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This book integrates three levels of political–economic analysis: first a comparative institutional analysis of the varieties of capitalism in both Europe and Asia, second a macroeconomic analysis of industrial structural change and economic dynamics of the national economies in Europe and Asia, and then an encompassing analysis of international production linkages and international financial instability which determine the long-term patterns of regional integration in Europe and Asia. The comparison of the European Union and ASEAN delivers some key conditions for a viable long-term regional economic integration to cope with contrasted capitalisms and growth regimes: either pragmatism in the choice of an exchange rate regime, or a form of fiscal federalism. The reader will also find a genuine analysis of the dynamism of the Chinese economy, a study on institutional changes and de-industrialization in Japan, and the increasing international production linkages among China, Japan, Korea, and ASEAN. It is shown how the enlargement of the European Union and the Euro triggered the diverging competitiveness and macroeconomic performances that led to the crisis of a six decades long economic and political process. This book is the result of long lasting Asian–European collaborative research. It is a milestone in the historical and comparative analysis along the régulation theory that aims at understanding the long-run transformations, renewed diversity and interdependence of capitalisms.



Chapter 1. Introduction

This book challenges the hypothesis that globalization and technical change imply the convergence towards a canonical form of market economy. This introduction presents the methodological foundations of an alternative approach inspired by the rÕgulation theory. Capitalist economies are built upon institutional forms that codify political compromises. Thus polity and economy are interacting and shaping macroeconomic evolutions. This explains the persisting diversity of various brands of capitalism, more reinforced than reduced by the opening to trade, investment, and financial capital movements. Regional integrations define a third way between the dissolution of the nation-state and economic nationalism. A comparison of the European and Asian integration processes confirms the variability in the links between economy and polity. The present EU crisis goes along with a better resilience of ASEAN. The authors explore various scenarios ranging from the choice of an exchange rate regime to a better solidarity organized within a genuine form of federalism. The interdependence of contrasted capitalisms and the endogeneity of innovation and structural change define an alternative to standard economic theory conceptions.
Robert Boyer, Hiroyasu Uemura, Toshio Yamada, Lei Song

Regional Integration in the Context of Evolving Diversity of Capitalisms in Europe and Asia


Chapter 2. Two Dialectics Between Polity and Economy: European and Asian Integration Processes Compared

The world has become so heterogeneous and contradictory, and simultaneously most nation–states appear too small to exert any influence upon the redesign of international institutions. Thus regional integration is a third way, explored in Europe and Asia. RÕgulation theory analyses their conditions of viability: does regional integration contribute to the long-run viability of a domestic economic growth regime, and is it legitimized by a stable political coalition? Since polity and economy interact according to ever-changing patterns, European and Asian integrations display different trajectories: a constant institutional deepening during decades and then the Eurozone major crisis versus a more pragmatic, business led and resilient trajectory in Asia. Contemporary regional integrations face four obstacles: the heterogeneity of development, the dissymmetry of geopolitical power among member states, the dominance of international finance over governments, an unbalanced approach between polity and economy. This chapter proposes one synthetic criterion concerning the dividing line between the success and failure of a regional integration project: everything is up to the compatibility of various national accumulation regimes with the rules of the game that result from intergovernmental bargaining.
Robert Boyer

Chapter 3. Transformation of the World Economy and Institutionalization of East Asian Region

It has been half a century since the start of the economic growth of East Asia. During this period, we saw high economic growth and industrialization of Japan starting in the 1960s, followed by the newly industrialized economies (NIEs) since the late 1960s, the advanced economies of the Association of Southeast Asian Nations (ASEAN) from the second half of the 1980s, and China and the latecomer ASEAN economies since the 1990s. By the end of the twentieth century, East Asia has achieved the indisputable position as the world’s manufacturing base. Actually, East Asia has grown to surpass the current economic size of Europe and America and is displaying concomitant dramatic changes in regional economic structure. In this paper, author aims to examine the East Asia's economic growth excluding Japan, and associated issues from the twe perspectives of its growth mechanism and regional institutionalization through cooperation regime based on the ASEAN.
Hitoshi Hirakawa

Chapter 4. Comparative Analysis of Regional Trade Imbalance in East Asia and the Eurozone

