Paper Topic:

“Culturalists stress the shared Confucian tradition or Asian values as being common to East Asian NICs and as critical to their economic success.” Is this a valid argument? If not, what are its weaknesses?

ASIAN VALUES

A DRIVING FORCE BEHIND THE ECONOMIC SUCCESS

OF EAST ASIAN NEWLY INDUSTRIALIZED COUNTRIES (NICs

2007 TABLE OF CONTENTS

SECTION 1 . INTRODUCTION 3

SECTION 2 . BACKGROUND OF THE STUDY 5

SECTION 3 . THAILAND 8

SECTION 4 . INDONESIA 10

SECTION 5 . SINGAPORE 13

SECTION 6 . HONG KONG 15

SECTION 7 . MALAYSIA 16

SECTION 8 . CONCLUSION 17

BIBLIOGRAPHY 23 SECTION 1 . INTRODUCTION

The concept of value-based explanations of economic growth has been more commonly attributed to non-Western rather than Western attributes Economic development has

recently been following the rapid transformation of East Asian economy and society . Attention in particular has shifted to the special virtues of Confucianism , largely regarded as the culture tie binding much of East Asia . The typical perception of modernity is that it replaces culture and tradition . In fact , a review of related literature would indicate that modernity has replaced tradition in the process of development of many countries Pursuant to this theory , tradition and inherent cultural values play no role in development , and in fact have been widely regarded as obstacles to both development and modernization . Yet in the late 20th century , it is apparent that neither modernization nor revolution have completely replaced tradition , as is most evident in the case of the newly industrialized countries (NICs ) such as Hong Kong , Singapore , Malaysia Thailand and Singapore . In the case of NICs , traditional Asian values in fact are deemed as maid-servants of industrial revolution

According to the German economist , Friedrich List , nation states have come to play a vital role in economic development . List argues that universal economic laws are non-existent , and thus allowing the states the right to intervene into the economic development of their respective countries . Particularly in the case of NICs , the promotion of national economic development has been regarded as critical in their success in catching up with the industrialized and developed world . Based on List 's theory of the role of states in economic development , NICs have been allowed to shape their own economic future especially since there are no universally economic laws as postulated by the liberal economists

The last few decades have been regarded as significant in the economic progress of East Asia . Despite the current financial crisis , the economic achievements of NICs nevertheless remain extremely impressive This economic success has been accompanied by the emergence of the role of Asian culture in achieving economic success as well as political distinction . This theory draws directly from the experiences of fast economic development in a number of Asian economies such as Japan , South Korea , Taiwan , Hong Kong , Singapore , and most recently , China . An emerging theory attributes these success partly , and even largely , to the role of Asian cultural values , and in particular , to Confucianism

This will study the role of Asian and Confucian values , as unique values and traditions embedded in the cultures of NICs , as helpful tools in economic development rather than obstacles to economic growth . The research is relevant in that it will attempt to analyze whether there...

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