: 9780191602870 | DOI: http://dx.doi.org/10.1093/0199272700.003.0011
 Tradition and Modernization: A Concluding Remark

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What should be the right combination of community, market, and state? It depends not only on the stage of economic development but also on the cultural tradition. Under the different value systems in different societies, different combinations of the three organizations are chosen as the mechanisms to control resource allocations. Evolution of different economic systems under different cultural traditions is illustrated through comparisons between Western and Asian countries, especially Japan, in its modernization process. The book concludes with the argument that if developing economies today are to catch up with developed economies, they must develop effective economic systems each suitable to their unique cultural and social traditions.

Keywords: Asian traditions; community; developing countries; market; moral philosophies; resource allocation; state; Western civil societies

Chapter.  5312 words. 

Subjects: Economic Development and Growth

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