The purpose of this chapter is to analyze the structure and the causes of intra-regional trade imbalances in East Asia and the eurozone since 1995. The current account imbalance expanded globally in the 2000s. This global current account imbalance is one of the important factors of the global financial crisis in 2008 and the Euro crisis from 2010. In this paper, I want to clarify the mechanism behind this expanding trade imbalance by analyzing mainly the international input-output tables created by the World Input-Output Database (WIOD) project. The main cause of expanding trade imbalance in East Asia is the export-led growth regime in China, Korea, and Taiwan. Today, however, some of the conditions that supported export-led growth are collapsing. Transformation to domestic demand-led growth has become a policy agenda in these countries to some degree, although there are some issues for this transformation. The main cause of expanding trade imbalance in the eurozone is the present system of monetary integration without fiscal integration. Therefore, development toward fiscal integration is needed despite strong objection in some member countries.
Hiroyuki Uni

Chapter 5. The Evolving Diversity and Interdependence of Growth Regimes and De-industrialization in European Countries and Japan

The transformations of growth regimes have proceeded with industrial structural changes in the increasing economic interdependence of European and East Asian countries. Most of the European economies have experienced de-industrialization as a long-term industrial structural change since the 1970s. De-industrialization is usually defined as a relative decline in output and employment in the manufacturing industry. This phenomenon has been observed universally, not only in European economies but in other advanced economies as well. In Japan, in particular, de-industrialization has accelerated rapidly since the 1990s amid institutional changes in the domestic economy and structural changes in international economic relations with other Asian countries in the process of Asian economic integration. In Europe, de-industrialization has exhibited different patterns with the evolving diversity and interdependence of European capitalisms in the process of European integration.
Hiroyasu Uemura, Shinji Tahara

Chapter 6. East Asian Monetary Regimes and Comparison with the European Case: A Stock-Flow Consistent Approach

The Asian crisis of 1997 has shown the limits of a simple dollar peg policy and of a market-driven regional integration without formal institutions. During the 2000s a lot of efforts have been devoted to improve monetary and financial cooperation at the regional level, especially with the Chiang Mai and the Asian Bond Market initiatives. But results have been limited, mainly due to political issues associated to the competition between China and Japan. The financial crisis of 2008 has given new interest to the question of monetary cooperation at the regional level.
Jacques Mazier, Myoung-keun On, Sebastian Valdecantos

Origins and Ways Out of the EU Crisis


Chapter 7. Can We Explain German and French Trajectories in the 2000s by Their Institutional Setting During Fordism?

A common explanation to German economic success for 10 years has been its ability to reform its labour institutions: from 1990, the percentage of firms abiding by the traditional sectoral contracting wage-setting system decreased significantly, allowing new firms to pay lower wages. This increasing heterogeneity of firms would explain, to some extent, the rising wage inequality observed in Germany for 25 years (Dustmann et al. 2009; Card et al. 2013). The Hartz laws (2003–2005) were also supposed to strengthen labour market flexibility by reducing reservation wage and implementing active labour market policy, by creating mini-jobs, etc. (Eichhorst and Marx 2009. The adoption of working time accounts also allowed to adjust employment volume by working hours rather than hiring and firing (Burda and Hunt 2011; Blot et al. 2015). This widespread set of reforms implemented by Germany would explain how Germany managed to cross the subprime crises without lasting fall of employment. This success also contrasts with “sclerotic” French economy, unable, according to many economists, to evolve so as to take globalization constraints into account and to reform its institutions (Hairault 2015) or to promote trust and cooperation (Aghion et al. 2010).
Nicolas Canry

Chapter 8. EU Multi-layered Migration Governance and the Externalization of French Migration Management: Analysis of Political Dynamics Driving the Construction of Complex Migration Regime

In the 2010s, extreme right-wing parties gained more popularity in member countries of the EU than academic scholars expected. The issue of migration, pertinent in each member country, led to the rise of the extreme right-wing parties. In particular, at the beginning of 2015, a split of opinion occurred between and within EU member countries regarding the acceptance of a large number of refugees into to the EU. In this situation, asylum seekers are considered a threat to national security, and the extreme right-wing parties that promoted an anti-immigrant mentality gained popularity among the people. In this regard, it is clear that the immigration control is related to not only an increasing welfare burden but also national security, which is a major problem in a political sphere for national sovereignty.
Mitsuru Uemura

Chapter 9. Transforming the Role of Public Policies for Innovation: The Role of Institutional Foundations in Finland as a Nordic State

One of the trends in “growth strategies” in advanced countries since the beginning of the twenty-first century has been to emphasize innovations in areas where services and infrastructures are provided largely by the public sector. The Japanese “new growth strategy,” established in 2010, is a typical example, in which both “green innovation” and “life innovation” were at the core of the strategy. In line with this trend, Boyer (2004) argued that economic growth in advanced economies will be generated by human-related services rather than the production of durable goods, as in the postwar period. His argument was based on the consumption expenditure record in the United States, which showed the salient increase in expenditure on interpersonal services, in contrast with the almost unchanged expenditure on durable consumer goods. If his argument is correct, then the main locus of innovation in advanced countries will be human-related services. Because a large part of human-related services are provided by the public sector, innovation policies may require novel approaches, partly because diverse sociopolitical factors such as regulations, institutions, political processes, and even cultural norms affect innovations in human-related services. As we will see in this paper, the European Union, and particularly Northern European countries, has been quite active in implementing novel approaches to innovation policies.
Norio Tokumaru

Chapter 10. Brexit: Lessons for the Viability of the European Union and Other Regional Integration

Understanding the processes that led to the Brexit vote is crucial for the future of the EU. It makes apparent two structural changes, the intense social transformation under the impact of a finance-led regime and the polarization of society in terms of attitudes concerning immigration. These silent transformations, long unnoticed by policy makers, are brutally revealed by the use of an unconventional tool, a referendum called in response to the rise of a new anti- European Party. The vote shows that economic rationality does not govern political choices. The Euro crisis had opposed the healthy Northern Europe to a hailing South, but the refugee and immigration crisis is exacerbating another divide between Central and Eastern Europe. Now national governments must find an overall solution to three nagging threats: the dysfunctionality of the Eurozone, the shift from local democratic deliberation to a technocratic decisions in Brussels, and the rejection of migration by a growing fraction of public opinion. Adding up the solutions for each evil does not delineate any coherent and viable solution. The EU is thus a social laboratory for the future of globalization, regional integrations, and the possible revival of nationalism. Following Marcel Mauss, Brexit can be qualified as a total social fact.
Robert Boyer

Chapter 11. Ways Out of the Eurozone Crisis: Some Alternative European Scenarios

One has to take a mid-long-term view of the challenges that the EU had to face to assess how to get out of its actual impasse. The 1970s stands as a major turning phase where two challenges emerged. The first one is directly linked with the collapse of the gold exchange standard and the necessity to restructure the international relations accordingly. The neoliberal option, giving full priority to market mechanisms, largely boosted by the US and the UK governments, became the dominant motto within the EU and strongly impacted its integration process. The second challenge came from the rising acknowledgment of the limits to growth, e.g., the fact that current processes of production and consumption were not sustainable as some resources were nonrenewable and some activities were deteriorating the environment. A report to the US president and the report of the Club of Rome (1972) were both very clear on the emergency to respond to these challenges. Still this second challenge had a limited impact on the EU integration process, beyond a leading role in the Kyoto Protocol. By and large these warnings were rather minimalized and partly considered as controversial until the last decade. In the 2000s, the deterioration of the environment started to raise the credit of these warnings, stressing increasingly the negative impact of human activities on the climate and the environment. This relative inertia to meet this second challenge was also tied to the idea that the neoliberalization of markets could have coped with it setting up a new governance of the world economy which would have faced the environmental challenge. It rapidly turned out in the 2000s that such would not be the case. The first reason for such inaction is that market liberalization benefitted in the first place to the financial sector, inducing a mobility of capital and a pressure in favor of short-term financial results for the shareholders. This short termism clearly hampered taking into account the long-term investments required by the environmental challenge.
Jacques Mazier, Pascal Petit, Dominique Plihon

China and Japan in Asian Diversity of Capitalisms


Chapter 12. Institutional Diversity, Industrial and Innovative Specialization in Asian Capitalism

Since the 1990s, numerous studies have focused on comparative institutional analyses dealing with advanced capitalist countries (e.g., Hall and Soskice 2001; Amable 2003). Nevertheless, the diversity of Asian capitalisms was left to be investigated in the field of comparative studies of capitalism.
Hironori Tohyama, Yuji Harada

Chapter 13. Dynamics of Chinese-Style Developmentalism as the Mode of Régulation: Formation, Weakening, and Redesign of Flexible Rigidity

In recent years, the Chinese economy has shifted gear from the previous high-speed growth to a medium-to-high speed growth. As the number two largest economies in the world, economic slowing down will not fundamentally weaken China’s political and economic positions in the international system. However, changes captured by the term “new normal” have attracted attentions from the academic circles. Against the backdrop of this challenge, scholars are challenged to come up with a new framework, which is both logical and consistent, to explain the Chinese economic growth and adjustment in the whole reform era.
Lei Song, Chengnan Yan

Chapter 14. Modular Mode of Production, Chinese Style: Origin and Evolution

In this chapter we investigate the origin and evolution of dominant modes of production in China’s two leading industries, by paying special attention to the technology and organization. The major research finding is that in China’s modern manufacturing there exist two kinds of mode of production that share similarities yet differ in some respects. The other research finding is that in the foreseeable future, the modes of production of the two leading industries will remain modular although the automobile manufacturers are more likely to upgrade their technological capability than their counterparts in the ICT industry.
Lei Song

Chapter 15. Structural Change, Sectoral Disparity, and the Economic Growth Process in Japan

This study examines the relationship between structural change, sectoral disparity, and economic growth in the Japanese economy. Structural change in this study refers to change in the sectoral composition (share) of an aggregate economy. Sectoral disparity is measured by the sectoral contribution to economic growth and the sectoral difference in the levels of value added and labour productivity. In this study, therefore, we use a disaggregation approach and divide the macroeconomy into sectors based on the Japan Industrial Productivity Database of 2014 (JIP database hereafter) compiled by the Research Institute of Economy, Trade and Industry (RIETI). The disaggregation approach is important because, as we see below, sectoral performances such as growth rates and levels of labour productivity and value added are not always uniform among sectors. Thus, sectoral heterogeneity is evolving in Japan.
Hiroshi Nishi

Chapter 16. Multinationalization of Japanese Firms and Dysfunction of Companyist Régulation

Over the last 20–30 years, Japanese main firms have actively developed their overseas business sectors––especially in Asian countries––and have thus become multinational firms. As is well known, this has played an important role in establishing an international division of labor in the East Asian zone. However, what impacts has this multinationalization had on the Japanese economy and its mode of régulation? In short, what relationship can we find between the multinationalization of Japanese firms and structural transformations within the Japanese economy? This study approaches this question while bearing in mind our concept of “companyist régulation.” Let us first explain the concept of “companyism” or “companyist régulation.”
Yasuro Hirano, Toshio Yamada

Chapter 17. Conclusion: The Evolving Diversity and Interdependence of Capitalisms and Conditions for Regional Integration

The process of globalization has nurtured a large variety of socioeconomic regimes at odds with the hypothesis that USA’s capitalism would define the canonical form of modernity. Different types of capitalism are interdependent on each other through the trade of final and intermediate goods and services in the processes of regional integration in both Europe and East Asia. These processes entered into a structural crisis in Europe during the 2010s, but they continue to operate in East Asia. Polity and supranational institutions building has limited the economic dynamism of Europe, whereas the primacy of business over regional political objectives explains the resilience of East Asia. This book proposes two synthetic criteria concerning the dividing line between the success and failure of a regional integration project. Firstly, everything is up to the compatibility of various and more or less heterogeneous national growth regimes within the rules of the game that result from intergovernmental bargaining. Secondly the exchange rate regime matters for the viability of contrasting growth regimes and fix exchange rate regimes are to be associated with alternative policy instruments such as income policy, redistributive tax system or/and industrial policy. If the project of disciplining globalization through regional integration fails, the specter of a nationalist will haunt the world.
Robert Boyer, Hiroyasu Uemura, Toshio Yamada, Lei Song


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